FORTUNE -- NXT Capital has quietly chosen to shut down its venture lending program, Fortune has learned.
The group provided senior and subordinated term loans of between $1 million and $20 million to companies that ranged from pre-revenue startups to VC-backed growth-stage companies. Its website lists 24 active portfolio companies, including mBlox, ThreatMetrix and Zimbra.
An NXT spokeswoman did not provide an explanation for the decision, except to say that the firm will be "redeploying the capital to other NXT Capital growth initiatives."
No word yet on what happens to the six-person team, although for right now it appears they are sticking around to manage the existing portfolio.
Jan Haas, the group's senior managing director, declined to comment.
Sign up for Dan's daily email newsletter on deals and deal-makers: GetTermSheet.com
Blurring the lines between venture capital and private equity.
FORTUNE -- When the carried interest taxation debate was really raging a few years back, venture capital made a concerted effort to cleave itself from private equity. Then we saw a replay during the Dodd-Frank process, in which venture capital didn't want to be burdened with certain registration requirements.
In short, venture capital cast itself as the job-creating white knight, compared to private MOREDan Primack - Jul 11, 2012 10:21 AM ET
|Regulators pave way for Internet "fast lane" with net neutrality rules|
|What stumps Warren Buffett? Minimum wage|
|Facebook profit triples on mobile growth|
|Apple shares soar on increased buyback|
|Thanks to Obamacare, more workers may quit their jobs|