SVB Financial to sell investment platform business SVB Capital

(Reuters) – Collapsed U.S. lender SVB Financial Group said on Thursday that an entity affiliated with Pinegrove Capital Partners will acquire its investment platform business, SVB Capital.

Pinegrove Capital Partners, backed by permanent capital from Brookfield and Sequoia Heritage, will buy SVB Capital for a combination of cash and other economic considerations, SVB Financial said. It did not disclose a financial value.

SVB Financial is seeking approval from a bankruptcy court and has requested a hearing on June 5.

The transaction is also supported by SVB Financial’s key creditor groups and is subject to regulatory approval and other customary closing conditions, the firm said.

As part of the agreement, Pinegrove and SVB Capital will operate independently, each led by their existing management teams.

SVB Financial filed for bankruptcy last year after Silicon Valley Bank collapsed. The third-largest bank failure in U.S. history also brought down Signature Bank (OTC:) and wiped out more than half the market value of several other U.S. regional lenders.