Investment Professionals

Anup Arora

Managing Director

Anup Arora is a Managing Director in the Life Science Group and brings to Hercules more than 14 years of operations, consulting, and investing experience in the healthcare industry. Before joining Hercules in 2013, Arora was with Easton Capital, where he was involved in numerous venture capital investments in biotechnology, medical device, diagnostics, and healthcare IT companies. During his tenure with Easton, Arora was also actively engaged in the strategic and operational management of several of his portfolio companies, including Bluebird Bio (FKA Genetix Pharmaceuticals) where he served as Chief Business Officer. Prior to Easton, Arora worked in global marketing at Pfizer, where he set clinical and marketing strategy for Celebrex and other products in the arthritis and pain area. Previously, Arora was a strategy consultant with Strategic Decisions Group, where he led engagements with life sciences companies in business development, R&D, marketing, and lifecycle management. Arora also spent two years engaged in biomedical research at Stanford Medical School. Arora holds an MBA with High Distinction (Baker Scholar) from Harvard Business School and dual bachelor’s degrees in Biology and Psychology from Stanford University.

Jeff Becker

Vice President

Jeff Becker joined Hercules in 2012 and is a Vice President in the Life Science Group. Prior to Hercules, he held internships at FMV Opinions, Clairfield International and Udemy. Becker graduated cum laude from Santa Clara University with a B.S. in finance and minors in economics, entrepreneurship and international business.

Scott Bluestein

Chief Investment Officer

Scott Bluestein joined Hercules in 2010 as chief credit officer and brings more than 10 years of financial services, direct investment and credit experience to Hercules. Most recently, he served as founder and partner of Century Tree Capital Management, a fund established to make senior secured debt investments with warrants and equity co-investments in small and micro cap public and private companies. Prior to that, he was managing director at Laurus - Valens Capital Management, where he had responsibility for a structured debt with equity investment portfolio, including new investments, portfolio management, and restructurings. Previously, Bluestein worked at UBS Investment Bank, where he was a member of the Financial Technology Coverage Group. Bluestein received his B.B.A. in Finance from Emory University.

Michael Bowden

Vice President

Michael Bowden joined Hercules Technology Growth Capital as an analyst intern in January 2007 and was promoted to the role of associate in October 2009. In April 2011, Bowden was promoted to principal and currently focuses on debt and equity investments in the Life Science and Technology sectors. Prior to Hercules, he held positions with Credit Suisse HOLT as an equity research analyst and with Bristol-Myers Squibb as a global sourcing and supplier management analyst. Bowden graduated from Northeastern University with a B.S. in Finance.

Christian Follmann

Sr. Director of Operations and Strategic Projects

Christian Follmann first joined Hercules as an analyst intern in the Palo Alto office in July 2006 and was promoted to the role of associate in December 2009 and then director of investment analysis and strategy in August 2011. In January 2016, Follmann was promoted to Sr. Director of Operations and Strategic Projects, and currently focuses on debt and equity investments in the Technology sector and supporting Hercules' West Coast operations. Follmann graduated from Northeastern University and Reutlingen University in Germany, receiving a B.S. in International Business from each institution.

Melanie Grace

General Counsel and Chief Compliance Officer

For the past three years, Ms. Grace served as the chief legal officer and corporate secretary of WHV Investments, an investment adviser in San Francisco, California. At WHV, she also served as interim chief compliance officer and sat on numerous committees, including Management, Operations, Proxy and Chair of the Ethics Committee. Prior to Working at WHV, Ms. Grace was the chief counsel at the New York Stock Exchange (“NYSE”) Euronext, where she worked directly with the general counsel and senior legal staff, advising and delivering assistance in areas from corporate transactions, contracts, regulatory filings and compliance. Before working with NYSE Euronext, she worked as an associate for Fenwick & West in Palo Alto, California, where she represented both public and private companies in public offerings, mergers and acquisitions and securities matters. Prior to attending law school, Ms. Grace was an assistant in the Office of the General Counsel at FINRA where she assisted on matters including Nasdaq delistings and broker/dealer disciplinary actions. Ms. Grace earned a Bachelor and Master of Arts degree in History from the University of California at Riverside and a Juris Doctor from Boston University School of Law. She is a member of the State Bar of California and is a designated Investment Adviser Certified Compliance Professional®.

