Pinegrove Venture Partners Announces Expanded Relationship with Florida State Board of Administration (SBA)

$700M Commitment to Drive Innovation in the Global Venture Ecosystem

SAN FRANCISCO, March 27, 2025 /PRNewswire/ -- Pinegrove Venture Partners (Pinegrove) is thrilled to announce the expansion of its longstanding partnership with the Florida State Board of Administration (SBA), one of the world's largest institutional investors. The SBA has committed an additional $700 million to Pinegrove's platform, underscoring their shared vision for driving innovation and achieving top-decile returns across the global venture economy.

This milestone builds upon the SBA's prior investments of over $1 billion with Pinegrove's predecessor, SVB Capital. The expanded partnership will focus on Pinegrove's multi-strategy approach, including 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 pace and magnitude of disruption across industries position the next few vintages to be among the most promising in history. The SBA's expanded commitment enables us to capitalize on these opportunities by leveraging our platform's agility and deep industry relationships. Together, we aim 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 ability to navigate the global innovation economy makes them an invaluable partner as we look to capture opportunities that define tomorrow's market leaders."

With over $10 billion in assets under management, Pinegrove continues to provide access to high-impact investments while offering liquidity solutions at critical moments. This expanded partnership reinforces both organizations' commitment 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. Backed by Sequoia Heritage and Brookfield Asset Management, Pinegrove is dedicated 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.

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SOURCE Pinegrove Venture Partners