Good afternoon, ladies and gentlemen, and welcome to TriplePoint Venture Growth Third Quarter Earnings Conference Call. At this time, all lines have been placed in a listen-only mode. After the speakers’ remarks, there will be a question-and-answer period and instructions will follow at that time. This conference call is being recorded and a replay of the call will be available as an audio webcast on the TriplePoint Venture Growth website. I would now like to turn the call over to Mr. Andrew Olson, Chief Financial Officer of TriplePoint Venture Growth. Mr. Olson, please go ahead.

Thank you, operator, and thank you everyone for joining us today. We are pleased to share with you the results for the third quarter of 2017. Here with me are Jim Labe, Chief Executive Officer and Chairman of the Board; and Sajal Srivastava, President and Chief Investment Officer. Before I turn the call over to Jim, I would like to direct your attention to the customary Safe Harbor disclosure in our press release regarding forward-looking statements, and remind you that during this call, we may make certain statements that relate to future events or the Company’s future performance or financial condition, which may be considered forward-looking statements under Federal Securities Law. We ask that you refer to the most recent filings with the Securities and Exchange Commission for important factors that could cause actual results to differ materially from these statements. We do not undertake any obligations to update our forward-looking statements or projections unless required by law. To obtain copies of our latest SEC filings, please visit the Company’s website at tpvg.com. With that, I’ll turn it over to Jim.

Thanks, Andrew. The third quarter was another quarter of exceptional performance and achievement for TPVG. We not only grew the portfolio but we also set some new records, a record level of investment fundings and a record level of signed term sheets. This follows on the heels of a record net investment income and a record portfolio yield we set in the previous quarter. We also announced, not long after the quarter, as many of you may know, GSAM AIMS, the Alternative Investments & Manager Selection Group of Goldman Sachs Asset Management along with the executive team here at TPVG, myself, Andrew and Sajal, purchased $23 million worth of TPVG stock in a private placement. We are pleased to say, this currently makes GSAM AIMS, the largest investor in our stock. To continue with the baseball analogies that I look to use in these earnings calls, although I guess it is football season now. While we truly had a great inning last quarter, our team has already stepped up to the play this quarter and is warming for the next series in 2018. The current quarter is off to an absolutely outstanding start. To-date, we have already funded more than $35 million in additional investments and we’re only a little of third or away [ph] into the quarter. Given the current market conditions and our strong pipeline, which is at the highest level it’s ever been, we believe this would translate into great portfolio growth and serve as a basis for generating attractive returns to shareholders in 2018 and beyond. With that as a backdrop, I thought what I’d do this earnings call is something a little bit different. I am going to review the key goals and the objectives that I outlined last earnings call and then compare to…

Thank you, Jim, and good afternoon, everyone. In the third quarter, we signed more than 267 million of new term sheets at TriplePoint Capital and closed more than a $122 million of debt and equity investments. On a year-to-date basis, we have signed more than $460 million of term sheets and have closed nearly $270 million of debt and equity investments. Furthermore, as Jim mentioned, we had record debt and equity investment fundings during the quarter of more than $83 million, bringing the year-to-date total to more than $155 million. New customers in the quarter included Ring, the leading provider of residential and neighborhood security products whose suite of video door bells, outdoor cameras and home security kits provides rings of security around your front door, home and neighborhood. Ring is a very high profile and exciting company that has raised more than $200 million of equity capital from Kleiner Perkins, Goldman Sachs, Richard Branson, and others. BlueVine Capital, a FinTech company that offers working capital financing to small and medium sized businesses, using proprietary technology and algorithms to streamline the underwriting and customer management process. BlueVine has raised more than $270 million of capital from Lightspeed Ventures, Menlo Ventures, Fortress Investment Group and others. OUTFITTERY, a European focused personalized online shopping service for men’s clothing, which leverages human stylists, customer preferences and other data with its advanced machine-learning technology to provide recommendations to its subscribers. Some described OUTFITTERY as the equivalent of fit [ph] for men in Europe. OUTFITTERY is based in Berlin, which is developed into a major European tech up, has raised more than $60 million from investors including Highland Europe, Octopus Ventures and Northzone Ventures and others. During the quarter, we also made an equity investment in Revolut, one of Europe’s higher profile FinTech companies and…

Thank you, Sajal. I’m pleased to report our third quarter results, and key performance metrics. We had another strong quarter of investment fundings which drove total long-term investments to over $311 million as of September 30th, up over $57 million or 23% from the prior quarter. As of Q3, we had 97 investments in 41 companies. Our investments included 53 debt investments, 32 warrant investments, and 12 direct to equity investments. The total cost of these investments was approximately $309 million of which $295 million consisted of debt investments and of those 59% were at floating rates. On the liability side of the balance sheet, we continue to manage our cost of capital through a combination of long-term financing with our unsecured bonds and just in time capital with our credit facility. Careful to ensure we did not have periods of excess cash flow dips or inefficient cash drag. As part of this capital strategy and disclosed subsequent to Q2, during the quarter we raised approximately $72.2 million of net proceeds from the issuance of unsecured bonds priced at 5.75% and exercised our options to redeem 54.6 million of bonds priced at 6.75%. This transaction served many purposes. First and foremost, it lowered our cost of borrowing by 100 basis points, saving us approximately $500,000 or $0.03 per share annually. Second, it extended the maturity date for long term debt. And third, it added $20 million to our capital base, giving us the leg room to expand and take advantage of opportunities we see in the market. As of September 30, our total cash position was $8.5 million and we had $174.5 million available under our $200 million revolving credit facility. This put us at a current leverage ratio of 0.47x, giving us plenty of runway to fill the strong…

Thanks, Andrew. At this point, we’d be happy to take your questions. Operator, could you please open the line?

