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WTI
WTI was founded in 1980 by Maurice Werdegar and Don McGovern, two operators who saw a gap in how venture-backed companies accessed growth capital.
WTI
WTI was founded in 1980 by Maurice Werdegar and Don McGovern, two operators who saw a gap in how venture-backed companies accessed growth capital. Rather than competing for equity rounds, they built a firm that extends debt to technology companies — a model that predates the formal venture-debt category by nearly two decades. The firm operates from Redwood City, Austin, and New York, putting it in direct proximity to the West Coast, Texas, and East Coast technology ecosystems. The firm deploys venture debt, structured equity, and growth capital across enterprise software, AI/ML, fintech, cybersecurity, climate technology, and digital infrastructure. WTI typically writes checks ranging from $10 million to $75 million, targeting later-stage private companies that have established product-market fit and institutional venture backing. The firm has lent to more than 1,000 companies over four decades, with historical portfolio names including Facebook (pre-IPO), Juniper Networks, and Palantir Technologies. More recent disclosed relationships include Arctic Wolf Networks and DataStax. WTI also co-invests alongside top-tier venture firms, sourcing deal flow through relationships with Sequoia, Accel, and Andreessen Horowitz, among others. WTI operates multiple fund vehicles, including venture debt funds raised from institutional LPs. The firm does not publicly disclose total assets under management, but its multi-decade track record and repeat fund closes signal steady institutional backing. In September 2023, WTI held a final close on its latest venture debt fund, continuing to raise capital from pension funds, endowments, and family offices. The firm maintains a lean partnership structure, with General Partners Brian Wilcove, Maurice Werdegar, and Don McGovern anchoring the investment committee. WTI's structural edge is its pure debt-and-structured-capital mandate inside an ecosystem dominated by equity. The firm takes warrants rather than board seats, avoiding governance conflicts that equity investors routinely navigate. This creates a distinct alignment: WTI gets repaid in senior position while maintaining upside exposure through warrant coverage, a model that has survived multiple venture cycles since the Carter administration.
General information
Firm type
Asset Manager
Year founded
1980
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Redwood City
Corporate office
Redwood City, CA, United States
Additional offices
Austin, TX · New York, NY
Principals
Don McGovern
General Partner
Maurice Werdegar
General Partner
Brian Wilcove
General Partner
Sector focus
Frequently asked questions
How does WTI's venture debt model differ from equity investing?
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.
What check sizes does WTI write and at what stage?
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.
Who runs investment decisions at WTI?
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.
Does WTI participate in fund commitments or only direct deals?
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.
Which sectors does WTI explicitly avoid?
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.
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