Private credit firm Hercules Capital’s investment adviser, Hercules Adviser, has completed the first close of its fourth institutional private credit fund, Hercules Growth Lending Fund IV.

The close means the firm now manages approximately $1.6bn (£1.2bn) in committed debt and equity capital across its four funds.

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The latest fund will leverage Hercules Capital’s scale to support companies in their growth trajectory, the firm said in a statement.

“This first close reflects the strength of our differentiated investment platform and the confidence our partners have in our disciplined approach to venture and growth stage lending,” said Scott Bluestein, chief executive officer of Hercules.

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“We see enormous opportunity to continue to back venture and growth stage technology and life sciences companies, and are grateful for the long-term support of our investors across the Hercules platform.

“Fund IV will allow us to further scale the platform and continue to finance some of the leading institutionally-backed growth stage companies in the ecosystem.”

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