Thomas Harris

Managing Director

Tom Harris is a Managing Director in Hercules’ Technology Group at our Palo Alto offices, and brings more than 17 years of financing, syndications and technology investment banking experience to the firm. Tom joined Hercules in April 2017 after several years at Silicon Valley Bank, most recently as a Managing Director in the Syndications group, where he led more than $4 billion in syndicated senior and subordinated facilities for leading technology companies. Prior to SVB, he spent six years on BofA Merrill Lynch’s Investment Banking team, in Software coverage in Palo Alto with more than $22bn of lead software M&A, LBO and IPO transactions completed, and in Leveraged Finance in New York with more than $10bn in lead leveraged loan and bond transactions closed. Prior to BofA Merrill Lynch, he spent 8 years in high yield origination and capital markets and investment banking coverage at TD Securities, the investment banking arm of TD Bank, based in New York. Tom holds an MBA with honors (Beta Gamma Sigma) from Columbia Business School and a BS in Finance and Economics from the Stern School of Business at NYU.

Bryan R. Jadot

Senior Managing Director

R. Bryan Jadot is a managing director in the Life Science Group and brings over 18 years of financial and credit structuring experience. Prior to joining Hercules in 2005, Jadot served as vice president of the Life Sciences Group at Silicon Valley Bank (SVB) in Newton, MA where he co-managed a banking group dedicated to New England-based life science clients including biotechnology, medical device, and healthcare IT clients. Jadot also worked as the vice president of the Software Group at Silicon Valley Bank in Palo Alto, CA. Prior to Silicon Valley Bank, Jadot worked with the Corporate Banking arm of the Banque Nationale de Paris (BNP) in San Francisco, CA and was an assistant economist with the Department of Treasury’s Office of Eastern Europe and former Soviet Union in Washington DC. Jadot earned a B.A. in economics and government from California State University at Sacramento – Completed the Wells Fargo Bank Credit Management Training Program. He served as a nuclear operations specialist with the US Army (Europe) and is fluent in French.

Kristen Kosofsky

Senior Managing Director

Ms. Kosofsky is Sr. Managing Director responsible for business development in the life sciences and broader healthcare market. Ms. Kosofsky is a seasoned executive, with more than 20 years of experience in the venture debt market focused on structuring financial transactions for biotechnology, medical device and other healthcare and cleantech related companies. Most recently, Ms. Kosofsky served as Managing Director at Horizon Technology Finance, and was responsible for business development in the life sciences market. Prior to that Ms. Kosofsky served as Vice President, Life Sciences at Comerica Bank in Boston and co-lead the life sciences practice while more than doubling the assets under management in a two-year period. Before joining Coamerica, Ms. Kosofsky worked in a number of finance and business development roles at GATX Corporation and Transamerica Technology Finance. Ms. Kosofsky began her career at Financing for Science International, Inc. Ms. Kosofsky received a Bachelor of Science in Business from Central Connecticut State University in New Britain, Connecticut.

Steve Kuo

Senior Managing Director

Steve Kuo is a managing director in the Technology Group and brings more than 15 years of operational and structured finance experience to Hercules. Prior to joining the Company in 2006, he was a co-founder of Lending Rock, Inc., a real estate solutions company, where he was responsible for marketing, customer management and lending syndication. Prior to starting Lending Rock, Kuo was a strategic member of the Lightcross team, a venture-backed start-up focused on silicon photonics. Before joining Lightcross, Kuo was a principal at Comdisco Ventures. Kuo began his career as a management consultant with Arthur Andersen where he specialized in distressed companies. Kuo holds a B.S. from the Haas Business School at the University of California at Berkeley.

