A definitive agreement has been reached by SVB Financial Group whereby its investment platform business, SVB Capital, will be acquired by a newly established entity associated with Pinegrove Capital Partners (“Pinegrove”), supported by ongoing funding from Brookfield Asset Management (“Brookfield”) and Sequoia Heritage.

Under the terms of the deal, SVB Capital would be bought for an assortment of cash and other economic factors.

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Pinegrove is a capital solutions provider to the venture capital industry. It offers tailored and flexible secondary liquidity solutions to general and limited partners, with an emphasis on investing in mid- to late-stage private technology businesses.

In this unique collaboration, Pinegrove and SVB Capital will function as separate entities under the direction of their current management teams.

However, they will share the long-term financial support of Brookfield and Sequoia Heritage and will share the same objective of offering their dependable clientele creative and adaptable capital solutions.

Bill Kosturos, chief restructuring officer of SVB Financial Group stated: ” We believe the agreement maximises 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. In addition, the transaction is a strong outcome for the team at SVB Capital, its limited partners and other key stakeholders.”

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Brian Laibow, CEO and founding partner of Pinegrove added: “Pinegrove is honored to partner with Aaron and the SVB Capital team. We are thrilled to work collaboratively on our collective mission of enhancing liquidity options in the venture capital ecosystem.”

Moreover, SVB Financial Group filed a motion for approval of buyer protections for Pinegrove affiliate and sale of SVB Capital business on 16 May 2024, and requested a hearing to approve the sale on 5 June 2024, subject to Bankruptcy Court and regulatory approval.

Centerview Partners LLC is serving as financial adviser, Sullivan & Cromwell LLP is serving as legal counsel and Alvarez & Marsal is serving as the restructuring advisor to SVB Financial Group as debtor-in-possession.

While Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel to Pinegrove.