The Florida State Board of Administration (SBA), a major institutional investor overseeing the Florida Retirement System Pension Plan, significantly increased its exposure to the venture capital sector by committing $700 million to Pinegrove Venture Partners, a multi-strategy firm that succeeded SVB Capital.  

This move builds on the SBA’s prior investments exceeding $1 billion with SVB Capital. Pinegrove’s approach spans fund-of-funds, co-investments, credit solutions, and structured secondaries, offering a diversified strategy that aligns with the SBA’s goals. 

Earlier this month, Silicon Valley Bank, a division of First Citizens Bank, and Pinegrove announced a strategic lending partnership aimed at injecting $2.5 billion into the innovation economy. This collaboration expands financial support for technology and life science companies through venture debt loans, building on a decade-long relationship where the two firms have collectively committed over $10 billion across 550 loans. 

SVB, a venture debt provider, and Pinegrove, which acquired SVB Capital in 2024 and manages over $10 billion in assets with backing from Sequoia Heritage and Brookfield Asset Management, are leveraging their combined expertise to offer non-dilutive financing to fast-growing firms. 

The SBA oversees an investment portfolio that includes $202 billion in retirement assets, of which $18.6 billion is currently committed to private equity. This asset class delivered a solid 8.1% return in 2024.