Pinegrove Capital Partners

In August 2023, Brookfield Asset Management and its long-standing partner Sequoia Heritage formed a joint venture, Pinegrove Capital, positioned as an independent asset management business focused on secondary and structured capital solutions in the technology and venture capital space. Brookfield said at the time that Pinegrove would raise an inaugural fund in the first half of 2024, and that the two firms would collectively invest $500 million as anchor investors.⁠[1][1][1][1]

Brian Laibow joined in August 2023 as part of the founding team; he had previously spent 17 years at Oaktree Capital Management, most recently as co-head of North America and managing director for its Global Opportunities strategy.⁠[2][2]

On April 11, 2024, the first fund, Pinegrove Capital Partners I LP, filed a Form D with the US Securities and Exchange Commission for a private offering of limited partnership interests; the fund was organized in Delaware with an address on Sand Hill Road in Menlo Park, California, and Brian Laibow was Manager and Chief Executive Officer of the General Partner of the fund’s General Partner.⁠[3][3][3][3][2]

On May 2, 2024, SVB Financial Group, then in bankruptcy proceedings, announced a definitive agreement to sell its investment platform business, SVB Capital, to a newly created entity affiliated with Pinegrove, with the buyer backed by permanent capital from Brookfield and Sequoia Heritage, for a combination of cash and other economic consideration. Under the agreement, Pinegrove and SVB Capital would operate independently, each led by its existing management team, while sharing the long-term backing of the two sponsors; the transaction was subject to Bankruptcy Court and regulatory approval.⁠[4][4][4][4]

At the time, Pinegrove described itself as a capital solutions partner for the venture capital ecosystem, providing customized and scalable secondary liquidity solutions for general partners and limited partners, with a focus on investing in mid-to-late-stage private technology companies; Laibow was then CEO and Founding Partner.⁠[4][4][4]

On September 26, 2024, SVB Financial Group announced that it had completed the sale of SVB Capital to affiliates of Pinegrove Capital Partners, for consideration including cash and other economic interests; MoffettNathanson, the sell-side research business of SVB Financial Group, was not included in the transaction.⁠[5][5][5]

On March 12, 2025, Silicon Valley Bank, a division of First CitizensFirst CitizensFirst Citizens Bank is a bank headquartered in Raleigh, North Carolina, United States. Its legal name is First-Citizens Bank & Trust Company, and its parent is the publicly traded First Citizens BancShares. Founded as Bank of Smithfield in 1898, it provides personal and business banking, commercial finance, wealth management and innovation banking. Its national expansion included the CIT merger and acquisition of former Silicon Valley Bank operations.Open the full entry, and Pinegrove Venture Partners announced a strategic lending relationship with the goal of deploying $2.5 billion in venture debt to technology and life science companies over the coming years. At the time, Pinegrove was a venture investment platform backed by Sequoia Heritage and Brookfield and managing over $10 billion in assets; Jim Ellison, Managing Partner and Head of Private Credit, said the Pinegrove team had worked with SVB for over a decade to develop venture debt solutions.⁠[6][6][6][6][6]

On January 23, 2026, Pinegrove Opportunity Partners announced that it had closed its first fund, Pinegrove Opportunity Partners I, with $2.2 billion in capital commitments, topping its $2 billion target. The fund was renamed from Pinegrove Capital Partners I LP, which had filed the Form D in 2024; in April 2026, the fund filed an amended Form D reporting both a total offering amount and an amount sold of $2,209,767,775, including commitments from the general partner and sponsors.⁠[7][8][9]

The fund primarily invests directly in mid- to later-stage technology companies approaching profitability, providing liquidity to founders, venture teams, and existing investors through transactions including company tenders, GP-led continuation vehicles, purchases of LP interests, and net asset value loans, with typical checks of $50 million to $250 million. At the time of the close, it had already deployed about $1 billion, including secondary investments in Stripe, Databricks, and Revolut; its limited partners include Brookfield, Sequoia Heritage, and the Florida State Board of Administration.⁠[10][7][10][10][10]

The strategy is led by managing partners Brian Laibow (also Chief Investment Officer), Prateek Bhide, and Gaurav Mathur; Bhide previously worked at D1 Capital, and Mathur previously worked at Goldman Sachs. Laibow said that companies are staying private longer and stakeholders need liquidity to de-risk and diversify their portfolios, and that Pinegrove Opportunity Partners was launched to fill this gap.⁠[7][10][7][7]

