INVESTOR PRESENTATION Quarter Ended September 30 2014 Quarter Ended - - PowerPoint PPT Presentation

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INVESTOR PRESENTATION Quarter Ended September 30 2014 Quarter Ended - - PowerPoint PPT Presentation

INVESTOR PRESENTATION Quarter Ended September 30 2014 Quarter Ended September 30, 2014 FORWARD LOOKING STATEMENTS AND PROJECTIONS Some of the statements in this presentation constitute forward looking statements, which relate to future events


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SLIDE 1

INVESTOR PRESENTATION

Quarter Ended September 30 2014 Quarter Ended September 30, 2014

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SLIDE 2

FORWARD LOOKING STATEMENTS AND PROJECTIONS

Some of the statements in this presentation constitute forward‐looking statements, which relate to future events or our future performance or financial condition. The forward‐looking statements contained in this presentation involve risks and uncertainties, including statements as to: our future operating results; our business prospects and the prospects of our portfolio companies; our relationships with third‐parties including venture capital investors; the impact and timing of our unfunded obligations; the expected market for venture capital investments; companies; our relationships with third parties including venture capital investors; the impact and timing of our unfunded obligations; the expected market for venture capital investments; the performance of our portfolio and other investments that we may make in the future; the impact of investments that we expect to make; actual and potential conflicts of interest with TriplePoint Capital LLC and TPVG Advisers LLC (our “Adviser”) and its senior investment team and Investment Committee; our contractual arrangements and relationships with third‐parties; the dependence of our future success on the general economy and its impact on the industries in which we invest; the ability of our portfolio companies to achieve their objectives; our expected financings and investments; the ability of our Adviser to attract, retain and have access to highly talented professionals, including our Adviser's senior investment team; our ability to qualify and maintain our qualification as a regulated investment company, or “RIC,” and as a business development company, or “BDC;” the adequacy of our cash resources and working capital; and the timing of cash flows, if any, from the operations of our portfolio companies. Such forward‐looking statements may include statements preceded by, followed by or that otherwise include the words “may,” “might,” “will,” “intend,” “should,” “could,” “can,” “would,” “expect,” “believe,” “estimate,” “anticipate,” “predict,” “potential,” “plan” or similar words. We have based the forward‐looking statements included in this presentation on information available to us on the date of this presentation, and we assume no obligation to update any such forward‐looking statements. Actual results could differ materially from those anticipated in our forward‐looking statements, and future results could differ materially from historical

  • performance. Although we undertake no obligation to revise or update any forward‐looking statements, whether as a result of new information, future events or otherwise, you are advised to

l ddi i l di l h k di l h h h i h f fil i h h S i i d E h C i i (“SEC”) i l di l consult any additional disclosures that we may make directly to you or through reports that we in the future may file with the Securities and Exchange Commission (“SEC”), including annual reports on Form 10‐K, quarterly reports on Form 10‐Q and current reports on Form 8‐K. For a further discussion of factors that could cause our future results to differ materially from any forward‐looking statements, see the section entitled "Risk Factors" in the Company’s prospectus and other public filings. Although we believe that the assumptions on which these forward‐looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward‐looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward‐looking statement in this presentation should not be regarded as a representation by us that our plans and objectives will be achieved. These risks and uncertainties include those described or identified in the “Risk Factors” section of the Company’s prospectus and elsewhere in our filings with the SEC. You should not place undue reliance on these forward‐looking statements, which apply only as of the date of this presentation. The forward‐looking statements and projections contained in this presentation are excluded from the safe harbor protection provided by Section 27A of the Securities Act of 1933, as amended. This presentation contains statistics and other data that has been obtained from or compiled from information made available by third‐party service providers. We have not independently verified such statistics or data. These materials and any presentation of which they form a part are neither an offer to sell, nor a solicitation of an offer to purchase, an interest in TriplePoint Venture Growth BDC Corp. in any jurisdiction where the offer or sale is not permitted or would be unlawful under the securities laws of such jurisdiction. The information presented in this presentation is as of September 30, 2014. Page: 1

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SLIDE 3

TRIPLEPOINT VENTURE GROWTH BDC OVERVIEW

Built for Success and Aligned with Public Investors

  • Formed to expand the venture growth stage business segment for TriplePoint Capital, the

leading financing partner to venture capital backed companies across all stages of

