Partners for Growth

Alternative Credit Investor's Aysha Gilmore spoke with PFG President Jason Georgatos about the evolving software landscape, why we remain selective in the sector, and where we continue to see compelling lending opportunities as AI reshapes the market. Full interview linked in the comments. #PrivateCredit #AI #SaaS #GrowthDebt #PartnersForGrowth

Commercial real estate operators globally face the same pressures: cut energy costs, meet emissions targets, increase asset ROI, and access consistently credible data for sustainability reporting. That is where epx comes in. Partners for Growth has provided EPX with a revolving credit facility to fund its next leg of global growth, in partnership with John Balassis, Patrick Harsas, and the entire #EPX team. EPX, an award-winning building performance and optimization platform,  connects to a building’s existing infrastructure, giving operators real-time visibility into energy consumption and the tools to act on it. EPX turns building data into action, enabling operators to run their buildings more efficiently. The business operates across Australia, Europe, the UK, and the UAE, serving commercial and industrial customers who need accurate building data to drive cost efficiency, improve asset performance, and enable credible emissions reporting. PFG’s growth debt can be a capital-efficient structure for technology businesses looking to fund growth while preserving equity. #GrowthDebt #PrivateCredit #PartnersforGrowth

A common assumption is that #growthdebt and equity are opposing choices. In his latest post, PFG President Jason Georgatos explains why they are not. Each serves a different purpose at a different stage, and as companies scale, the question shifts from how much capital can be raised to how different forms of capital can work together to support long-term growth. #PartnersforGrowth #PFG

Getting the early fundamentals right is necessary. It is not sufficient. In Part 1, Maximilien Penel, PFG's Investment Director & Co-Head of Global FinTech, covered the operational fundamentals that separate durable #fintech platforms from the ones that buckle under the weight of scale. Part 2 picks up where most of those platforms actually break down: risk control under expansion pressure, the pull to broaden the product too early, and the capital decisions that determine whether early traction translates into durable scale. As Max puts it: "The distinction is intent and control. Not all losses are equal." Drawing on PFG's fintech underwriting experience across 15+ countries, Max lays out how the strongest teams manage the second half of the journey, where ambition tends to outrun control. He covers: → Why controlled, well-understood losses are a normal part of building a credit business, and why uncontrolled ones signal something deeper → How product expansion should be judged by adjacency to what already works, not by ambition or addressable market → Why capital runway is an operational metric, not a finance function afterthought, and what it costs platforms that treat it as one [Link in comments 👇]

Our President, Jason Georgatos, on why #growthdebt is so often read through a traditional lending lens, and what shifts once founders start thinking in terms of capital structure rather than capital access. The point he makes plays out across our portfolio. Growth-stage technology companies frequently have strong revenue, clear traction, and real expansion ahead of them, without the cash flow or asset profiles conventional lenders were built around. That gap has long pushed founders toward a narrow choice between raising equity or slowing down. Growth debt exists to widen that choice. Structured well, it provides capital that aligns with a company's growth trajectory while preserving ownership and strategic flexibility, working alongside equity or independently depending on what the business is trying to achieve. The founders who navigate this best treat every funding decision as a long-term one, weighing its effect on ownership, optionality, and the next phase of growth. Jason's full perspective is below.

On the latest episode of The Mal Show, our Managing Director and Head of EMEA, Armineh Baghoomian, sat down with host Youssef Salem to discuss how growth-stage companies finance their scaling. A few themes stood out. #Growthdebt is often grouped with #venturedebt, but the two work differently. Venture debt typically arrives alongside an equity round and tends to follow a short list of preferred sponsors. PFG's growth debt provides a more expansive range of solutions. We underwrite credit to the business itself at multiple stages of growth, and a meaningful share of the companies we finance have diverse cap tables, still being closely held by their founders or other investors, rather than focusing narrowly on companies backed by certain VCs. That reflects a core investment tenet for PFG: focusing on companies in sectors and geographies that have established real traction, whether through revenue or a growing loan book, and want to keep building without giving up ownership and control through another round. Armie also walked through the two main forms this financing typically takes. Corporate loans for asset-light technology businesses, and asset-backed financing for asset-heavy models like fintech and lending platforms, where we lend against a defined pool of receivables or other assets. The throughline was discipline. Taking only the capital a business actually needs, in the structure that fits how it grows, and stress-testing whether the company can reach profitability on its own rather than relying on the next equity round. Worth a listen for any founder weighing how and when to bring credit into the picture. ▶️ Link to the episode in the comments. #PrivateCredit #TechLending #PartnersforGrowth