Lake McGuire

Managing Director

Mr. McGuire is Managing Director responsible for business development in the life sciences and broader healthcare market. Mr. McGuire is a seasoned executive, with more than 10 years of experience in the middle-market and venture debt markets, focused on structuring financial transactions for life sciences and technology related companies. Most recently, Mr. McGuire served as Vice President, Business Development at Comerica Bank, and was responsible for business development in the life sciences and technology markets. Mr. McGuire has served in various roles in the Technology and Life Sciences and the Middle-Market Divisions during his 10-year tenure at Comerica Bank. Mr. McGuire received a Bachelor of Science in Construction Management from Michigan State University and a Master of Business Administration in Finance from the University of Michigan.

Lee Merkle-Raymond

Sr. MD Credit Officer/Risk Management

Merkle-Raymond brings global financing experience to Hercules, including over two decades at Bank of America Merrill Lynch: in Corporate/Investment and Middle Market banking, as co-founder of BAML’s mid-cap technology group, and as head of corporate debt for BAML Australia. Most recently, she had a dual role with BNP Paribas: San Francisco Region Manager and national head of Technology Banking at Bank of the West. She has managed local and regional teams responsible for marketing, underwriting and approving $8 billion in assets, with 500+ clients. Merkle-Raymond holds an A.B. in Asian Studies – Mandarin, from Dartmouth College. She also completed the Executive Education Program at Stanford University Graduate School of Business.

Brian Sapp

Managing Director

Brian Sapp is a managing director In the Energy Technology Group at Hercules. Sapp has more than 16 years of experience in finance working with VCs, start-ups and public companies as an investment banker. Prior to joining Hercules in 2014, Sapp was a director in the energy technology investment banking group at Robert W. Baird & Co., where he originated and executed private and public equity and debt capital raises, and advised on M&A transactions. Prior to Baird, Sapp held senior banking positions at Wedbush Securities, Thomas Weisel Partners and SVB Alliant in their energy technology and technology groups. Sapp first started covering the clean technology / energy tech sector in 2004 at Pacific Growth Equities. Prior to investment banking, Sapp was an environmental process engineer with TE Connectivity for three years. Mr. Sapp received an MBA from Cornell University and a bachelor's in chemical engineering from The Pennsylvania State University.

Charlie Vandis

Sr. MD Credit Officer/Risk Management

Charlie Vandis joins Hercules from GE Capital where he spent the last 16 years. Charlie spent most of his GE Capital career as an underwriter and portfolio manager supporting Private Equity and strategic led buyouts, recapitalizations, acquisitions and refinancings. Charlie spent the last two years in GE Capital Corporate as part of the leadership team of Global Credit Risk Review. Charlie has a BA in Economics and Asian Studies from Tufts University and an MBA from the University of Southern California's Marshall School of Business.

Tim Barnes

Managing Director

Mr. Barnes is a seasoned executive, with almost a decade of experience originating, structuring and underwriting growth capital debt financing for venture-backed and private equity-backed technology and life science companies. Most recently, Mr. Barnes served as Vice President at Silicon Valley Bank in Los Angeles, and was responsible for sourcing, underwriting, and managing a credit portfolio of commercial, venture debt and asset-based loans. Prior to that Mr. Barnes served as a Captain in the U.S. Air Force, with completed assignments at the Space and Missile Systems Center in Los Angeles and 355th Fighter Wing in Tucson, Arizona. Mr. Barnes received a Bachelor of Science degree in Social Sciences from the U.S. Air Force Academy in Colorado Springs, Colorado, a Master of Aeronautical Science degree from Embry-Riddle Aeronautical University in Tucson and a Master of Business Administration degree from the University of Southern California in Los Angeles.

