According to Pitchbook data, the venture debt market comprised a whopping $58B of new loan commitments in 2021.
But...in our view this is very much a headline analysis, with little context on underlying market segmentation.
The data may also inflate market size given one-off loans to unicorns and large SPAC bridge loans during the pandemic.
Here is a more nuanced infographic of market size, "Spinta's Version", with a bottoms-up build of total AUM of the venture debt and growth debt market, segmented by:
banks vs non-banks
pure-play venture vs crossover participants
tech vs software vs life sciences
other emerging structures and sub-segments