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Navigating the intricate world of venture debt requires a deep understanding of both the legal landscape and financial imperatives. David Ephraim from Morrison & Foerster brings over two decades of experience to the table, making him a leading authority on structuring deals that align legal precision with business innovation.

This episode, hosted by Janice Bourque from Hercules Capital, engages David Ephraim in a discussion about the nuances of venture debt, including how negotiations are framed, the roles of various stakeholders, and the essential strategies for overcoming common challenges. David also provides forward-looking insights into how the field might evolve in the coming years.

Topics include:

  • Overview of venture debt and its importance
  • Detailed look at negotiation processes in venture debt
  • How legal and business issues intertwine in these negotiations
  • The importance of strategic foresight in financial planning
  • David’s perspectives on the future of venture debt


David Ephraim serves as co-chair of Morrison Foerster’s Transactions Department and managing partner of the Boston office. He represents banks, other institutional lenders, debt and equity funds, commercial finance companies, mezzanine funds, second lien funds, and various other non–bank lenders. David represents clients on all aspects of secured lending, including asset–based financing, fund finance, venture debt, second lien financing, mezzanine financing, receivables financing, acquisition financing, syndications, loan restructurings, and workouts. A substantial part of his practice involves cross–border financing transactions.