SVB Financial to Sell Venture Capital Business to Pinegrove

SVB Financial Group, the former parent company of Silicon Valley Bank, said it reached a deal to sell its venture capital unit to a newly created affiliate of Pinegrove Capital Partners.

The transaction will involve a combination of cash and “other economic consideration” and is subject to bankruptcy court and regulatory approval, according to a statement. The buyer is backed by capital from Brookfield Asset Management and Sequoia Heritage.