Temasek Partners With Brookfield-Backed Pinegrove Credit to Back Venture Debt
Pinegrove Credit Partners has formed a strategic partnership with Singapore sovereign wealth fund Temasek to expand venture debt financing for growth-stage companies across the innovation economy.
Pinegrove, backed by Brookfield and HRTG Partners, provides secured loans to venture-backed businesses in sectors including AI and compute infrastructure, defense, space, energy, robotics, enterprise software, healthcare, and life sciences.
Since its inception in 2012, the firm’s funds have deployed more than $4.5 billion across roughly 580 loans to over 450 growth-stage companies. Since March 2025 alone, existing vehicles have closed or signed term sheets on 37 loans totaling about $700 million in commitments.
“Pinegrove’s platform is built on deep connectivity across the innovation ecosystem, including long-standing relationships with banking partners, sponsors, and company leadership teams,” said Jim Ellison, Managing Partner and Head of Pinegrove Credit Partners. “This positioning drives differentiated origination and allows us to deploy capital with a high degree of selectivity.”
For Temasek, which manages S$434 billion ($324 billion), the agreement extends a private credit strategy that has been building quietly since 2016. Recent moves have included anchoring Nuveen’s inaugural commingled commercial real estate debt strategy alongside TIAA with more than A$400 million, partnering with CenterSquare Investment Management on a $200 million multifamily real estate debt co-investment vehicle, and taking a minority position in Post Advisory Group through its Aranda Principal Strategies subsidiary.
Pinegrove maintains a formalized strategic lending relationship with Silicon Valley Bank, a division of First Citizens Bank, established in December 2024 and built on a working relationship stretching back to 2012. The broader Pinegrove platform manages over $12 billion in assets across venture debt, fund primaries and co-investments, and venture secondaries.