TriplePoint Venture Growth (NYSE:TPVG) Q2 2023 Earnings Conference Call August 2, 2023 5:00 PM ET

Company Participants

Jim Labe - Chief Executive Officer & Chairman

Sajal Srivastava - President & Chief Investment Officer

Chris Mathieu - Chief Financial Officer

Conference Call Participants

Crispin Love - Piper Sandler

Vilas Abraham - UBS

Casey Alexander - Compass Point

Ryan Lynch - KBW

Christopher Nolan - Ladenburg Thalmann

Operator

Good afternoon ladies and gentlemen. Welcome to the TriplePoint Venture Growth BDC Corp. Second Quarter 2023 Earnings Conference Call. [Operator Instructions] This conference is being recorded and a replay of the call will be available and the audio webcast on the TriplePoint Venture Growth website. Company management is pleased to share with you that the company's results for the second quarter of 2023. Today, representing the company is Jim Labe, Chief Executive Officer and Chairman of the Board; Sajal Srivastava, President and Chief Investment Officer; and Chris Mathieu, Chief Financial Officer.

Before I turn the call over to Mr. Labe, I'd like to direct your attention to the customary safe harbor disclosure in the company's press release regarding forward-looking statements and remind you that during this call, management will make certain statements that relate to future events or the company's future performance or financial condition which are considered forward-looking statements under federal securities law. You are asked to refer to the company's most recent filings with the Securities and Exchange Commission for important factors that could cause actual results to differ materially from these statements. The company does not undertake any obligation to update any forward-looking statements or projections unless required by law. Investors are cautioned not to place undue reliance on any forward-looking statements made during the call which reflect management's opinions only as of today. To obtain copies of the latest SEC filings, please visit the company's website at www.tpvg.com.

Now, I'd like to turn the conference over to Mr. Labe.

Jim Labe

Good afternoon, everyone and welcome to TPVG's second quarter earnings call.

I'll start by talking about the venture market. The data speaks for itself. As the National Venture Capital Association PitchBook data shows in the first half of 2023, the venture capital ecosystem has struggled to adapt to market dynamics that we haven't seen in years. PitchBook further states that this shift in the landscape has impacted all the sectors in all the stages of the venture ecosystem. They're all well below the high watermark set in the past 2 years. Deal value, it's down 46%, exit values, 77% and fundraising is down 73%. That's all over the first half of 2023 compared to last year.