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.
Rajesh Markan earlier this year pleaded guilty to one count of criminal fraud related to his sale of fake investments to 10 clients totaling $2.9 million.
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"The outcome is correct, but it's disappointing that FINRA had ample opportunity to investigate the merits of clients' allegations in these claims, including the testimony in the three investor arbitrations with hearings," Jeff Erez, a plaintiff's attorney representing a large portion of the Stifel clients, said.
Chair also praised the passage of stablecoin legislation this week.
Maridea Wealth Management's deal in Chicago, Illinois is its first after securing a strategic investment in April.
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Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
