SVB Financial Group sells SVB Capital to Pinegrove Capital Partners, backed by Brookfield and Sequoia Heritage.

SVB Financial Group announces sale of its venture capital business, SVB Capital, to an entity affiliated with Pinegrove Capital Partners, backed by permanent capital from Brookfield and Sequoia Heritage. The deal involves a combination of cash and other economic considerations. SVB Financial is seeking bankruptcy court approval and has requested a hearing on June 5. SVB Capital manages around $10bn in investments for about 750 limited partner investors, including public pensions.