$700M Commitment to Drive Innovation in the Global Venture Ecosystem
SAN FRANCISCO, March 27, 2025 /PRNewswire/ — Pinegrove Venture Partners (Pinegrove) is excited to announce a significant partnership expansion with the Florida State Board of Administration (SBA), one of the world’s largest institutional investors. The SBA has pledged an additional $700 million to Pinegrove’s platform, highlighting their joint goal of fostering innovation and achieving top-tier returns in the global venture economy.
This milestone follows the SBA’s previous investments of over $1 billion with Pinegrove’s predecessor, SVB Capital. The enhanced partnership will focus on Pinegrove’s diverse strategy, encompassing fund-of-funds, co-investments, credit solutions, and structured secondaries.
Aaron Gershenberg, CEO and Managing Partner at Pinegrove, emphasized the transformative potential of this collaboration: "We are entering an extraordinary era for venture capital. The rapid pace of disruption in various industries positions the upcoming vintages to be among the most promising in history. The SBA’s increased commitment allows us to seize these opportunities by leveraging our platform’s flexibility and extensive industry connections. Together, we strive to deliver exceptional results while shaping the future of innovation."
John Bradley, Senior Investment Officer at the SBA, added: "Pinegrove has consistently delivered outstanding performance within our private equity portfolio. Their expertise in navigating the global innovation landscape makes them a valuable partner as we seek to capture opportunities that will define tomorrow’s market leaders."
With assets under management exceeding $10 billion, Pinegrove continues to offer access to impactful investments while providing liquidity solutions when needed. This expanded partnership reaffirms the dedication of both organizations to fostering long-term growth and innovation for their stakeholders.
About Pinegrove Venture Partners:
Pinegrove specializes in venture capital fund-of-funds, co-investments, credit solutions, and secondaries. Supported by Sequoia Heritage and Brookfield Asset Management, Pinegrove is committed to driving innovation across the global venture ecosystem.
About Florida State Board of Administration (SBA):
The Florida SBA manages over $250 billion in assets across various state funds and remains a leader in institutional investment strategies focused on delivering strong returns for its beneficiaries.
In conclusion, the partnership between Pinegrove and the SBA represents a significant step towards fostering innovation and achieving top-tier returns in the global venture economy. By combining their expertise and resources, both organizations are well-positioned to capitalize on emerging opportunities and shape the future of innovation. Stay tuned for more updates on this exciting collaboration.
