Venture debt is having its golden moment as private credit takes center stage on the back of the spring 2023 banking failures, subsequent incoming increases to US banking capital requirements, and a Fed funds rate that currently sits at a 22-year high at 5.25% to 5.50%. This subset of private credit describes loans offered to early-stage high-growth companies with venture capital backing. Non-bank lender Horizon Technology Finance (NASDAQ:HRZN) is up 9% on a total return basis year-to-date and is experiencing a surge in demand for new loans.