Pinegrove Opportunity Partners, a venture and growth secondaries specialist, announced it has closed its first fund with $2.2 billion in capital commitments, topping its $2 billion target and ending the raise oversubscribed.
The vehicle, Pinegrove Opportunity Partners I, is designed to invest in mid-to-late-stage private technology companies by providing flexible liquidity and financing solutions to founders, management teams, venture firms and their investors. The firm said the fund will pursue “scalable and customized” secondary transactions, including company tenders, GP continuation vehicles, purchases of LP interests, and net asset value loans.
The strategy is led by managing partners Brian Laibow, Prateek Bhide, and Gaurav Mathur, alongside a broader team that the firm said brings primary underwriting experience and structuring expertise, as well as relationships across the venture ecosystem.
Pinegrove Opportunity Partners was founded in 2023 and launched with strategic and financial backing from Sequoia Heritage and Brookfield. The firm operates as a dedicated strategy within the broader Pinegrove platform, which also includes venture fund primaries, co-investments and credit strategies that were previously known as SVB Capital.
The raise arrives as many venture-backed companies remain private longer than in past cycles, increasing demand for liquidity options among early investors, employees and other stakeholders. Pinegrove Opportunity Partners said it was formed to help address those liquidity constraints with tailored capital solutions executed at scale, positioning itself as a non-competitive partner to the venture and growth market.
The firm said the fund has already deployed roughly $1 billion and described its forward pipeline as selectively curated and highly proprietary.
KEY QUOTE:
“Over the past decade, the landscape for venture capital and growth investing has undergone a structural shift. Companies are staying private longer, which creates significant capital needs as stakeholders seek liquidity options to de-risk and diversify their portfolios. POP was launched to address this persistent gap in the venture market and serve as a non-competitive, value-add partner. We are grateful for the strong support from our global and diversified limited partners. We look forward to leveraging our expertise and network to identify differentiated investments for our investors and support category-defining technology companies.”
Brian Laibow, Managing Partner and Chief Investment Officer, Pinegrove Opportunity Partners
