| Company | Sector | Lender | Debt Outstanding | Commitment | Debt Type | Conv. Debt | Lead | Risk | VCG status | Follow-up | Covenant |
|---|
| Lender | Active cos. | Total ($M) | TSs | Passes | Status | Key contact |
|---|
Active flags
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VCG action items — prioritised
AI Portfolio Assistant — text or voice
Good day. I have full context on all 52 Random Letters Capital portfolio companies — debt structures, lender relationships, covenant positions, VCG status, and risk profiles. Ask me anything by typing or using the microphone.
Airtable — shared database
Connect your Airtable base so all alert recipients read and write the same live data. Every change syncs instantly across all sessions.
Setup: airtable.com → your base → Help → API docs → copy Base ID. Then account → Developer hub → create personal access token.
Required Airtable table schema — Companies table:
Name (Single line text) | Sector | Debt Status | Lender | Facility_M (Number)
Structure | Pricing | Mav Lead | Company Side | VCG Status
Risk | Follow Up (Date) | Last Equity | Total Equity_M (Number)
Covenants | Covenant Alert (Checkbox) | Summary | Notes (Long text)
Last Contact (Date) | Active Process (Checkbox)
Claude AI — assistant
The AI assistant uses Claude to answer questions about your portfolio. Your Anthropic API key is stored locally only.
Email alerts — Resend
Resend sends alert emails. Free tier: 100 emails/day. Setup: resend.com → API Keys → Create key → paste below.
Alert rules
Optimization Opportunities
Realtime flags for portfolio refinancing and capital structure improvements. Edit rules here.
Live in V2
Opportunity workflow Automated in V2
1
AI flags opportunity
2
VCG reviews & confirms
3
VCG notifies RLC lead
4
RLC approves
5
Portfolio company engaged
6
Process launched
In V2, this workflow triggers automatically when market intelligence or financial data signals an optimization opportunity. Stages 2–6 are managed through this interface with email notifications at each handoff.
Active opportunities
— illustrative examples, auto-generated in V2
Ember Analytics
Pricing optimization — rate reduction available
VCG Review
Pricing
Market has tightened 50bps since Ember Analytics' facility was originated at SOFR+400. Comparable B2B SaaS names are now clearing SOFR+350-375. VCG recommends approaching Horizon or Pinnacle for a repricing conversation at next reset, with estimated savings of ~$80K/yr.
Current est. rate
SOFR+400
Market rate
SOFR+350-375
Est. annual savings
~$80K/yr
RLC lead
Sarah Chen
Flagged by
VCG market scan
Date flagged
—
AI flagged
›
VCG review
›
RLC notified
›
Approved
›
Launched
Bellwether
New facility — no current debt relationship
VCG Intro Needed
New facility
Bellwether's revolver at SOFR+325 has been in place for 12 months. Strong performance (82% ARR growth, 140% NRR) suggests the fund could renegotiate pricing to SOFR+275-300 at renewal. Pinnacle has indicated appetite to improve terms given track record.
Est. facility size
$12M revolver
Est. repriced rate
SOFR+275-300
ARR
$14M
RLC lead
Marcus Webb
VCG status
Engaged
Priority
Med
AI flagged
›
VCG review
›
RLC notified
›
Approved
›
Launched
Kestrel
Structure — real estate-backed facility for clinic expansion
Engaged Direct
Structure
Kestrel's cross-border payments platform ($6.2M ARR, 118% growth) is in active process. VCG is running a competitive process with three lenders. Pinnacle Venture Credit has issued a term sheet at SOFR+325 for a $10M revolver. Process targeting close Q1 2026.
Est. facility size
$10M revolver
Structure type
Revolver
Active process
Yes
RLC lead
Priya Nair
VCG status
Engaged Direct
Next step
Close by end Q1 2026
AI flagged
›
VCG confirmed
›
RLC notified
›
In progress
›
Launched
V2 automation Coming soon
📊 Data inputs V2
Financial reporting pipelines, board deck parsing, covenant metric tracking — automatically pulled from company data rooms.
📡 Market feeds V2
Live VCG market intel on pricing, structure trends, lender appetite, and sector behavior — compared against each company's current terms.
🔔 Auto-alerts V2
Automatic opportunity flags emailed to VCG for review, then routed to RLC leads upon confirmation. Full audit trail per opportunity.
Market Intelligence
Venture debt pricing, structure trends, and lender behavior — updated by VCG
SOFR+275
Venture debt floor (SaaS)
↓ 50bps
vs. 6mo ago
$2–50M
Typical facility range
Selective
Lender appetite (Q2 2026)
1–2%
Warrant coverage (typical)
Pricing & structure trends
Venture debt pricing — Q2 2026
VCG · Apr 2026
SaaS and DTC venture debt pricing has compressed 50–75bps year-to-date as lender competition increases. Revolvers are clearing SOFR+250–325 for quality names, while term loans sit SOFR+300–400 depending on risk profile. Warrants remain 1–2% coverage with 10-year expiry standard.
