CRG

CRG writes larger checks — typically $20 million to $300 million — and structures its loans to commercial-stage companies that have cleared regulatory hurdles. Unlike venture debt lenders that hold loans for 12 to 36 months and then refinance or syndicate, CRG holds its loans to maturity on a permanent balance sheet and does not impose forced-exit covenants. The firm also underweights clinical-stage biotech in favor of medical device, diagnostics, and healthcare IT platforms with recurring revenue streams.

CRG operates as a business development company and manages separate accounts for institutional investors, meaning it does not raise traditional drawdown funds. The firm's permanent capital base gives it the flexibility to hold loans through maturity rather than returning capital to limited partners on a predefined schedule. This structure is unusual among middle-market direct lenders.

CRG typically structures its investments as senior secured term loans and often receives equity co-investment rights or warrants alongside the debt. The firm does not lead equity rounds, but its structured capital approach allows for an equity upside component in portfolio companies that perform well.

CRG avoids early-stage biotechnology companies whose value depends on binary clinical-trial results, as well as pre-revenue drug-discovery platforms with no near-term regulatory pathway. The firm's credit model depends on commercial cash flows or near-term visibility into reimbursement, which favors medical devices, diagnostics, and healthcare services over pure pharmaceutical R&D.

Founder Charles Tate chairs the firm and maintains the final investment committee role. Jake Macey, President, runs day-to-day operation of the investment teams across the Boulder, Houston, Menlo Park, and London offices. CRG's credit committee includes partners with direct operating experience inside pharmaceutical and medical device companies.