Pinegrove Closes Oversubscribed Venture Fund at $1.5B
Pinegrove Venture Partners has closed its Strategic Investors Fund XII at $1.5 billion, an oversubscribed fundraising that gives institutional investors exposure to venture managers and selective direct opportunities across the innovation economy.
The San Francisco-based firm said the fund will invest across a three-year vintage through two strategies: SIF XII-Early, which will commit capital to early-stage venture managers, and SIF XII-Scale, which will invest with expansion-stage managers and make selective co-investments alongside general partners.
The structure is designed to give limited partners a concentrated portfolio of venture relationships while covering different stages of company development. Pinegrove said SIF XII will seek exposure to artificial intelligence, infrastructure, enterprise software, health care, life sciences and defense.
“Pinegrove has worked to provide institutional investors with differentiated access to the managers, companies and opportunities shaping the innovation economy,” Managing Partner Aaron Gershenberg said. “SIF XII reflects the continued confidence of our partners in that approach.”
The Florida State Board of Administration anchored the fund. The amount of the Florida pension manager’s commitment was not disclosed.
“We could not be more excited to anchor Pinegrove SIF XII,” John Bradley, the board’s head of private equity, said in a statement. “Pinegrove is one of our most important and successful partnerships, helping us access the innovation economy.”
Pinegrove’s Strategic Investors Fund program has operated for more than 26 years. The firm manages more than $15 billion across venture fund primaries and co-investments through Pinegrove Strategic Partners, venture debt and private credit through Pinegrove Credit Partners, and venture and growth secondaries through Pinegrove Opportunity Partners.
In May, the firm announced a strategic partnership with Singapore sovereign wealth fund Temasek to expand venture debt financing for growth-stage companies. Pinegrove also maintains a strategic lending relationship with Silicon Valley Bank, established in December 2024 and built on a working relationship stretching back to 2012.
Pinegrove is backed by HRTG Partners and Brookfield Asset Management.