Himani Bhalla


Himani Bhalla joined Hercules in June 2011 and is a Principal in the Life Science Group. Prior to Hercules, Bhalla was a financial analyst at Wells Fargo Bank where she was responsible for portfolio risk management. She has also worked as a finance analyst at hedge funds investing in US and global equities. Bhalla started her career in investment banking working with Religare Capital Markets and ICICI Bank, India’s largest private sector bank. Bhalla received a B.S. in Electronic Engineering from Delhi University, India and an M.B.A from the Management Development Institute, India. Bhalla is also a CFA® charterholder.

Janice Bourque

Managing Director

As a managing director in the Life Science Group, Janice Bourque has more than 25 years of life science experience and focuses on emerging growth stage life science companies. Before joining Hercules in 2010, Bourque advised and provided strategic corporate investor fundraising for Commons Capital and Oxford Bioscience Partners to create a global health fund focused on innovative healthcare investments for emerging and developing countries. She also was senior vice president and group head-life sciences for Comerica Bank for 4 years beginning in 2005. In addition, Bourque led the Massachusetts Biotechnology Council (MBC), the first biotechnology association in the world, for 12 years as President/CEO. Bourque held several other senior managerial positions, including CFO/controller of Cambridge Medical Technology Corporation, senior public accountant for Coopers & Lybrand Emerging and Middle Market Group, and project manager for NASA Space Science at UNH. Bourque holds an M.B.A in finance and accounting and B.S. in veterinary science from the University of New Hampshire. She currently serves on the board of directors of the MIT Koch Institute for Integrative Cancer Research and The Village Bank, as an advisor to TBS Technologies, co-President of the Crystal Lake Conservancy and a member of the Women’s Forum. She has also been named as one of Boston Magazine’s 100 most influential women.

John Eggbeer


John Eggbeer is Principal in our Washington, DC offices. He first joined Hercules Technology Growth Capital in October 2011, and is focused on deal origination, underwriting and portfolio monitoring of debt and equity investments in the mid-Atlantic, Southeast and Midwest regions. Prior to joining Hercules, he worked as an associate at MMV Financial, a Toronto Canada based venture lending firm. He began his career as an analyst in the Comerica mid-Atlantic Technology and Life Science office focused on lending solutions for venture backed technology companies. Eggbeer graduated from the University of Richmond’s Robins School of Business with a BS in Business Administration.

Paul Gibson

Managing Director

Paul Gibson is a managing director in the Technology Group at Hercules. He is a seasoned executive with more than 20 years of commercial banking experience, including more than 13 years in venture lending, focused on structuring financial transactions for growth technology and life sciences-related companies. Gibson’s depth of banking experience and industry knowledge, coupled with his strong network is reflected in his proven track record of identifying, building, and managing a high-quality technology portfolio. Most recently, Gibson served as Managing Director at Horizon Technology Finance, and was responsible for business development in the technology market. Prior to Horizon, he served as Senior Vice President, Regional Market Manager at Bridge Bank in Reston, Virginia and established Bridge Bank’s Eastern Region. Prior to joining Bridge Bank, Mr. Gibson worked in a number of finance and business development roles at Square 1 Bank, Silicon Valley Bank and California State Bank. Gibson began his career at Security Pacific Bank. Gibson received a Bachelor of Arts in Political Science from Seaver College at Pepperdine University.

Mark R. Harris

Chief Financial Officer

Mark R. Harris joined Hercules in August of 2015 as the Chief Financial Officer and Chief Accounting Officer, where he brings global expertise from living in Europe and Asia for 20 years. Prior to joining Hercules, Mr. Harris served as the Chief Financial Officer of Avenue Capital Group’s Asia Strategy and the Senior Managing Director/Head of Asia from 2006 to 2015. Prior to working at Avenue Capital, Mr. Harris served as the Corporate Financial Controller and Chief Accounting Officer for Hutchinson Telecommunications International Limited, a NYSE and Stock Exchange of Hong Kong-listed company. Before that, he was Vice President of Finance at Vsource, a NASDAQ-listed company, and served as a Manager in PricewaterhouseCoopers’ Global Capital Markets Group before joining Vsource. Mr. Harris earned a Bachelor of Science degree in Business Administration from California Polytechnic State University, San Luis Obispo, where he also serves on the Foundation Board, and an M.B.A. from the University of Chicago, Booth School of Business. He is also an active Certified Public Accountant in the state of California.