▼ Rates compressing — good time to refinance older facilities
ABL market — consumer goods
VCG · Mar 2026
ABL lenders remain active in consumer/inventory-heavy businesses. Borrowing base structures tightening slightly post-retail distress. Second Avenue Capital active in the market. Northgate strong for ABL. SOFR+400–600 typical for challenged names.
Lender activity
Hercules Capital — active and competitive
VCG · Apr 2026
Hercules remains one of the most active venture lenders. Q1 2026 deployments up vs. prior year. Pricing competitive at SOFR+275–350 for quality SaaS and DTC. Warrant coverage running 1–1.5%. Strong relationship — recommend leading with Apex or Pinnacle on new processes.
↑ Deployment up — favorable time to engage
Runway Growth Capital — selective on health
VCG · Mar 2026
Runway Growth pulling back slightly on pure telehealth. Still very active in SaaS and marketplace models. Competitive pricing SOFR+275–325. Good fit for Bellwether and Stellar Payments. Healthcare with physical footprint may require specialist lender like Meridian.
V2 — live data feeds
VCG market feed V2
In V2, VCG's live market intelligence — pricing grids, lender term sheets, structure comparables — pipes directly into this view and auto-compares against each portfolio company's current terms.
Deal Pipeline
Active debt processes across the portfolio — from opportunity to close
Full automation V2
3
Opportunities flagged
1
VCG reviewing
1
RLC approved
1
Process live
$75–110M
Total pipeline ($M)
Active processes
Kestrel — Cross-border payments revolver
New facility · $10M · Structure: Revolver
In progress
Engaged Direct
VCG actively running process. Three lenders engaged: Pinnacle (TS issued, preferred at SOFR+325), Apex (in diligence), Northgate (passed). Targeting close Q1 2026. Priya Nair (RLC lead) engaged.
Crestfall Labs — Venture debt intro
New facility · Est. $8–12M · Structure: Term loan
VCG review
Intro'd
VCG has confirmed the opportunity. Awaiting RLC lead (Priya Nair) sign-off to initiate lender introductions. Meridian Life Sciences Credit and Northgate identified as top candidates for diagnostics company.
Ember Analytics — Pricing refinancing
Refinancing · $6M · Pricing optimization
Flagged
Engaged
Market data flagged pricing optimization. SOFR+400 facility originated Mar 2024 now ~50bps above market. VCG reviewing — estimated $80K/yr savings available. Awaiting VCG confirmation before notifying RLC lead.
V2 integrations
Financial data pipeline V2
Board decks, financial reports, and data room documents automatically parsed to keep company performance metrics current. Covenant compliance tracked in real-time against thresholds.
Automated opportunity engine V2
Market intel + company financials → AI identifies optimization opportunities and initiates the VCG → RLC → Portfolio Company workflow automatically, with full audit trail.
Equity Value Enhancement from Leverage
How debt financing preserves RLC ownership vs. equivalent equity raises
Assumptions
Include WC / revolvers
Include term debt
Multi-round assumption
Deduct interest costs
Deduct warrant costs
Include warehouse debt
Company-level inputs & outputs — edit any cell · click metric headers for calculation detail
Method: For val >$90M companies, 50% of debt replaces equity at the current round price and 50% at the prior round. Net uplift = dilution value preserved less RLC's pro-rata share of debt costs.
Optimization Rules
Rules define when a portfolio company is flagged as an optimization opportunity. Each rule runs against live portfolio data.
PortCo Data Upload
Upload portfolio company documents and connect data sources. Claude will extract and apply relevant data to the portfolio database.
Document upload
Drop files here or click to browse
Board decks · Investment memos · Financial models · Term sheets · Loan documents · Reporting packages
PDF, XLSX, DOCX, PPTX supported
Connected data sources
Standard Metrics
Portfolio metrics · ARR · Burn · Runway · Headcount
Carta
Cap table · Ownership % · Round history · Valuations
Google Drive
Auto-sync documents from designated fund folders
Airtable
Portfolio database sync · Settings configured in Settings panel
Integrations
Manage connections to portfolio data sources.
Integration status
Connect data sources from the Upload screen to enable automatic data sync.
Once connected, portfolio company data will update automatically when companies submit new information.
Standard Metrics and Carta integrations require API credentials provided by your account manager.
Once connected, portfolio company data will update automatically when companies submit new information.
Standard Metrics and Carta integrations require API credentials provided by your account manager.
