8-K

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                       -----------------------------------

                                    FORM 8-K

                Current Report Pursuant to Section 13 or 15(d) of
                       the Securities Exchange Act of 1934

                Date of Report (Date of earliest event reported):

                                 August 23, 2004

                       TECHNOLOGY INVESTMENT CAPITAL CORP.
             (Exact name of registrant as specified in its charter)




         MARYLAND                          000-50398                           20-0118736
(State or other jurisdiction        (Commission File Number)       (I.R.S. Employer Identification No.)
of incorporation)

                         8 SOUND SHORE DRIVE, SUITE 255
                               GREENWICH, CT 06830
              (Address of principal executive offices and zip code)

       Registrant's telephone number, including area code: (203) 983-5275


Check the appropriate box below if the Form 8-K is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:

[   ] Written communications pursuant to Rule 425 under the Securities Act
      (17 CFR 230.425)

[   ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
      (17 CFR 240.14a-12)

[   ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
      Exchange Act (17 CFR 240.14d-2(b))

[   ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
      Exchange Act (17 CFR 240.13e-4(c))



ITEM 8.01     OTHER EVENTS.

On August 23, 2004, Technology Investment Capital Corp. issued a press release
announcing that it has completed a $7.5 million transaction with Avue
Technologies Corporation. Technology Investment Capital Corp.'s investment
consists of $2.5 million of senior secured notes with warrants and a commitment
for an additional $5 million of senior notes with warrants upon satisfaction of
certain conditions. The text of the press release is included as Exhibit 99.1 to
this Form 8-K.

ITEM 9.01     FINANCIAL STATEMENTS AND EXHIBITS.

         (a) Not applicable.

         (b) Not applicable.

         (c) Exhibits.





         EXHIBIT NO.                        DESCRIPTION
         -----------                        -----------

         99.1                               Press release dated August 23, 2004




                                   SIGNATURES


         Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.



Date:    August 25, 2004                    TECHNOLOGY INVESTMENT CAPITAL CORP.


                                            By: /s/ Saul B. Rosenthal
                                                --------------------------
                                                 Saul B. Rosenthal
                                                 Chief Operating Officer

EX-99.1

                                                                    Exhibit 99.1

                       TECHNOLOGY INVESTMENT CAPITAL CORP.
                         8 Sound Shore Drive, Suite 255
                               Greenwich, CT 06830
                     Tel: (203) 983-5275 Fax: (203) 983-5290


   TICC ANNOUNCES $7.5 MILLION TRANSACTION WITH AVUE TECHNOLOGIES CORPORATION

Greenwich, CT - August 23, 2004 - Technology Investment Capital Corp. (NASDAQ:
TICC) announced today that it has completed a $7.5 million transaction with Avue
Technologies Corporation, a leading provider of workforce optimization and
management solutions designed to address all aspects of workforce management
within the federal government. TICC's investment consists of $2.5 million of
senior secured notes with warrants and a commitment for an additional $5 million
of senior notes with warrants upon satisfaction of certain conditions.

ABOUT AVUE TECHNOLOGIES CORPORATION
Founded in 1983, Avue Technologies is the recognized market leader and
technology innovator in public sector workforce management. The company provides
the public sector with integrated technology and service solutions that
dramatically increase organization-wide management effectiveness, workforce
productivity, and manager and worker satisfaction. Avue is a privately held
company headquartered in Tacoma, Washington, with offices in Washington, D.C.
and Victoria, British Columbia. Please visit www.avuetech.com for more
information.

ABOUT TECHNOLOGY INVESTMENT CAPITAL CORP.
We are a publicly-traded business development company principally engaged in
providing capital to small to mid-size technology-related companies. While the
structures of our financings vary, we look to invest primarily in the debt of
established technology-related businesses. Companies interested in learning more
about financing opportunities should contact Barry Osherow at (203) 661-9572 or
visit our website at www.ticc.com.

FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements subject to the inherent
uncertainties in predicting future results and conditions. Any statements that
are not statements of historical fact (including statements containing the words
"believes," "plans," "anticipates," "expects," "estimates" and similar
expressions) should also be considered to be forward-looking statements. Certain
factors could cause actual results and conditions to differ materially from
those projected in these forward-looking statements. These factors are
identified from time to time in our filings with the Securities and Exchange
Commission. We undertake no obligation to update such statements to reflect
subsequent events.