Conviction doesn’t stop at venture. It just starts there.
We are venture capitalists, but first and foremost, we are deal managers. Our model isn’t defined by a fund structure, but by discipline. We don’t chase sectors; we pursue structured, high-conviction opportunities. And sometimes, those opportunities aren’t equity rounds. They’re private credit.
We’re not talking about plain vanilla debt or passive exposure. We’re talking about select situations where we understand the structure, shape the terms, and price the risk appropriately. Where the upside justifies the complexity. Where capital solves a real problem and the downside is boxed in.
That’s what draws our attention.
Not a Shift. An Extension.
Our roots are in early-stage venture, but our model was never built to be narrow. Paligan was designed to operate across private markets, with the flexibility to act when something compelling comes our way.
Private credit is one such space. Especially short-duration, asset-backed lending with equity-like return potential. If we can structure a downside-protected deal with defined upside and a clear exit path, we’ll take it seriously.
That doesn’t mean we’re shifting focus. It means we’re disciplined enough to go where conviction leads us.
Our Filters Don’t Change
We apply the same rigor to credit that we do to equity:
We underwrite the counterparties.
We examine collateral and enforceability.
We pressure-test repayment mechanics.
We validate the structure and timelines.
If the deal doesn’t pass through that lens, it doesn’t move forward. No passive exposure. If we can’t shape the terms or understand the collateral, we walk.
The Advantage of Flexibility
Most firms can’t do this. They’re boxed in by mandates, fund structures, or branding. We’re not. We built Paligan to move with purpose, not just speed.
Our deal-by-deal model lets us evaluate every investment on its own merits. That means we don’t need to explain style drift. We just need to explain our thinking.
And here it is: Some private credit deals offer a better risk-reward profile than many early-stage equity rounds. If they’re structured right, we’ll back them. If they’re not, we’ll pass. Simple as that.
A Note for Our Partners
We built Paligan to operate across private markets, giving us the agility to act when opportunity meets conviction.
Private credit gives us another tool to build value. It gives our partners access to differentiated opportunities. And it provides founders or borrowers with capital that doesn’t come with a fund strategy attached.
That’s what it means to be deal-led, not fund-bound.
Closing
We don’t chase categories. We chase conviction.
And whether it comes in the form of a priced round, a structured bridge, or a well-built private credit deal, we’ll be there if the terms are right and the story holds up.