  • Provide financing primarily to venture capital backed companies at the venture growth stage
  • Target companies backed by a select group of leading venture capital investors
  • Focus on technology, life sciences, and other high growth industries

Differentiated Investment Strategy

  • Generate substantial current income with preservation of capital along with the potential for

additional return through equity “kickers” in the form of warrants leading financing partner to venture capital backed companies across all stages of development

  • TPVG benefits from TriplePoint Capital’s strong brand name, reputation, track record,

industry relationships and direct originations capabilities

I t t Obj ti Unique Sponsor Relationship

additional return through equity kickers in the form of warrants

  • Invest primarily in secured, growth capital loans with targeted returns between 10% and 18%
  • $247.7 million of funded investments consisting of debt, warrants and equity
  • Weighted average debt portfolio yield of 14.5%
  • $138.0 million of contractual unfunded commitments

Investment Objective High Yielding, Hi h Q li P f li

(1)

$

  • $177.0 million of signed term sheets during Q3 2014
  • 1.97 weighted average investment ranking of the Company’s debt investment portfolio

High Quality Portfolio (1)

  • Externally managed with a 1.75% management fee
  • 8% hurdle rate for income incentive fee

T t l t i t h b i ti f d t 20% f l ti

Stakeholder Friendly Fee Structure

(1) As of September 30, 2014. Unfunded commitments do not necessarily represent future cash requirements or future earning assets for TPVG. Signed term sheets have been entered into by TriplePoint Capital.

  • Total return requirement whereby incentive fees are capped at 20% of cumulative pre-

incentive fee net income looking back to our IPO date (March 5, 2014)

and Alignment

Page: 2

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SLIDE 4

DELIVERING RESULTS SINCE OUR INITIAL PUBLIC OFFERING IN MARCH 2014 Highlights From IPO Through Q3 2014

 Demonstrated origination capabilities (1) $

Total Return Since IPO

115 

$393 million of total originations

$138 million of unfunded obligations

$415 million of signed term sheets

Several hundred million dollars worth of l t t di

110

proposals outstanding  Strong quality portfolio of $247.7 million

$238.3 million debt portfolio to 18 obligors with a weighted average yield of 14.5%

22 i 22 i d 4 i

105 TPVG 1.8% 

22 warrants in 22 companies and 4 equity investments in 4 companies with a fair value of $9.4 million

Weighted average credit rating of 1.97  Increased NAV by $0 26/share since IPO

95 100 Peer Group (0.9%) 1.8%

 Increased NAV by $0.26/share since IPO  Upsized credit facility to $200 million  Increased dividend 20% to $0.36 for Q4

2014 from full quarter equivalent of $0.30

90 95 3/5/2014 4/24/2014 6/14/2014 8/4/2014 9/24/2014 11/14/2014

in Q1 2014

Page: 3

/ / / / / / / / / / / / TPVG Peer Group

Source: FactSet. Market data as of 11/14/2014. Note: BDC Peer Group: HTGC, HRZN, GBDC, NMFC, ARCC, SUNS, FSC, FSFR. (1) Acquired from sponsor and originated since IPO. Signed term sheets have been entered into by TriplePoint Capital.

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SLIDE 5

HIGHLY EXPERIENCED MANAGEMENT TEAM

Sajal Sri asta a Sajal Srivastava

President, Chief Investment Officer Jim Labe

Chairman, Chief Executive Officer

Sajal Srivastava

President, Chief Investment Officer

Harold Zagunis

Chief Financial Officer

  • Co‐Founder of

TriplePoint Capital

  • Head of the Investment

and Credit Analyst Team

  • Co‐Founder of

TriplePoint Capital

  • Pioneer of the Venture

Leasing and Lending

  • Head of Commercial

Credit and Operations at Redwood Trust

  • Chief Risk Officer and

and Credit Analyst Team at Comdisco Ventures

  • Technology Investment

Banking Group at Prudential Securities g g Industry

  • Founder and CEO of

Comdisco Ventures Chief Risk Officer and Chief Financial Officer at Redwood Trust

