The Bank Slate


Pinegrove Capital agrees to buy SVB Capital

Pinegrove Capital Partners has agreed to buy SVB Capital from SVB Financial Group.

Pinegrove, backed by capital from Brookfield Asset Management and Sequoia Heritage, will pay with cash and “other economic consideration.” Pinegrove and SVB Capital will operate independently, led by their existing management teams.

The deal requires bankruptcy court approval. The pricing wasn’t disclosed.


SVB Capital has about $10 billion of assets under management across venture capital fund of funds, direct funds and private credit funds.


SVB Capital “has built an exceptional reputation as the premier investment partner to top venture capital firms and technology companies,” Bill Kosturos, SVB Financial’s chief restructuring officer, said in a press release.


“We believe the agreement maximizes the value for the benefit of SVB Financial Group’s constituents, with a significant cash component as well as the ability to participate in the future upside potential of the business,” he added.

Centerview Partners, Sullivan & Cromwell and Alvarez & Marsal advised SVB Financial. Paul, Weiss, Rifkind, Wharton & Garrison advised Pinegrove.

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