{"type":"rich","version":"1.0","provider_name":"Transistor","provider_url":"https://transistor.fm","author_name":"Modern Capital: The Private Markets Podcast","title":"Private Credit Meets the Valley, with John Markell and Matt Schwartz","html":"","width":"100%","height":180,"duration":1901,"description":"350+ lenders now finance cash-flow negative businesses. Five years ago, maybe a handful would.This shift is creating new opportunities - and new risks - that most founders and fund managers don't fully understand.John Markell of Armentum Partners and Matt Schwartz, Head of U.S. Finance at DLA Piper, join me to unpack growth credit: the segment of private credit quietly reshaping how technology companies scale.We cover:What growth credit actually is - and why it's different from the private credit you read about in the papersThe gap between bank capital (under 10% risk) and equity risk (north of 20%) - and who's filling itHow SVB's collapse changed underwriting, covenant packages, and deal sizesWhy enterprise software lending is \"way, way, way saturated\" - and where the white space isWhat founders get wrong when pitching lenders vs. equity investorsThe three things every founder should know before taking on debtWhy some funds net 19% to LPs while others struggle to clear 12%Whether you're a founder considering debt or a fund manager looking for origination opportunities, this conversation will change how you think about the gap between bank capital and equity risk.Follow Modern Capital on your podcast player of choice.","thumbnail_url":"https://img.transistorcdn.com/WtfSQHA--1-XpZlRXLqWOYkNNyL8XBtIdhKD0g1BFfY/rs:fill:0:0:1/w:400/h:400/q:60/mb:500000/aHR0cHM6Ly9pbWct/dXBsb2FkLXByb2R1/Y3Rpb24udHJhbnNp/c3Rvci5mbS9jOTc2/YmJiYTk4ZjgzY2E2/MmJhZDZlNmIxZGI0/Yjc3NS5wbmc.webp","thumbnail_width":300,"thumbnail_height":300}