SVB Financial Group in Santa Clara, Calif., sold its investment platform business.
The former holding company to Silicon Valley Bank, which failed last year, said in a press release that it sold SVB Capital to affiliates of Pinegrove Capital Partners, backed by evergreen capital from Brookfield Asset Management and Sequoia Heritage.
The consideration included cash and other economic interests.
MoffettNathanson, a sell-side research business owned by SVB Financial, was not included in the sale.
Centerview Partners, Sullivan & Cromwell and Alvarez & Marsal advised SVB Financial.