Spinta Bytes Blog

Market Sizing: Spinta's Version

Updated: Apr 25

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