Silicon Valley Bank (SVB), a division of First Citizens Bank, entered into a strategic lending relationship with Pinegrove Venture Partners (Pinegrove). SVB and Pinegrove expect to deploy a combined $2.5 billion in venture debt loans to technology and life science companies over the coming years.

Backed by Sequoia Heritage and Brookfield Asset Management, Pinegrove is a venture investment platform with combined assets under management of greater than $10 billion that works with founders, fund managers and limited partners while SVB is the leading provider of venture debt to the innovation economy. Pinegrove and SVB, through its Strategic Capital Group, are able to extend the amount of venture debt available to fast-growing companies. Pinegrove acquired SVB Capital, SVB's former venture capital arm, from its former parent, 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, 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."

"The Pinegrove team has been working with SVB for over a decade to develop creative and innovative venture debt financing solutions. 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," said Jim Ellison, Managing Partner and Head of Private Credit at Pinegrove.

Pinegrove has maintained a trusted relationship with SVB for over a decade, collectively committing more than $10 billion in venture debt across 550 loans.