Runway Growth Capital

David Spreng is the firm's Founder, CEO, and CIO, and the origination and underwriting processes are led by him and his senior investment team. Managing Directors Jeff Goldrich, Ryan McCarthy, and Ted Cavan lead technology coverage, while JD Tamas oversees healthcare. The Chief Credit Officer, Avisha Khubani, manages credit approval and portfolio risk, indicating a centralized investment committee structure.

In January 2025, BC Partners Credit — a credit platform within the $40 billion alternative asset manager BC Partners — acquired Runway Growth Capital. The firm continues to operate independently with its full team intact and remains the investment adviser to Runway Growth Finance Corp. (NASDAQ: RWAY). This structure combines institutional permanent capital from BC Partners with public-market capital through RWAY, while keeping the existing origination and underwriting team in place.

No. Runway provides senior secured term loans to late-stage and growth-stage companies, and does not take equity stakes, board seats, or warrants as a standard part of its financing. The firm's value proposition is minimally dilutive capital for founders and management teams who have already raised significant equity rounds and want to avoid further ownership dilution.

Runway's loans range from $10 million to $150 million and are structured as senior secured term loans to venture-backed, late-stage companies with strong fundamentals and clear growth trajectories. Target sectors include enterprise SaaS, AI/ML, fintech, healthcare technology, and consumer. The firm focuses on companies generating revenue that need balance-sheet capital to extend runway or bridge to a larger equity or liquidity event.

Runway Growth Finance Corp. (RWAY) is a publicly traded business development company (BDC) that is managed by Runway Growth Capital as its investment adviser. RWAY shares the same strategy of providing senior secured loans to late-stage companies, and its public listing likely serves as a permanent capital vehicle alongside the institutional funds managed by Runway following its acquisition by BC Partners Credit.

Runway sources opportunities through direct relationships with venture capital and growth-equity firms, founder networks, and its own origination team across Silicon Valley, Chicago, and New York. The firm describes itself as a partner to existing investors rather than a competitor, and its loans are typically made to companies that have already been institutionally backed, indicating that venture capital firms are a primary origination channel.

Unlike bank venture debt, which often requires a recent equity round as a credit anchor and typically includes warrants, Runway provides corporate-level senior secured loans based on fundamental credit analysis of the business rather than equity round linkage. Following its acquisition by BC Partners Credit, Runway has institutional permanent capital that enables it to hold loans to maturity rather than syndicating them, offering borrowers a single, long-term lending relationship.