SVB and Pinegrove Team Up on $2.5 Billion Lending Program

Silicon Valley Bank has agreed to a strategic lending relationship with Pinegrove Venture Partners. The new partnership is expected to deploy a combined $2.5 billion in venture debt over the coming years for both technology and life sciences companies.

Silicon Valley Bank (SVB), through its Strategic Capital Group, provides venture debt to innovative, high-growth companies. Pinegrove previously acquired SVB Capital, SVB’s former venture capital arm, from SVB Financial Group in 2024.

“This marks a reunion for two teams that have worked together for many years with a common goal – to support the innovation economy,” said Marc Cadieux, the president of SVB. “SVB and Pinegrove understand the needs of innovation economy clients, and together we can provide expanded access to financing solutions that will help them succeed and scale. Given our shared history, we have a great head start on a successful relationship.”

SVB and Pinegrove have committed a combined $10 billion in venture debt across 550 loans over the past decade.

“The Pinegrove team has been working with SVB for over a decade to develop creative and innovative venture debt financing solutions,” said Jim Ellison, a managing partner and head of private credit at Pinegrove. “The result has been highly differentiated and flexible offerings that meet the financing needs of companies and venture investors. We couldn’t be more thrilled about this continued collaboration, and we are excited for the next decade of working with the leading bank in the innovation economy.”

Santa Clara-headquartered SVB, a division of North Carolina-headquartered First Citizens Bank (NASDAQ: FCNCA), provides commercial banking services to the technology, life sciences, private equity, and venture capital sectors. It is a top 20 U.S. financial institution with more than $200 billion in assets.

Pinegrove Venture Partners is a venture investment platform with strategies that include fund of funds, venture debt, secondaries, and co-investments. The San Francisco-headquartered firm was founded in 2023 and is backed by Sequoia Heritage and Brookfield Asset Management. It has over $10 billion in assets under management.