Firsthand Technology Value Fund (SVVC) is a business development company (BDC) that invests in private U.S. technology and cleantech companies with the goal of long-term capital appreciation. SVVC focuses on late-stage private companies it believes are close to a liquidity event — an IPO or acquisition — and holds equity stakes typically ranging from $1M to $10M per investment. SVVC does not seek income from dividends or interest; returns are realized only when portfolio companies exit. At least 80% of assets must be invested in technology or cleantech companies, and at least 70% in private companies or public companies with market caps below $250M. SVVC is externally managed by Firsthand Capital Management (FCM), a small investment adviser owned and run by Kevin Landis, who also serves as SVVC's CEO and CFO. FCM earns a 2% annual management fee on gross assets and a 20% incentive fee on cumulative net realized capital gains. Unlike most BDCs, SVVC is taxed as a C corporation rather than a pass-through entity. SVVC has no employees of its own; FCM's five-person staff handles all investment and operational functions. As of December 31, 2025, the portfolio is extremely small and concentrated, with meaningful fair value held only in UCT Coatings and IntraOp Medical, and several other holdings carried at zero. SVVC was converted from an open-end mutual fund in 2011 to allow investment in illiquid private securities.