Hercules Capital has appointed Scott Bluestein as its chief executive officer and president, effective immediately.

Bluestein, who has held several leadership roles in his nine years with the company, has served as Hercules’ interim CEO since March 2019 and as chief investment officer since 2014. From 2010 through 2013, Bluestein served as the company’s chief credit officer. He has also been elected to Hercules’ board of directors.

“The board’s decision reflects our strong belief that Scott is the right person to lead Hercules in its next phase of growth. We are confident Scott and the Hercules Team will continue to create value for all of our shareholders and stakeholders,” said chairman Robert P. Badavas.

“Scott possesses deep knowledge of our market, our existing debt and equity investment portfolio and he has played a vital role in both defining our underwriting strategies and bringing an ethos of discipline to the investment process, which is critical to our success. His steady leadership as interim CEO these past four months demonstrated his capacity to enhance Hercules’ position as the industry-leading partner of choice to innovative, high-growth venture-backed companies and their sponsors.”

Bluestein has nearly 20 years of financial services, direct investment and credit experience. He joined Hercules in 2010. Prior to Hercules, Bluestein was 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.

Badavas has been an independent director of Hercules for 13 years and lead independent director for the last two years. He was appointed Chairman of the Board in May 2019.