Manuel A. Henriquez

Chairman and Chief Executive Officer

Manuel A. Henriquez is the founder, chairman and chief executive officer of Hercules Capital. Henriquez is a 30-year veteran of the venture capital and financing community. Under his leadership, the firm has completed investments of more than $5.7 billion to over 335 companies. Prior to founding the Company, Henriquez was a Managing Director at VantagePoint Venture Partners from August 2000 through July 2003 where he focused on technology investments. He is also the former President and Chief Investment Officer of Comdisco Ventures, a division of Comdisco, Inc., a leading technology and financial services company, from November 1999 to March 2000. Prior to that, from March 1997 to November 1999, Henriquez was a Managing Director of Comdisco Ventures and a senior member of the investment team that originated over $2.0 billion of equipment lease, debt and equity transactions. Henriquez received a B.S. in Business Administration from Northeastern University and is a member of the University’s Board of Directors. He also serves on the Board of Directors for the Lucile Packard Foundation as well as the Children’s Health Council and is a long time advocate for children's health and education. He also previously served on the Board of Directors for Charles Armstrong School, an independent elementary and middle school that serves students with language-based learning differences.

Catherine Jhung

Managing Director, BD

Catherine Jhung is a Managing Director of Business Development at Hercules. Before joining Hercules, Jhung spent over 10 years in senior operational roles within startup companies, including sales, business development, research and product management. At Cleantech Group, Jhung ran the company’s data business, where she lead the product, engineering, research and sales teams. Prior to Cleantech Group, Jhung was the Director of Sales at edo Interactive, a firm developing digital marketing technologies leveraging pre-existing global, point of sale payments infrastructures along with modern social networking communities. Prior to edo Interactive, Jhung spent over five years on the executive team at Equilar, the leading research firm for benchmarking executive and board compensation. There, she built and managed the business development and client services divisions from the ground up, growing the business to over 600 clients. Jhung received an MBA from the Haas School of Business at UC Berkeley, a bachelor’s in Agricultural Economics and a minor in Computer Information Systems from UC Davis.

Lesya Kulchenko

Vice President

Lesya Kulchenko joined Hercules Technology Growth Capital in 2012 as a senior associate in the Technology group, and was promoted to Vice President in May 2015. Before joining Hercules, she worked with two early stage venture capital firms: Nourish Capital, a start-up fund focused on investing in early stage consumer retail businesses, and Hopewell Ventures, primarily focused on growth companies in the Midwest. Previously, Kulchenko worked as a Corporate Credit Monitoring Manager for Raiffeisen Bank Ukraine, a subsidiary of Raiffeisen Zentralbank Austria. She began her career in product management at Rockwell Automation. Kulchenko graduated Magna Cum Laude from Marquette University with a B.S. in Computer Engineering. She was a recipient of a full international scholarship sponsored by the United States Information Agency/Freedom Support Act program.