  • VP Finance Landmark

Land Company Prudential Securities

  • Equitec Financial Group

Page: 4

Land Company

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SLIDE 6

TRIPLEPOINT VENTURE GROWTH BDC APPROACH / VENTURE GROWTH STAGE

We Take Our Customers Through the Red Zone to the g End Zone

Venture Growth Stage Seed Stage Early Stage Later Stage Stage

Page: 5

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SLIDE 7

PORTFOLIO OVERVIEW (1)

$250 thousand $20 million $15 million $17 million $7 million $250 thousand

Equity April 17, 2014

$20 million

Growth Capital Loan August 23, 2013

$15 million

Growth Capital Loan October 9, 2013

$17 million

Growth Capital Loan July 23, 2013

$7 million

Growth Capital Loan September 3, 2014

$15 million

Growth Capital Loan December 24, 2013

$20 million

Growth Capital Loan May 7, 2014

$20 million

Growth Capital Loan June 20, 2013

$20 million

Growth Capital Loan November 4, 2013

$30 million

Growth Capital Loan February 18, 2014

$20 million

AR Line December 13 2013

$5 million

Growth Capital Loan December 13 2013

$15 million

Growth Capital Loan April 25 2013

$250 thousand

Equity September 11 2014

$10 million

Growth Capital Loan November 12 2013 December 13, 2013

$20 million $10 million

December 13, 2013 April 25, 2013 September 11, 2014 November 12, 2013

$20 million $3 million $20 million $5 million $1 million

Strictly Confidential

$20 million

Growth Capital Loan June 25, 2014

$10 million

Growth Capital Loan December 20, 2013

$20 million

Growth Capital Loan June 21, 2013 (2)

$3 million

Equipment Lease June 21, 2013 (2)

$20 million

Growth Capital Loan December 12, 2013

Page: 6 (1) Figures represent committed capital or direct equity investments as of September 30, 2014. (2) Includes follow‐on transaction.

$5 million

AR Line June 25, 2014

$1 million

Equity December 23, 2013

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SLIDE 8

PORTFOLIO OVERVIEW (1)

$1 million $20 million $10 million $20 million $30 million $1 million

Equity December 20, 2013

$20 million

Growth Capital Loan December 12, 2013

$10 million

Growth Capital Loan December 20, 2013

$20 million

Growth Capital Loan May 12, 2014

$30 million

Growth Capital Loan June 6, 2014

$5 million

Growth Capital Loan August 8, 2014 (2)

$10 million

Growth Capital Loan September 24, 2014

$22.5 million

Growth Capital Loan December 10, 2013

$13 million

Growth Capital Loan December 20, 2013

Strictly Confidential Page: 7 (1) Figures represent committed capital or direct equity investments as of September 30, 2014. (2) Includes follow‐on transaction.

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SLIDE 9

VENTURE GROWTH STAGE MARKET

208 $16.1 $19.0 $19.6 $16.7 $16 0 $20.0 200 240 Ven 4,001 3 858 3,995 $23.4 $29.7 $27.3 $29.4 $25.0 $30.0 4,000 4,500 Am o

U.S. VC Fund Raising Environment U.S. VC Investment Environment

$ in Billions $ in Billions

159 173 186 208 185 $13.2 $4 0 $8.0 $12.0 $16.0 80 120 160 200 nture Capital ( $ in billio Num ber of Funds 3,146 3,646 3,858 3,995 $20.3 $10.0 $15.0 $20.0 $ 1,000 1,500 2,000 2,500 3,000 3,500 unt I nvested ( $ in billi Num ber of Deals $0.0 $4.0 40 2009 2010 2011 2012 2013

  • ns)

# of Funds Amount Raised $0.0 $5.0 500 2009 2010 2011 2012 2013 ions) # of Deals Amount Invested

  • Sponsor’s select VC investors manage
  • ver $110 billion in capital across all

stages

Venture‐Backed IPOs – Mean Timing Until Exits Our Select VC Investors

7.8 years 8.1 years 7 5 8.0 8.5

stages

  • Consistently raise new funds
  • Have made over 3,400 investments

across all stages since January 1, 2009

6.9 years 5.9 years 7.0 years 5.5 6.0 6.5 7.0 7.5

Strictly Confidential Page: 8 Source: Thomson Reuters, National Venture Capital Association & Dow Jones VentureSource. Data as of December 31, 2013.

