Exhibit 99.1
SVB Financial Group Completes Sale of SVB
Capital to Pinegrove Capital Partners
NEWS PROVIDED BY
SVB Financial Group ®
Sep 26, 2024, 16:15 ET
SANTA CLARA, Calif., Sept. 26, 2024 /PRNewswire/ — SVB Financial Group today announced that it has completed the sale of its investment platform business, SVB Capital, to affiliates of Pinegrove Capital Partners (“Pinegrove”), backed by evergreen capital from Brookfield Asset Management (“Brookfield”) and Sequoia Heritage.
Under the terms of the agreement, the consideration for the sale included a combination of cash and other economic interests.
MoffettNathanson LLC, a sell-side research business owned by SVB Financial Group, was not included in the transaction and remains part of SVB Financial Group.
Court filings and other information related to the SVB Financial Group’s Chapter 11 proceeding are available on a website administrated by the Company’s claims agent, Kroll, at https://restructuring.ra.kroll.com/svbfg/; or by emailing SVBFGInfo@ra.kroll.com.
Advisors
Centerview Partners LLC is serving as financial advisor, Sullivan & Cromwell LLP is serving as legal counsel and Alvarez & Marsal is serving as the restructuring advisor to SVB Financial Group as debtor-in-possession.
About SVB Financial Group
SVB Financial Group is the holding company for various financial services companies.
Contacts
For SVB Financial Group:
Media Contact
Joele Frank, Wilkinson Brimmer Katcher
Michael Freitag / Eduardo Rovira
212-355-4449
svbmediainquiry@joelefrank.com
For Pinegrove:
Investor and Media Contact
Pinegrove
Dan Allen
dallen@svbcapital.com
SOURCE SVB Financial Group
