WTI

WTI provides loans to venture-backed technology companies rather than purchasing equity. The firm typically receives warrant coverage alongside its debt, giving it upside exposure without the dilution or governance rights that equity investors require. Repayment comes through senior secured claims on company assets, which sits above equity in the capital stack. This structure allows WTI to participate in the innovation economy with a fundamentally different risk profile than venture capital funds.

WTI typically deploys between $10 million and $75 million per transaction, targeting later-stage private companies that have achieved meaningful revenue scale and product-market fit. The firm does occasionally provide smaller facilities for earlier-stage companies with strong institutional backing. WTI's focus is on companies that have raised substantial equity from top-tier venture firms and need non-dilutive growth capital to extend runway or finance specific initiatives.

Investment decisions are made by WTI's General Partners. Maurice Werdegar and Don McGovern founded the firm in 1980 and remain active in the investment committee. Brian Wilcove, also a General Partner, rounds out the senior leadership team. The firm operates with a relatively flat partnership structure rather than a large centralized investment committee.

WTI's core business is direct lending to operating companies, not fund commitments. The firm sources, underwrites, and structures its own transactions, maintaining direct relationships with portfolio company management teams and their venture capital backers. WTI does not operate as a fund-of-funds and has not publicly indicated participation in LP commitments to other venture firms.

WTI focuses on technology sectors with recurring revenue models and established venture-investor ecosystems. The firm has historically avoided capital-intensive industries like hard-tech manufacturing, biotech, and pharmaceuticals, where traditional asset-backed lending or equity financing dominates. WTI also generally avoids pre-revenue companies and sectors with unpredictable regulatory environments.