5.0 2009 2010 2011 2012 2013

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SLIDE 10

VENTURE GROWTH STAGE MARKET

Fragmented Market with Limited Competition Given g p High Barriers to Entry

EARLY STAGE VENTURE

Early Stage Seed Stage

DEBT FUNDS OTHER VENTURE VENTURE LATER STAGE VENTURE DEBT FUNDS

Later Stage

BDCs VENTURE BANKS DEBT FUNDS OPPORTUNISTIC DEBT FUNDS

Venture Growth Stage

DEBT FUNDS

Public

Page: 9

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SLIDE 11

DIFFERENTIATED INVESTMENT STRATEGY

Relationships Reputation References Returns

DISTINCT FOCUS AND ASSET SELECTION SELECT GROUP OF LEADING VC INVESTORS HIGH GROWTH INDUSTRY FOCUS ATTRACTIVE RISK‐ADJUSTED RETURNS WITH EQUITY UPSIDE

Page: 10

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SLIDE 12

COMPELLING RELATIVE RISK‐ADJUSTED RETURNS

High Yields to Maturity With VC Equity Support and Low Total Leverage

  • Generally short term financings (3‐4 years)

Potentially Increased Returns Through

  • Typically amortizing facilities with a

meaningful amount of prepays

  • Target loan‐to‐enterprise value of under 25%

Returns Through Warrants

Target loan to enterprise value of under 25% at time of underwriting

  • Low total leverage profiles

10‐18% (1)

  • Benefit from equity cushion of VC sponsors

TARGETED UNLEVERED RETURNS

Page: 11 (1) Excludes equity and warrant gains. Returns based on upfront fees, interest rates, and end of term payments.

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SLIDE 13

ILLUSTRATIVE TPVG PRODUCT PRICING SUMMARY

Customized Debt Financing Based on Analysis of the Prospective Obligor PRODUCT TRANSACTION SIZE TERM COLLATERAL WARRANTS Growth Capital Loans $5 Million ‐ $50 Million 36‐60 Months Senior on All Assets Typically Equipment Financings $5 Million ‐ $25 Million 36‐48 Months Equipment Typically Revolving Loans $1 Million ‐ $25 Million 12‐36 Months Senior on All Assets And/or Specific Asset Financed Typically Warrants Percentage of Loan Amount ‐‐‐ ‐‐‐ ‐‐‐ Direct Equity $100,000 ‐ $5 Million ‐‐‐ ‐‐‐ ‐‐‐

Page: 12 Page: 12

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SLIDE 14

TIME‐TESTED INVESTMENT PROCESS & PORTFOLIO MANAGEMENT

Benefits From More Than 25 Years of Experience & Expertise

INVESTMENT & INVESTMENT

  • Leads and initial screening
  • Process takes

approximately 2 weeks to 3

  • Initial screening performed
  • Diligence process and

detailed credit

  • Transaction presented to

Investment Committee for approval

  • Transaction negotiations and

legal diligence / review

  • Status discussed weekly with

ENT PROCESS ORIGINATIONS INVESTMENT & CREDIT ANALYSIS INVESTMENT COMMITTEE LEGAL

pp y

  • r more months

memorandum (2‐4 weeks)

  • New borrowers analyzed

weekly by senior investment team

  • Unanimous approval is

required y senior team

  • 2‐5 weeks, in parallel with

diligence process

INVESTM

  • Day to day servicing
  • Tracks financial
  • Deteriorating borrowers
  • Decision to restructure

AGEMENT ADMINISTRATION MONITORING CREDIT WATCH LIST WORK‐OUT & RESTRUCTURING

  • Day‐to‐day servicing
  • Coordinates funding

requests

  • Tracks / verifies borrower

assets and collateral

  • Tracks financial

performance, compliance and risk rating

  • Reviews all borrower

updates

  • Status / issues discussed

kl ith i t

  • Deteriorating borrowers

posted to “Credit Watch List”