Roy Y. Liu

Managing Director

Roy Y. Liu is a managing director in the Technology Group and a co-founder of Hercules. Liu has more than 30 years of operating and finance experience with technology companies. He has provided financing to companies ranging from early stage to later stage and to leveraged buyouts across varied industries, including semiconductors, data communications and networking, enterprise software and Internet-based companies. He has also represented Hercules on the board of InfoLogix (acquired by StanleyWorks). Before joining Hercules in 2004, Liu was a vice president at GrandBanks Capital from 2002 to 2004, an early-stage, information technology-focused venture capital firm, where he led the investment in Colubris Networks (acquired by Hewlett Packard). In addition, Liu was a founding principal of VantagePoint Structured Investments, a debt fund affiliated with VantagePoint Venture Partners. In 1997, Liu co-founded Imperial Bank’s Emerging Growth Industries Boston office, where he focused specifically on debt financing for venture-backed companies and previously was head of the Technology Lending Group for State Street Bank & Trust Co. Liu’s first finance position was in the Acquisition Finance Division of the Bank of Boston. Liu’s operational experience includes roles as the Vice President of Finance and CFO to technology companies including, Inc. and Microwave ByPass Systems, Inc. He began his career at IBM in research and development, and is author of a patent for asynchronous communication systems. Liu holds a B.S. in electrical engineering and an M.B.A. from the University of Michigan. Liu is currently an Advisory board member, and sits on the investment funding committee of Northeastern University's student-led IDEA start-up incubator program.

Jennifer McKay

Vice President Human Resources

Jennifer McKay joined Hercules in February of 2016 as Vice President Human Resources, where she brings over 20 years of experience guiding businesses through high-growth environments. For the past nine years, Ms. McKay was the founder and principal at Z Human Resources, a consulting practice which served a diverse set of companies across multiple industries. Prior to Z Human Resources, Ms. McKay served as Director of Human Resources and Global Sales and Marketing at Zgrum Medical, a high growth internet global medical equipment company. Before that, she was Director of Human Resource Development at Infrared Laboratories, Director of Sales at Simply Bits, and co-founder of Chief People Officer, a HR Lifecycle Software and consulting company before joining Simply Bits. Ms. McKay earned a Bachelor of Arts in English Writing and Literature from the University of San Diego and a minor in French language from the University of Avignon, France. Ms. McKay holds certifications from ACA, HRCI and the Society of Human Resource Management (SHRM) and is a community member of the Northern California Human Resource Association (NCHRA).

Greg Peterson

Vice President

Mr. Peterson is a Vice President responsible for business development in the technology market. Mr. Peterson is a seasoned executive, with more than 10 years of financial services experience. Most recently Mr. Peterson served as Vice President at East West Bank, where he helped found and build the late-stage technology banking practice. Prior to East West, he was a vice president in Silicon Valley Bank’s corporate finance division. Mr. Peterson began his financial services career as an analyst in Bridge Bank’s technology banking group. He has also worked as a management consultant and economic analyst intern for the Ministry of the Economy of Luxembourg. Peterson received a Bachelor of Arts in Economics from Cornell University, where he was captain of the men’s varsity golf team. Peterson is also a CFA® charterholder.

Shant Sood

Managing Director

Shant Sood is a Managing Director in the Technology and Special Opportunity Lower Middle Market Group. Sood has over 15 years of direct investment experience with a successful track record of investing in and acquiring private companies and complex assets. Prior to joining Hercules, Sood was at LCAM, an alternative investment firm in New York focused primarily on special situations, private equity and distressed assets. Prior to LCAM, he was a vice president at Columbus Nova Partners where he invested equity and debt across a range of sectors including real estate, private equity, structured credit, media and entertainment and distressed assets. Sood was part of a founding team that grew assets under management from $26 million in 2003 to approximately $2.5 billion when he left in 2009. He served on the Boards of a number of portfolio companies. Prior to Columbus Nova he was a senior associate at Comdisco Ventures where, as part of a small team, assisted in restructuring a $2.5 billion portfolio of distressed technology investments. During this time, Sood developed extensive relationships with Tier One venture capital investors and gained broad experience across a wide range of technology sub-sectors. Before joining Comdisco, he was an M&A analyst at J.P. Morgan in New York. Sood holds a B.A., magna cum laude in Math, Economics and Philosophy (College Scholar) from Cornell University, with research completed at Oxford University, and an M.B.A. from The Wharton School at the University of Pennsylvania.