Exhibit 21.1
List of Subsidiaries
(as of December 31, 2025)

Name | Jurisdiction of Organization
Hercules Capital IV, L.P. | Delaware
Hercules SBIC V L.P. | Delaware
Hercules Funding IV, LLC | Delaware
Hercules Capital Funding 2022-1 LLC | Delaware
Hercules Capital Funding Trust 2022-1 | Delaware
Hercules Technology Management LLC | Delaware
Hercules Technology Management Co II, Inc. | Delaware
Hercules Technology Management Co IV LLC | Delaware
Hercules Technology SBIC Management, LLC | Delaware
HTGC UK Limited | United Kingdom
Unconsolidated Subsidiaries |
Gibraltar Business Capital, LLC | Delaware
Gibraltar Equipment Finance, LLC | Delaware
Gibraltar Acquisition LLC | Delaware
HercGBC LLC | Delaware
Hercules Capital Management LLC | Delaware
Hercules Adviser LLC | Delaware
Hercules Partner Holdings, LLC | Delaware
Hercules Private Credit Fund 1 L.P. | Delaware
Hercules Private Fund One LLC | Delaware
Hercules Private Global Venture Growth Fund GP I LLC | Delaware
Hercules Private Global Venture Growth Fund I L.P. | Delaware
Hercules Venture Growth Credit Opportunities Fund 1 L.P. | Delaware
Hercules Venture Growth Credit Opportunities Fund GP I LLC | Delaware
Hercules Private Credit Financing SPV LLC | Delaware
Hercules Private Credit Fund Holdings, LLC | Delaware
Hercules Growth Lending Fund IV LP | Delaware
Hercules Growth Lending Fund IV-B LLC | Delaware
Hercules Growth Lending Fund IV-F LP | Delaware
Hercules Growth Lending Fund IV GP LLC | Delaware
Hercules Evergreen Fund LP | Delaware
Hercules Evergreen SPV LLC | Delaware
Hercules Evergreen Fund GP LLC | Delaware