  • Actively works to maintain

an open dialogue to limit the likelihood of a default

  • Decision to restructure,

settle, request early pay‐off

  • r wait for an external event
  • Sells collateral with the help
  • f management, repossesses

and auctions assets

ORTFOLIO MANA

Page: 13

weekly with senior team

PO

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SLIDE 15

SPONSOR OVERVIEW

TRIPLEPOINT CAPITAL – THE PREMIER GLOBAL VENTURE LENDING PLATFORM

  • Launched in 2006 and recognized as the venture lending market leader
  • Sand Hill Road‐based global financing provider with a strong direct originations platform
  • Provides debt, equity and complementary services to privately‐held, venture capital‐backed

companies across all stages of development around the world

  • Distinct focus on a select group of leading venture capital investors and their portfolio

companies R i d th $1 25 billi f it l it t f i tit ti l i t ( bilit t

  • Raised more than $1.25 billion of capital commitments from institutional investors (ability to

increase to $1.75 billion) and more than $1.4 billion of cumulative leverage (1)

  • Co‐founders have worked together for 14+ years across two industry leading platforms
  • Highly experienced investment team

Page: 14 (1) As of December 31, 2013

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SLIDE 16

SPONSOR OVERVIEW

TRIPLEPOINT CAPITAL – 350+ LEADING VENTURE BACKED CUSTOMERS(1)

Page: 15 (1) Selected list of past and current TriplePoint Capital customers.

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SLIDE 17

SPONSOR’S UNIQUE LIFESPAN APPROACH

Identifies Strong Opportunities and Establishes Relationships Across All Stages

VENTURE GROWTH STAGE PUBLIC

  • Publicly traded shares

SEED STAGE EARLY STAGE LATER STAGE STAGE

  • Product development
  • Further product

development

  • Generating early revenues
  • Generally at least $20

million in revenues

  • Building critical mass and

commanding market position

  • Received several rounds of
  • “Start‐ups” in “conceptual

phase”

  • No product development
  • Angel and seed investors

Product development

  • Initial revenues
  • One or more rounds of

venture financing g y

  • Additional rounds of

venture financing

  • Received several rounds of

venture capital

  • Strong enterprise value

and equity cushion

  • Balanced financial

condition ‐ liquidity event

  • n the horizon

Page: 16

Venture Capital‐Backed Lifecycle Stages

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SLIDE 18

PORTFOLIO HIGHLIGHTS

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SLIDE 19

HIGH VISIBILITY TO RAMP (1) (2)

$238.3

MILLION(1)

$9.4

MILLION (1)

UNFUNDED

$315.0

MILLION (2)

Activity

AND PIPELINE (3)

DEBT INVESTMENT FAIR VALUE

$238.3 Million DEBT PORTFOLIO

WARRANT FAIR VALUE

$6.4 Million WARRANT & EQUITY PORTFOLIO

TOTAL UNFUNDED COMMITMENTS

$138.0 Million UNFUNDED COMMITMENTS & SIGNED TERM SHEETS Closed $20 million of commitments SINCE SEPTEMBER 30, 2014

DEBT INVESTMENT COST BASIS

$237.3 Million

WEIGHTED AVERAGE YIELD

14.5% (10.9% cash)

NUMBER OF OBLIGORS WARRANT COST BASIS

$5.7 Million

NUMBER OF WARRANTS/OBLIGORS

22/ 22

DIRECT EQUITY FAIR VALUE

$

UNFUNDED COMMITMENTS SUBJECT TO MILESTONES

$43.5 Million

UNFUNDED COMMITMENTS EXPIRING IN 2014

$36.5 Million commitments Funded $12.5 million of investments $110.0 million of 18

NUMBER OF LOANS

47 $3.1 Million

DIRECT EQUITY COST BASIS

$2.5 Million

NUMBER OF INVESTMENTS/COMPANIES

4/ 4

UNFUNDED COMMITMENTS EXPIRING IN 2015

$101.5 Million

SIGNED TERM SHEETS IN Q3 2014

$177.0 Million additional non‐binding signed term sheets $5.0 million of pre‐ payments

Page: 18 (1) Fair value as of September 30, 2014. (2) All data as of September 30, 2014 unless indicated. Signed term sheets have been entered into by TriplePoint Capital. (3) As of October 27, 2014. Signed term sheets have been entered into by TriplePoint Capital.

