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.
The unit — called SVB Capital — is among the most valuable assets to emerge from Silicon Valley Bank’s collapse last year. SVB Financial had earlier explored selling the venture capital unit, which its advisers valued at as much as $572 million, according to court papers filed in January.
Earlier this year, SVB Financial and a crucial bloc of senior bondholders agreed to a deal centered on forming a new company that would hold valuable assets like SVB Capital and tax attributes potentially worth billions of dollars, the court papers showed.
Elsewhere, Wells Fargo Advisors adds a $400 million Morgan Stanley veteran in Naples as an ex-Cetera advisor goes independent with LPL
According to a federal charges Bradley Heppner, 60, received more than $150 million in payments through funneling money from GWG Holdings to a shell company.
A $1B fund allegedly skimmed 30% off the top, then swapped cash for locked-up stock.
Insiders allegedly rewrote projections three times in four days.
TCI Wealth Advisors also has also tapped JIFFYAI to unify onboarding and servicing, while TradePMR adds ICE market data to its Fusion advisor platform
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