TLDR:
SVB Financial, the parent company of Silicon Valley Bank, has sold its venture capital arm, SVB Capital, to an entity backed by Brookfield Asset Management and Sequoia Heritage for a combination of cash and other economic consideration. The deal is subject to regulatory approval.
Summary:
SVB Financial has entered a definitive agreement to sell its venture capital arm, SVB Capital, to an entity backed by Brookfield Asset Management and Sequoia Heritage. The deal includes a significant cash component and is subject to regulatory approval. SVB Capital and Pinegrove, an entity affiliated with the deal, will continue to operate independently. SVB had filed for bankruptcy last year after the collapse of Silicon Valley Bank and had since sold off its banking arm and investment banking arm to other entities. This deal marks a new chapter for SVB Financial as it transitions its focus to new ventures.