Growing in a disciplined manner

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SLIDE 20

CURRENT PORTFOLIO OVERVIEW – SECURED, DIVERSIFIED LENDING (1) TPVG has exposure to attractive high growth industries and the current portfolio h di ifi ti th i d t i The majority of the portfolio is secured by the entire underlying enterprise of the b t i ll i l di i t ll t l has diversification across those industries borrower, typically including intellectual property, or secured with specific assets

Direct Database Business Application E‐Commerce / Personal Warrants $6.3 Million Equity $3.1 Million Medical Device & Equipment 12% Wireless Comm General Media d Travel and Arrangement / Tourism 4% Software 4% Application Software 3% Personal Goods 3% Other 2% Comm. Equipment 12% Advertising / Marketing 9% E‐Commerce / Personal Entertainment 4% and Content 4% Debt Investments $238 3 E‐Commerce / Clothing & Accessories 9% Biofuels / Biomass 8% E‐Commerce / H h ld Network Systems M t Medical Software & Information Services 6% Personal Goods 3%

Page: 19 (1) Figures based on fair value as of September 30, 2014.

$238.3 Million Biomass 8% Household Goods 8% Management Software 6%

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SLIDE 21

STRONG CREDIT PERFORMANCE AND PROACTIVE MONITORING (1)

Credit Ratings

CATEGORY FAIR VALUE % of DEBT INVESTMENT PORTFOLIO # of PORTFOLIO COMPANIES

Cl

$1 82 6 6% 2

Clear

$15,825 6.6% 2

White

$212,770 89.3% 15

Yellow

$9,692 4.1% 1

Orange

‐ ‐ ‐

Red

‐ ‐ ‐ $238,287 100.0% 18

Clear

Performing above expectations and/or strong financial or enterprise profile, value or coverage.

Credit Ratings Definitions White

Performing at expectations and/or reasonably close to it. Reasonable financial or enterprise profile, value or coverage. All new loans are initially graded White.

Yellow

Performing generally below expectations and/or some proactive concern. Adequate financial or enterprise profile, value

  • r coverage.

Orange

Needs close attention due to performance materially below expectations, weak financial and/or enterprise profile, concern regarding additional capital or exit equivalent

Strictly Confidential Page: 20 (1) Debt investment figures based on fair value as of September 30, 2014. Dollar amounts in thousands.

concern regarding additional capital or exit equivalent.

Red

Serious concern/trouble due to pending or actual default or equivalent. May experience partial and/or full loss.

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SLIDE 22

TRIPLEPOINT VENTURE GROWTH BDC OVERVIEW

Built for Success and Aligned with Public Investors

  • Formed to expand the venture growth stage business segment for TriplePoint Capital, the

leading financing partner to venture capital backed companies across all stages of

  • Provide financing primarily to venture capital backed companies at the venture growth stage
  • Target companies backed by a select group of leading venture capital investors
  • Focus on technology, life sciences, and other high growth industries

Differentiated Investment Strategy

  • Generate substantial current income with preservation of capital along with the potential for

additional return through equity “kickers” in the form of warrants leading financing partner to venture capital backed companies across all stages of development

  • TPVG benefits from TriplePoint Capital’s strong brand name, reputation, track record,

industry relationships and direct originations capabilities

I t t Obj ti Unique Sponsor Relationship

additional return through equity kickers in the form of warrants

  • Invest primarily in secured, growth capital loans with targeted returns between 10% and 18%
  • $247.7 million of funded investments consisting of debt, warrants and equity
  • Weighted average debt portfolio yield of 14.5%
  • $138.0 million of contractual unfunded commitments

Investment Objective High Yielding, Hi h Q li P f li

(1)

$138.0 million of contractual unfunded commitments

  • $177.0 million of signed term sheets through Q3 2014, along with an additional $110.0

million through October 27, 2014

High Quality Portfolio (1)

  • Externally managed with a 1.75% management fee
  • 8% hurdle rate for income incentive fee

T t l t i t h b i ti f d t 20% f l ti

Stakeholder Friendly Fee Structure

  • Total return requirement whereby incentive fees are capped at 20% of cumulative pre-

incentive fee net income looking back to our IPO date (March 5, 2014)

and Alignment

Page: 21 (1) As of September 30, 2014. Unfunded commitments do not necessarily represent future cash requirements or future earning assets for TPVG. Signed term sheets have been entered into by TriplePoint Capital.

