Hercules Adviser LLC, the wholly owned registered investment adviser of Hercules Capital, has surpassed $2.3 billion in investable capital after closing equity commitments across Hercules Growth Lending IV and Hercules Evergreen Fund, alongside a rated note offering, the San Mateo specialty lender said on 9 September 2026.
Together with publicly traded Hercules Capital (NYSE: HTGC), the firm manages about $6.1 billion of assets. Hercules Evergreen Fund is the adviser’s inaugural perpetual, open-end vehicle and its fifth institutional private credit vehicle launched since the platform’s creation in 2021. Growth Lending IV is a closed-end limited partnership.
Investors in the newest vehicles include insurance companies, pensions, asset managers, foundations, endowments and family offices, Hercules said.
Scott Bluestein, Chief Executive and Chief Investment Officer of Hercules, said the interest across the newest vehicles reflected confidence in the firm’s approach to growth-stage credit. “Our new perpetual, open-end vehicle offers allocators a permanent capital avenue to invest alongside HTGC and our closed-end vehicles in financing the most innovative growth-stage technology and life sciences companies in the world,” he said.
Both vehicles will use Hercules Capital’s platform to lend to technology and life sciences companies with tailored non-dilutive capital. Since inception, Hercules Capital, directly and through funds managed by Hercules Adviser, has committed more than $28.0 billion to more than 700 portfolio companies as of 30 June 2026, with a focus on first-lien structures.
Hercules Capital is an internally managed business development company that provides senior secured venture growth loans to venture capital-backed companies. Hercules Adviser manages investments for external parties under the Investment Advisers Act of 1940.