San Francisco-based venture secondaries firm Pinegrove Opportunity Partners has closed its debut fund at $2.2bn, marking a major milestone in the fast-growing niche of the venture capital market, according to a report by Bloomberg.
The fund will primarily invest directly in mid- to later-stage technology companies approaching profitability, providing flexible liquidity to founders, venture teams, and existing investors. A portion of the capital will also be allocated to secondary fund stakes and other investment vehicles, with typical checks ranging from $50m to $250m.
Pinegrove has already deployed $1bn from the fund, including secondary investments in Stripe, Databricks, and Revolut. The firm sources opportunities via secondary share purchases from existing investors, buyouts of LP stakes in venture funds, and tender offers for employee-held shares.
Founded in 2023, Pinegrove is led by Managing Partner and CIO Brian Laibow, formerly of Oaktree Capital Management, alongside GPs Prateek Bhide (ex-D1 Capital) and Gaurav Mathur (ex-Goldman Sachs). Its investor base includes Brookfield Asset Management, Sequoia Heritage, and the Florida State Board of Administration.
