Partners for Growth

William Fisher, who founded the firm in 1984, remains the primary decision-maker on credit approvals. His brother John Fisher is also listed as a principal, though day-to-day underwriting is handled by a dedicated credit team in Tiburon, California. The firm's lean structure concentrates approval authority with the Fishers, consistent with its origins as a family-backed lender.

The firm sources primarily through relationships with venture capital firms, relying on referrals from existing portfolio company investors rather than a large origination salesforce. Its four-decade track record and $4B deployment history create repeat business with venture firms that have worked with the lender across multiple fund cycles. Direct inbound inquiries from growth-stage companies also represent a material origination channel.

The firm's core business is debt, not equity. It underwrites senior secured loans with interest and fee compensation. Some transactions include warrant coverage, which provides modest equity upside, but that is structured as yield enhancement rather than a primary return driver. This distinguishes it from venture capital arms within the Fisher family enterprise, which take direct equity stakes.

The Fisher family's Gap Inc. fortune — Donald Fisher co-founded the retailer in 1969 — seeded the firm at its 1984 founding. Over time, Partners for Growth has supplemented family capital with commitments from institutional limited partners and commercial bank credit lines. The firm does not publicly disclose the specific mix of family versus institutional capital.

Partners for Growth operates as a distinct entity within the Fisher family's investment holdings. It is structurally separate from the family's philanthropic foundations and from the equity-focused investment vehicles that the Fishers maintain. This separation limits cross-entity conflicts, particularly between grant-making activities and debt recovery in distressed situations.

The firm lends to growth-stage companies — businesses that have progressed beyond early-stage venture capital and typically have institutional venture backing. It does not provide seed-stage or pre-revenue financing. Borrowers generally have demonstrated revenue traction and are using debt to extend runway between equity rounds or to fund specific capital expenditures.

The firm lends in North America, Europe, and select Asia-Pacific markets. Its single office in Tiburon, California handles global underwriting, supported by venture capital relationships that span multiple geographies. The firm has not established satellite offices abroad.