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SLIDE 23

APPENDIX

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SLIDE 24

FINANCIAL HIGHLIGHTS – AS OF 9/30/2014

Statement of Operations*

Period From 3/5/14 to 3/31/14 Three Months Ended 6/30/14 Three Months Ended 9/30/14 Period From 3/5/14 to 9/30/14

Total investment and other income $1,308 $5,489 $7,858 $14,656 Total operating expenses 739 2,635 4,336 7,710 Net investment income 569 2,854 3,522 6,946 Net realized gains ‐‐‐‐ ‐‐‐‐ ‐‐‐‐ ‐‐‐‐ Net change in unrealized gain on investments 1 374 36 1 151 2 561 Net change in unrealized gain on investments 1,374 36 1,151 2,561 Net increase in net assets resulting from

  • perations

$1,943 $2,890 $4,673 $9,507

Statement of Assets and Liabilities*

3/31/14 6/30/14 9/30/14

Investments at fair value $143,649 $205,718 $247,717 Short term investments 49,999 59,996 49,998 Cash 21,153 8,721 9,917 Total assets 217,994 277,360 311,034 Borrowings 20,000 68,500 109,000 Total liabilities 75,748 134,409 166,238

Page: 23 * (In Thousands Except Per Share Data)

Total net assets $143,516 $142,951 $144,796 Net asset value per share $14.58 $14.49 $14.64

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SLIDE 25

FINANCIAL HIGHLIGHTS – AS OF 9/30/2014

Consolidated NAV NAV / Share Portfolio $247.7

$ in millions

September 30, 2014 $14.64 Short Term Investments 50.0 Cash 9.9 Other Assets 3.4 June 30, 2014 $14.49 March 31, 2014 $14.58 March 5, 2014 (IPO) $14.38 Dividends Total Assets 311.0 Less: Credit Facility (109.0) Less: Other Liabilities (57 2)

Per Share Yield / Yield / IPO

Less: Other Liabilities (57.2) NAV $144.8 Shares Outstanding (millions) 9.9

/ NAV / Price

Q4 2014 $0.36 9.8% 9.6% Q3 2014 $0.32 8.8% 8.5% Q2 2014 $0 30 8 2% 8 0% Debt / Equity 0.75x Q2 2014 $0.30 8.2% 8.0% Q1 2014 $0.09* 8.3% 8.0% * 27 Days = $0.30 for quarter

Page: 24

slide-26
SLIDE 26

OVERVIEW OF CREDIT FACILITY & LEVERAGE

Summary of Credit Facility

FACILITY OVERVIEW:

Committed revolving credit facility utilized to fund TPVG’s target investments

FACILITY SIZE:

$200 million (increased from $150 million)

LENDERS:

Deutsche Bank AG (Syndication Agent), KeyBank, EverBank and Alostar Bank

RATE:

1‐Month LIBOR or Lender Cost of Funds + 3.50% during revolving period 1‐Month LIBOR or Lender Cost of Funds + 4.50% during amortization period

REVOLVING PERIOD:

24 months from the closing date (ability to extend)

AMORTIZATION PERIOD:

12 months from the end of the Revolving Period (ability to extend)

ADVANCE RATE:

55% of eligible loan balances (subject to minimum 2:1 Asset Coverage ratio and other conditions)

  • Upsize current credit facility

Near‐Term Leverage Plans

  • Opportunistically pursue securitizations
  • Pursuing an SBIC license

Page: 25

Page: 25

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SLIDE 27

RESEARCH COVERAGE

Douglas Harter (212) 538‐5983 Jonathan Bock (704) 410‐1874 Matthew Howlett (212) 713‐2382

Strictly Confidential Page: 26

slide-28
SLIDE 28

INVESTOR RELATIONS CONTACTS

Alan Oshiki Abernathy MacGregor New York Trevor Martin Abernathy MacGregor San Francisco New York (212) 371‐5999 AHO@abmac.com San Francisco (415) 926‐7966 TRM@abmac.com

Strictly Confidential Page: 27