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Pinegrove Affiliate to Acquire SVB Capital SVB Capital and Pinegrove to Operate Independently with Common Sponsorship and Shared Mission to Serve the Venture Ecosystem SAN FRANCISCO, May 2, 2024...
Collapsed U.S. lender SVB Financial Group said on Thursday that an entity affiliated with Pinegrove Capital Partners will acquire its investment platform business, SVB Capital. Pinegrove...
A newly-created entity, backed by permanent capital from Brookfield and Sequoia Heritage, will buy SVB Capital for a combination of cash and other economic considerations, SVB Financial said. SVB Financial is seeking approval from a bankruptcy court and has requested a hearing on June 5. SVB Capital manages about $10 billion in investments on behalf of about 750 limited partner investors, such as public pensions, that have contributed capital to the investment fund, according to court documents.
SVB Financial Group said an entity affiliated with Pinegrove Capital Partners will acquire its venture capital business, SVB Capital.
SVB Financial Group entered into a definitive agreement under which a newly created entity affiliated with Pinegrove Capital Partners ("Pinegrove") and backed by permanent capital from Brookfield Asset Management ("Brookfield") and Sequoia Heritage, will acquire the Company's investment platform business, SVB Capital. Under the terms of the...