Growth-stage companies live in a financing grey zone. They’re beyond the scrappy startup phase, with meaningful revenue, expanding operations, and proven market demand. But they’re not yet mature enough to have unrestricted bank lines or low-cost access to institutional debt markets.

Their capital expenditures (CAPEX) are rarely straightforward. They might need to acquire production equipment in one transaction, finance IT infrastructure in another, expand facilities, and maintain working capital reserves — all at the same time.