Partners for Growth launches AUD $250m tech credit fund

Partners for Growth has launched a new private credit vehicle for later-stage, technology-focused borrowers, with investor commitments exceeding AUD $250 million.

The PFG Income Fund has completed a first close and begun deploying capital. The strategy provides non-dilutive financing to technology-enabled companies and to lenders whose balance sheets grow as they originate more loans.

The fund will invest in structured growth debt, asset-backed financing and warehouse funding, including for fintechs and alternative lenders building loan and asset books.

Australian focus

Partners for Growth has operated in Australia since 2007 and has backed more than 85 companies, including Employment Hero, Koala, Bridgit, Design.com and Skip Loans.

It also invests across the United States, Europe, the Middle East, Latin America and Asia-Pacific. The new fund targets later-stage borrowers in Australia and globally.

A large Australian cornerstone investor led the first close, though the firm did not name the investor.

Private credit managers have drawn greater attention as start-ups and growth companies face a tighter market for equity funding. Later-stage businesses are also seeking ways to avoid dilution as valuations reset from earlier peaks.

Partners for Growth says founders are increasingly using private credit alongside venture capital and private equity as they scale.

Deal structures

The strategy sits within Partners for Growth's structured growth debt approach, with facilities designed around a borrower's stage and asset profile.

Structures include term facilities, asset-backed lending, warehouse funding and working capital lines of credit. The firm also offers bespoke structures for speciality finance and technology-enabled business models.

Asset-backed financing and warehouse facilities have become more common in fintech and non-bank lending. These structures link funding to the performance and collateral of a loan book or other receivables, rather than relying on equity capital alone.

Track record

Partners for Growth says it has a 22-year global track record and has supported more than 250 companies worldwide. It positions itself as a lender across a company's development, from early facilities to more complex later-stage structures.

Jason Georgatos, President of Partners for Growth, said founders are taking a more deliberate approach to financing as businesses mature.

"Founders are becoming more deliberate in how they approach financing as their businesses scale," said Georgatos.

He said companies are blending debt with equity as part of capital planning.

"Rather than relying solely on equity, many are incorporating structured private credit to support growth while preserving ownership and long-term strategic flexibility," said Georgatos.

Georgatos said the fund will sit alongside other forms of private market capital and support lenders expanding their portfolios.

"This fund is designed to provide non-dilutive growth capital that works alongside venture capital and private equity, supporting disciplined execution at key inflection points, including enabling fintechs and alternative lenders to scale their loan and asset books," said Georgatos.

The fund expands Partners for Growth's ability to provide later-stage financing in Australia while continuing to back borrowers in other markets through its global platform.