Turbine Finance, founded by ex-TTV Capital partner Mike Hurst and others, provides venture capital and private equity firms with debt-based liquidity solutions for their limited partners. Unlike secondaries, which often involve heavy discounts and loss of future fund participation, Turbine's model allows LPs to borrow against their illiquid positions. SVB provided a $100 million warehouse credit line to fund this approach, targeting family offices with $10-50 million in assets.

Hurst notes LPs face 'denominator effect' where venture stakes represent larger wealth portions due to public market declines. Over 160 firms with $500 billion AUM have expressed interest, highlighting demand for alternatives to traditional secondaries. This addresses the gap created by prolonged private company exits, enabling LPs to recycle capital without exiting funds early.