Trinity Capital Inc, a provider of diversified financial solutions to growth-stage companies, said on Tuesday that it had entered into an agreement to co-manage a newly formed joint venture, i40 LLC, with certain funds and accounts managed by a specialist credit manager that has more than $5 billion of assets under management.
The initial capital commitment to the venture equals $171.4 million, including a $21.4 million commitment from Trinity and a $150.0 million commitment from certain funds and accounts managed by the specialist credit manager.
The new venture will invest in loans and equipment financings to growth-stage companies, which have been originated by Trinity, the firm said.
“As an internally managed BDC, we are highly focused on return on equity for investors and growth that is accretive to our shareholders. Joint venture partnering and similar arrangements are key to achieving that goal, and this joint venture is just the beginning. We expect this new joint venture to enable us to grow our portfolio in a non-dilutive fashion, expanding our investment income and deal flow,” Kyle Brown, President and Chief Investment Officer of Trinity Capital Inc, said in a press release.