SVB Financial to sell VC business SVB Capital By Reuters
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 03 2024
0mins
Source: Investing.com
- SVB Financial Group Acquisition: An entity linked to Pinegrove Capital Partners will acquire SVB Financial Group's venture capital business, SVB Capital.
- Acquisition Details: The purchase involves a new entity supported by Brookfield and Sequoia Heritage, with the deal comprising cash and other considerations; however, the financial value remains undisclosed.
- Bankruptcy Court Approval: SVB Financial is seeking approval from a bankruptcy court for the acquisition and has requested a hearing scheduled for June 5.
- SVB Capital Management: SVB Capital manages around $10 billion in investments for approximately 750 limited partner investors, and SVB Financial is contesting U.S. regulators' seizure of nearly $2 billion in cash.
- Agreement Terms: The agreement allows Pinegrove and SVB Capital to operate independently under their existing management teams, with long-term financial support from Brookfield and Sequoia Heritage, subject to regulatory approval and customary closing conditions.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
