Termgrid

The end-to-end SaaS platform for private equity dealmakers and capital markets. The platform for deal professionals, by deal professionals

[Termgrid @termgrid]

📢 Our 2026 Private Capital Outlook Survey is live.

Based on insights from 30,000+ private capital deal participants across 1,600 institutions, the data points to a market shaped more by uncertainty than pessimism.

[Termgrid @termgrid]

The question is no longer whether hybrid facilities are innovative.

The real question is whether the additional flexibility and borrowing capacity justify the added complexity.

Read more, https://t.co/y9PsJxABAW

#FundFinance #PrivateEquity

[Termgrid @termgrid]

In these situations, a combined borrowing base can provide greater availability than either a standalone subscription line or NAV facility.

[Termgrid @termgrid]

That said, hybrids do have a place.

They can be particularly effective when a fund has both:

✅ A meaningful portfolio
✅ Significant uncalled capital

[Termgrid @termgrid]

Hybrids can also be difficult to execute within institutions where subscription facilities and NAV lending are handled by different teams with different underwriting frameworks.

[Termgrid @termgrid]

One key challenge is timing.

When negotiated early in a fund's life, lenders are often asked to structure around assets that do not yet exist, creating uncertainty around future collateral.

[Termgrid @termgrid]

In theory, hybrids offer a seamless transition from borrowing against uncalled capital in a fund's early years to borrowing against portfolio value as investments mature.

Sounds compelling.

[Termgrid @termgrid]

In practice, adoption has been more limited than many expected.

Why?

Because hybrids often introduce additional complexity, structuring challenges, and legal costs.

[Termgrid @termgrid]

Hybrid facilities have long been touted as the next evolution in fund finance.

The idea: combine subscription line and NAV lending features into a single facility that evolves with a fund over its lifecycle.

🧵

[Termgrid @termgrid]

We explore these themes in the second edition of our Termgrid Primers series, focused on the debt financing information pack and lender diligence process.

Read it here, https://t.co/bcwUvEsANF

[Termgrid @termgrid]

One of the biggest misconceptions in debt financing is assuming lenders evaluate a business the same way equity investors do.

They don't.

Their incentives are fundamentally different, and so is their diligence process.

🧵

[Termgrid @termgrid]

For sponsors and management teams, understanding how lenders think can significantly improve execution outcomes.

The goal isn't just to provide information.

It's to provide the right information, in the right format, at the right time.

[Termgrid @termgrid]

In our latest Lender Lens, Mohith Sondhi of @oaknorth shares insights on scaling lower mid-market lending across the US & UK, the evolution of NAV lending, and why disciplined underwriting matters more than ever.

Read more, https://t.co/N7bi3L5wzc

[Termgrid @termgrid]

Full breakdown, https://t.co/TTW24JIaAs

[Termgrid @termgrid]

Venture debt hit a record $62.4B in 2025, but the real story is what’s changing beneath the surface.

A thread 🧵

[Termgrid @termgrid]

🙌 Insights from Peter G. Williams (@CahillGordon), @pete_mathias (Reveille Venture Capital), Zack Ellison (Applied Real Intelligence), Jennifer Post (@ThompsonCoburn ), and @aarondeep_bains (@AirdBerlis)