Turbine
Founded 2022 · 24 employees on LinkedIn · 12 known investors
Turbine provides financing that lets venture capital firms and their limited partners borrow against fund positions and carried interest instead of selling them, giving GPs and LPs access to liquidity while retaining ownership. It serves the private markets by offering credit lines for capital calls, GP commitments, new fund commitments, and personal liquidity needs.
Also known as Turbine Finance · Turbine Finance Corp. · Turbine Finance LLC
Investors · 12
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Company profile
researched Aug 2026Turbine Finance Corp. (turbine.co) operates a lending platform that lets venture capital and private equity general partners and limited partners borrow against their existing fund positions rather than sell them on the secondary market. Loans are collateralized by fund investments and carried interest, so borrowers retain ownership and, per the company, up to 100% of exposure to future appreciation; the company also notes loans are generally not taxable events, preserving QSBS eligibility and deferring capital gains. Turbine partners directly with funds, which can then offer the facility to their GP and LP communities; borrowers log into a secure portal to see borrowing power based on current fund NAV and can apply for a loan in minutes, with funding described as available in days.
Use cases the company targets include GP commitments and partnership buy-ins, allowing LPs to commit to new fund vintages or SPV allocations, smoothing capital calls on existing commitments, maintaining allocation targets across vintages, and personal liquidity needs such as home purchases. Turbine's underwriting platform applies machine learning and data science to compress manual diligence processes that it says historically took months into days, producing fund performance and valuation insights for underwriting teams. The company describes itself as an invite-only liquidity solutions provider working with investment funds, banks, and capital partners, and states a mission of unlocking $14 trillion of liquidity in private markets; press materials from April 2025 cite a $13 trillion global private-equity capital base as the addressable pool.
Founding story
Founded by professionals from venture capital and banking. CEO Mike Hurst is a repeat fintech founder, advisor and investor who previously founded and led Exactuals, a payments company serving the entertainment industry. Co-founders named across sources include Peter Andes (CFO), Rob Freelen of Sozo Ventures, and Kaare Wagner of SVB. The founding team and advisory board draw on experience at Silicon Valley Bank, City National Bank, and other fintech companies.
Business model
Turbine originates and manages loans secured by LP fund interests and GP carried interest, funded in part through a warehouse credit facility of up to $100 million from Silicon Valley Bank, a division of First Citizens Bank. It works through partnerships with private equity and venture firms, which enable the lending solution for their GP and LP base, and underwrites and secures the collateral portfolios directly to keep lending cost-effective. Loans are issued and managed by Turbine Finance LLC.
Revenue derives from lending secured by fund positions and carry; the sources do not specify pricing or fee structure.
Traction
Emerged from stealth in April 2025 with $21.75 million in equity raised and a warehouse facility of up to $100 million from SVB, for total stated financial backing of $121.75 million. Equity proceeds were earmarked for fully deploying the warehouse line and expanding the data science team.
Latest developments
In April 2025 Turbine disclosed its $13 million Series A co-led by Alpha Edison and TTV Capital with Fin Capital, B Capital and Sozo Ventures participating, revealed its earlier $8.75 million seed, and announced the SVB warehouse facility of up to $100 million. The company's site references coverage of a $22 million raise and is hiring across open roles.
▸Full profile — market position, technology, go-to-market, geography, history
Market position
Positions itself as an asset-backed lending alternative to secondary sales for venture and private equity investors, and describes its underwriting platform as first-of-its-kind. Its stated premise is a widening liquidity gap: companies staying private 10+ years, selective exit markets, and 3-5 year deployment cycles against 8-12 year return periods.
Borrowers keep ownership and upside rather than discounting positions in a secondary sale; the offering is distributed through fund partnerships rather than sold position-by-position; underwriting is automated with machine learning; and the loan structure is presented as generally non-taxable and QSBS-preserving.
Technology
A data science-driven underwriting and lending platform that uses machine learning to analyze fund performance and portfolio value, reducing underwriting cycles from months to days, paired with a secure borrower portal showing available borrowing power against current fund NAV.
Go-to-market
Turbine partners directly with investment funds, banks, and capital partners and describes access as invite-only, with GPs and LPs onboarded through the partner firm into a borrower portal. Inbound demand is handled through demo bookings and a contact form segmented by GP, LP, and debt buyer roles. The company emerged from stealth publicly in April 2025 alongside its funding announcement.
General partners and limited partners in venture capital and private equity funds, plus the funds themselves as distribution partners; the contact form also identifies debt buyers as a counterparty category. The company says it aims to onboard seasoned funds led by repeat managers with strong track records.
Geography
Headquartered in Santa Monica, California, serving US venture and private equity investors; the company frames its addressable market as private capital globally.
History
Turbine raised $8.75 million in seed funding that was not disclosed at the time, then announced a $13 million Series A in April 2025, when it emerged from stealth together with an SVB warehouse facility of up to $100 million. As of 2025 the leadership team comprised Mike Hurst (co-founder, CEO), Peter Andes (co-founder, CFO), Lindsay Conlin (COO), Justin Appler (VP of Engineering) and Ben Tran (VP of Product), with a board including Mark Johnson (TTV Capital), Nate Redmond (Alpha Edison) and Rob Freelen (Sozo Ventures).
Compiled by commissioned research from 8 cited public sources — announcements, filings, and press listed under research sources below.
Key figures
latest reportedCompany-reported or press-reported figures, each dated to when it was claimed — not independently audited.
Competitors · 3
by search overlap
Companies competing with Turbine for the same Google search keywords, organic and paid, via search-intersection analysis.
Timeline · 2
launches, deals, and filingsTurbine Finance Corp. announced a $13M Series A co-led by Alpha Edison and TTV Capital with Fin Capital, B Capital and Sozo Ventures, disclosed a previously unannounced $8.75M seed round (total equity $21.75M), and a warehouse facility of up to $100M from SVB, bringing total financial backing to $121.75M.
$121.8M source ↗
Turbine secured a warehouse facility of up to $100 million from Silicon Valley Bank, a division of First Citizens Bank, to fund loans allowing GPs and LPs to borrow against existing fund investments.
$100M source ↗
Dated company events from announcements, filings, and press; legal rows summarize public dockets and regulator releases.
In the news
▸Research sources · 8
primary sources listed
- Turbineturbine.co · web
8 public sources were cited for this profile; the first-party ones are listed here.
Frequently asked questions
- What does Turbine do?
- Turbine Finance provides asset-backed loans letting VC and private equity GPs and LPs borrow against fund positions instead of selling.
- Who are Turbine's investors?
- Turbine's investors include Alpha Edison, TTV Capital, B Capital Group, B4 Capital, Evolution Ventures, Temerity Capital Partners, B Capital, Empirical Ventures and 4 more.