Private Equity
Zack Ellison of Applied Real Intelligence examines how the features that make venture debt a powerful growth catalyst can also pose serious risk to borrowers when it is misunderstood, mismanaged or misaligned with the underlying business.
5 min read · 04 February 2026
In part 24 of his venture debt series, Zack Ellison of Applied Real Intelligence breaks down the key funding structures behind venture loans and growth credit and how they shape investor control and economics.
5 min read · 29 September 2025
In part 23 of his series on venture debt, Zack Ellison from Applied Real Intelligence concludes a three-part deep dive on convertible notes, and walks through an example of a convertible note decision tree, complete with scenario probabilities, financial outcomes and expected value modeling.
5 min read · 27 August 2025
In part 22 of his series on venture debt, Zack Ellison from Applied Real Intelligence identifies how investors can structure convertible notes to mitigate downside risk, avoid liquidity traps and better align incentives.
4 min read · 01 July 2025
In part 21 of his series on venture debt, Zack Ellison from Applied Real Intelligence explores the fundamentals of convertible notes and why they are a staple of early-stage financing.
4 min read · 30 May 2025
In part 20 of his series on venture debt, Zack Ellison from Applied Real Intelligence examines the emerging appeal of lending to non-sponsored, bootstrapped companies.
5 min read · 30 April 2025
In part 19 of his series on venture debt, Zack Ellison from Applied Real Intelligence shares how to evaluate VC sponsors to mitigate risk and maximize upside.
4 min read · 02 April 2025
In part 18 of his series on venture debt, Zack Ellison from Applied Real Intelligence shares the strengths and weaknesses of lending to VC-backed early-stage companies.
5 min read · 27 February 2025
In part 17 of his series on venture debt, Zack Ellison from Applied Real Intelligence examines the key areas of legal diligence in venture debt and growth credit transactions.
5 min read · 30 January 2025
In part 16 of his series on venture debt, Zack Ellison from Applied Real Intelligence reflects on key investment lessons he has learned.
4 min read · 13 January 2025