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SVB Financial, formerly known as the parent company of Silicon Valley Bank, has reached an agreement to sell its venture capital unit, SVB Capital, to a newly formed affiliate of Pinegrove Capital Partners. The deal, valued at $340 million in cash, involves the transfer of a business that manages approximately $9.8 billion in assets, including fund of funds and directs. The buyers include entities backed by Brookfield and Sequoia Heritage.
Very interesting outcome here. The latest from the SVB collapse https://t.co/r6EN33mRFJ https://t.co/B0HRAjdXRc
SVB selling SVB capital (mostly fund of funds but also directs) for $340M to Pinegrove, a secondary firm backed by Sequoia Heritage & Brookfield. SVB capital manages $9.8B and will continue on. I took a spin through the 230pg filing and couldn’t figure out the economics https://t.co/9Mjko0vIwa
SVB agrees to sell its VC arm SVB Capital, which manages ~$9.8B in assets, to a new entity backed by Brookfield and Sequoia Heritage for $340M in cash (@danprimack / Axios) https://t.co/hyU8tSQtf5 📫 Subscribe: https://t.co/OyWeKSRpIM https://t.co/lhhYWCebeA
