Brookfield Asset Management-backed Pinegrove Capital Partners is in the market with a new $800m venture credit fund, marking a significant step in its expansion into private debt, according to a report by Bloomberg.
The report cites unnamed sources familiar with the matter as revealing that he fund, named Innovation Credit Growth Fund X, will target senior secured venture debt investments in high-quality, VC-backed growth companies, and is aiming for net returns of 13% to 17%.
Pinegrove, which was established in 2023 through a partnership between Brookfield and Sequoia Heritage, focuses on delivering structured and secondary capital solutions across the venture and tech ecosystem.
The firm deepened its presence in venture finance last year by acquiring SVB Capital, a key asset from the remnants of SVB Financial Group following its collapse. That acquisition positioned Pinegrove as a major player in venture-focused private markets.