Thank you. We’ll now begin the question-and-answer session. [Operator Instructions] Our first question comes from Jonathan Bock of Wells Fargo Securities. Please go ahead. Fin O’Shea: Good afternoon, guys. It’s Fin O’Shea in for Jonathan Bock. Thanks for taking our question and congratulations on other solid quarter. We first had a question on one of your goals outlined, which is realized gains. I think you noted some progress recently Nutanix, MongoDB. Can you kind of give us a sense of your broader ability to move these names, say if they don’t do an IPO and keep the equity portion of your portfolio at a reasonably low level, kind of as you guys mature in terms of this portfolio and have a lot of repayments that might not pay off on equity?

Hi, Fin. Sajal here. I’ll take the first cut, and then Jim and Andrew, please jump in. So, you’re correct. So, we’re a lender, we’re not an equity investor. We don’t take forward sit. So, we definitely do not have any control over the timing of when our portfolios -- portfolio companies monetize. I would say, our perspective is, given the high quality of companies we work, they’re attractive targets for both the M&A and the IPO, exit, that’s given again our venture growth stage approach. With regards to direct equity investments, again, our approach is to keep just a small percentage of the overall investment portfolio. But, I think the interesting insight is, we get access to investment opportunities in these top tier deals that even other VCs can’t get access to. And so, you need proprietary access to offer those high quality investments to public shareholders. And so, we think, again, we like to opportunistically take advantage of investing, but it’s not intended to be a significant portion of the total investment portfolio.

I would only quickly add, if you may recall, we target specific venture growth stage companies and our guidance has always been generally we expect liquidity events such as IPOs or acquisitions in the one to three-year timeframe, after we make the investment. Fin O’Shea: Another concept here we sort of wanted to thread together; there’s discussion on keeping cash drag to a minimal, in relation to signing the credit facility. I think those are items investors appreciate very much. Also, with some discussion on the post quarter GSAM deal and potential future raises, can you give us a reminder of how you look at your debt profile and especially term debt? Do you want to keep that as a percent of the equity base or percent of the portfolio, how should we look at that?

So, it’s Sajal here, and I’ll ask Andrew to answer as well. So, as lenders, we definitely believe in debt and so we believe in using it. We have great relationships with our warehouse lenders. And so, we view our warehouse facilities, really the intent is essentially to fund our unfunded commitments. And that’s the beauty of having a revolving facility like that. So, again, our goal is to get to our target leverage ratio, again demonstrates the significant earnings power profile of our business. And then assuming we see continued portfolio growth opportunities which we do, raise more capital. And so, I think the beauty of the GSAM private placement was it was a way for us to bring in a quality investor, a meaningful amount of capital and even more critically, not disrupt the stock which is usually what you see when you have a typical equity offering. And so, we are very proud of I call the just-in-time type financing and of course bringing in a marquee investor in and then obviously doing it at a slight premium to net asset value, I think again are all critical elements of -- again of being a prudent manager of our capital space. Fin O’Shea: Very well. Thank you. And just one more small question. Can you just give an update on SimpliVity pursuant to the Hewlett Packard investment? Are they keeping -- just keeping this debt on the books or is it something we should expect to roll off near-term?

So, yes, again, HP assumed all the SimpliVity debt; essentially, HP is parent company, so it’s guaranteed by HP. And so, they are paying us, I think it’s on average 7% on our equipment leases. So, as far as we know and their current payment, [ph] so they obviously have the option to prepay the loans but they have not prepaid them as of yet.

[Operator Instructions] Our next question comes from Casey Alexander of Compass Point Research & Trading. Please go ahead.

Hi, good afternoon. Can you sort of break down for me, of the deployments of the fundings that came in the quarter, how many were sort of new, how many were bolt-on to existing companies? And then, I guess, there’s sort of a third category that was in unfunded; you had not funded it yet. So, it’s not technically new but it’s the first time it’s been funded. Can you sort of break it up for me that way?

I think overall we have funded out of unfunded something -- I don’t have the exact number in front of me, somewhere between $30 million to $40 million of that bucket. And then of the positions, we added additional unfunded commitments during the period, all of those investments had at least some draw associated with them. So, there were no strictly commitments that were made during the period that didn’t have a draw associated with that.

Secondly, it’s great news about KnCMiner because you’ve contended all along that you were going to get your money back. And I guess with these upcoming payments that gets you about half way home. Did you know -- is GoGreenLight still -- I mean, have they completely changed the model or are they actually still using the machines to make bitcoin? Because when they acquired it out of bankruptcy bitcoin was $300 a coin, and it’s now 7,000 a coin. And it would seem to me that that might accelerate your profit sharing interest in getting your money back?

Casey, Sajal here. Yes. GoGreenLight, actually they issued some press releases regarding some of the heating contracts that they’ve signed in Sweden. So, all great developments validating the next gen business model that they have. But then, yes, absolutely great comment and observation, they continue to mine bitcoins and bitcoins continue to hit record levels. And so, as we look to our recovery estimates, we’ll be updating them based on our updates in the company with regards to annual performance. But one would expect that given where bitcoins are and they continue to mine bitcoins that they continue to perform well.

Lastly, any update on Mind Candy?

Yes. Again, good news is, they continue to raise more equity capital. So, that’s a great data point, showing investor support and they’re gearing up for a very hopefully lucrative and busy holiday season, so a big coming quarter for them. But we continue to be pretty optimistic on the outlook.

This concludes our question-and-answer session. I would like to turn the conference back over to Mr. Jim Labe for any closing remarks. End of Q&A:

Well, I’ll close again by expressing by appreciation for everyone on the line and ask your continued interest and support in TriplePoint Venture Growth. Thanks and we’ll speak with everyone again soon.

The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect your lines.