"Passports don't define credit risk." So said Andrew Kahn, our Co-Founder and CEO, at SuperReturn Emerging Markets, where he shared how PFG approaches underwriting our specialty credit solutions for companies across global growth markets. Andrew joined William Pearce (U.S. International Development Finance Corporation), Daniela Maior, PhD (VERTIK Group), Walid Cherif (BluePeak Private Capital), and Seema Arora Nambiar (Shubhan Ventures) for a panel on "Private credit: from niche to mainstream," exploring how managers are applying the discipline and experience from developed private credit markets with a tailored approach to uncover differentiated risk-and-return opportunities across select emerging markets. A recurring theme was that the opportunity extends beyond yield pickup. In markets outside the U.S. and Europe, where private credit remains under-penetrated and commercial bank participation is limited, managers can structure transactions with lower relative leverage and stronger protections while delivering custom solutions for borrowers that favorably balance credit risk for investors. We see the next wave of breakout innovation companies scaling from tech hubs worldwide, and we believe credit quality is not simply a function of geography. Wherever innovation emerges, we’ll be its partner for growth. #GrowthDebt #SuperReturnEmergingMarkets #PrivateCredit #SuperReturn

Fortune's Melissa Hancock reports on the structural forces accelerating private credit across the #Gulf, and the role specialist lenders are playing as the region's funding gap widens. GCC banks direct most of their lending to large corporates and government-related entities, leaving SMEs with less than 10% of total bank lending and a credit gap estimated at roughly $250 billion. That gap is where specialist capital becomes structural rather than opportunistic. Partners for Growth provided its first funding to a Gulf company in 2020 and has since deployed around $450 million in commitments across the region, supporting high-growth technology companies including Tabby | تابي, TruKKer, Bayzat, Syarah, Huspy, and Silkhaus. Most of these facilities are structured to hold across cycles and built for businesses with limited financial history. As Armineh Baghoomian notes in the piece, national diversification agendas across the GCC are driving genuine innovation ecosystems, and sound fundamentals are now drawing international institutional capital into the region. 🔗 Link to the full article in the comments. "Wherever innovation emerges, we'll be its partner for growth." #PrivateCredit #GrowthDebt #GCC #Fintech

PFG's President Jason Georgatos recently wrote for Dynamic Business on what actually separates growth-stage businesses that scale from those that stall. His observation, drawn from working with companies including Employment Hero and Koala®, is straightforward: capital is rarely the primary constraint. Growth amplifies what already exists inside a business. Strong fundamentals become stronger. Weaknesses become harder to ignore. The piece covers four characteristics the strongest operators share, from how they think about capital structure to why preserving optionality matters more than most founders expect. 🔗 Link to the full article in the comments. #growthdebt #growthcapital #PartnersforGrowth #PFG

🤖 A milestone worth sharing from our portfolio company Ripcord. J.P. Morgan #Payments has deployed a first-of-its-kind mail automation robot at one of its lockbox sites, built in partnership with Ripcord. The solution uses AI and computer vision to handle envelope opening, document separation, staple removal, and scanning across roughly 480 million documents and checks processed annually. The results: data capture that once required approximately 13 billion keystrokes per year is now largely automated, with processing accuracy reaching 99.999%+. Lockbox processing is foundational infrastructure for how businesses receive and reconcile payments. What Ripcord has built here is not a prototype. It is production-grade automation operating at scale within one of the world's largest financial institutions in a highly regulated environment. Congratulations to the Ripcord team! #GrowthDebt #PrivateCredit #Ripcord #PortfolioNews #FinTech #AI