On April 27, 2026, the Lithuanian secondhand marketplace VintedVintedVinted is a consumer-to-consumer (C2C) secondhand marketplace headquartered in Vilnius, Lithuania. Founded in 2008, it began with secondhand clothing and later expanded into categories such as electronics and collectibles, and built its own shipping (Vinted Go) and payments (Vinted Pay) businesses. In 2019 it became Lithuania’s first startup valued at more than €1 billion, and a secondary share sale in April 2026 corresponded to an equity valuation of €8 billion.Open the full entry completed a €880 million secondary share transaction at an equity valuation of €8 billion, led by EQT, Schroders Capital, and Teachers’ Venture GrowthTeachers' Venture GrowthTeachers’ Venture Growth (TVG) is the late-stage venture capital and growth equity investment department of Canada’s Ontario Teachers’ Pension Plan focused on technology companies; it was formerly Teachers’ Innovation Platform, set up in 2019, and has invested in companies including SpaceX, FTX, Vinted, and Harvey.Open the full entry; Pinegrove Opportunity Partners participated as a new investor alongside funds managed by BlackRockBlackRockBlackRock is a publicly traded investment management company headquartered in New York, founded in 1988 by Larry Fink and seven others and listed on the New York Stock Exchange (ticker BLK); its businesses include the iShares family of exchange-traded funds and the Aladdin investment and risk management platform. As of June 30, 2026, its assets under management totaled $15.3 trillion.Open the full entry and Lombard Odier Investment Managers.⁠[11][11][11][11]

Pinegrove Credit Partners and SHK Capital Partners announced a partnership to broaden Asian institutional and private investors’ access to venture debt, including technology, life sciences, and healthcare. The announcement identified Jim Ellison as head of the credit business and Temasek as one of its anchor investors.⁠[12]

The Distribution by Juniper Square published an interview between Aaron Gershenberg and host Brandon Sedloff covering his path from SVB Capital to Pinegrove and the platform’s fund investments, credit, and secondaries. The program identified Gershenberg as CEO and managing partner of Pinegrove Venture Partners.⁠[13][14]

In August 2026, Pinegrove Opportunity Partners agreed to acquire a stake of approximately 21% in sino AG, a listed financial services company in Düsseldorf, Germany, from a holding company of HSBC Trinkaus & Burkhardt, which would make it sino’s largest individual shareholder upon completion. sino provides high-end brokerage services for highly active private investors and was an early investor in Trade Republic Bank; HSBC had held the stake for approximately 25 years. The transaction is subject to the ownership control procedure of Germany’s Federal Financial Supervisory Authority.⁠[15][15][15][15][15][15]

Pinegrove announced the $1.5 billion final close of Strategic Investors Fund XII. Its Early strategy backs early-stage managers; Scale backs expansion-stage managers and selected co-investments. The Florida State Board of Administration is an anchor investor. The fundraise is distinct from the platform’s total assets under management.⁠[16]

Pinegrove Venture Partners was named alongside First Citizens Innovation Banking and Hercules CapitalHercules CapitalHercules Capital is an internally managed, publicly traded business development company headquartered in San Mateo, California (NYSE: HTGC). It provides senior secured loans primarily to growth companies in technology and life sciences. Founded in 2003 and publicly listed in 2005, it also manages institutional private credit funds through Hercules Adviser.Open the full entry as a lender to Capitolis. The $100 million debt component forms part of a $220 million debt and equity financing supporting the eSecLending acquisition and business growth. Individual lender allocations were not disclosed.⁠[17]

The Pinegrove platform spans fund of funds, venture debt, venture secondaries, and co-investments. Its venture fund primaries, co-investments, and credit strategies previously operated as SVB Capital, while Pinegrove Opportunity Partners is its dedicated secondary strategy. The platform’s sponsors include HRTG Partners, formerly Sequoia Heritage, and Brookfield.⁠[15][18][7][18]

A September 2026 company announcement reported platform assets under management above $15 billion across three businesses: Pinegrove Strategic Partners for fund primaries and co-investments, Pinegrove Credit Partners for venture debt and private credit, and Pinegrove Opportunity Partners for venture and growth secondaries.⁠[16]

Pinegrove Venture Partners: Official website: https://pinegrove.vc/ (opens in a new window).⁠[18]

LinkedInLinkedInLinkedIn is a social networking platform for professionals. It was founded in 2002 by Reid Hoffman and others, launched in 2003, and listed on the New York Stock Exchange in 2011; after Microsoft acquired it for approximately $26.2 billion in 2016, it became a wholly owned Microsoft subsidiary. Its revenue comes from membership subscriptions, advertising, and recruitment solutions.Open the full entry: Pinegrove Venture Partners: https://www.linkedin.com/company/pinegrovevp/ (opens in a new window).⁠[19]