Pinegrove Venture Partners has closed Strategic Investors Fund XII at $1.5 billion across its Early and Scale strategies.
The fund was significantly oversubscribed, with investor demand exceeding Pinegrove’s original fundraising target.
The Strategic Investors Fund program gives institutional investors concentrated exposure to a select group of established and emerging venture managers and the private technology companies those managers back.
SIF XII is divided into two complementary strategies. SIF XII-Early invests with early-stage venture managers, while SIF XII-Scale invests with expansion-stage managers and makes selective co-investments alongside leading general partners.
Pinegrove said its long-standing manager relationships also give it access to opportunities beyond traditional venture fund investments, including bespoke co-investments, tailored portfolios and strategic capital transactions.
SIF XII is investing across a three-year vintage and targeting opportunities across artificial intelligence, infrastructure, enterprise software, healthcare, life sciences and defense.
Pinegrove manages more than $15 billion across venture fund primaries and co-investments, venture debt and private credit, and venture and growth secondaries. The firm is backed by HRTG Partners and Brookfield Asset Management.
KEY QUOTES:
“Venture capital rewards patience, conviction and trusted relationships. Pinegrove has worked to provide institutional investors with differentiated access to the managers, companies and opportunities shaping the innovation economy. SIF XII reflects the continued confidence of our partners in that approach and in our ability to create value through every phase of the venture cycle.”
Aaron Gershenberg, Managing Partner of Pinegrove Venture Partners
“Pinegrove has established a leading venture platform through decades of trusted relationships across the innovation ecosystem. Over the past several years, Aaron Gershenberg, Sulu Mamdani, Thorben Hett, and the broader team have continued to enhance that platform, building an exceptional portfolio with SIF XII, while deepening the firm’s position as a trusted partner to leading venture managers and institutional investors.”
Anuj Ranjan, CEO of Brookfield Private Equity
“We could not be more excited to anchor Pinegrove SIF XII. Pinegrove is one of our most important and successful partnerships, helping us access the innovation economy.”
John Bradley, Head of Private Equity for the Florida State Board of Administration