Florida State Board of Administration, Tallahassee, committed $700 million to a venture capital strategy managed by Pinegrove Capital Partners, an FSBA spokesperson confirmed.
The board, which manages $275.8 billion in state assets including the $204.9 billion Florida Retirement System pension plan, previously committed a total of over $1 billion to funds managed by Pinegrove predecessor SVB Capital stretching back to the board’s 2011 commitment of $125 million to SVB Strategic Investors Fund V-A.
SVB Financial Group, the bankrupt holding company of Silicon Valley Bank, competed the sale of SVB Capital to Pinegrove Capital Partners affiliates in September. Pinegrove Capital was launched in 2023 and is backed by Brookfield Asset Management and Sequoia Heritage, according to its website.
As of Jan. 31, the FRS pension plan’s actual allocation was 9.1%; the target is 10%.
Pinegrove said in a news release March 27 that its expanded relationship with SBA will focus its multistrategy approach to venture capital, including funds of funds, co-investments and secondaries.
The FSBA spokesperson said further information on the strategy will be released with its first-quarter new managers report to be released in May.
