Brookfield Asset Management has made a significant move in the venture capital space by closing down its dedicated venture capital arm, Brookfield Growth. The firm is consolidating its venture investments under Pinegrove Capital, a division specializing in capital solutions for the venture capital ecosystem. This shift sees the departure of Josh Raffaelli, Managing Partner of Brookfield Growth, and the relocation of assets and staff to Pinegrove.
Brookfield Asset Management has reportedly dissolved its venture capital arm, Brookfield Growth, according to individuals privy to the information. Josh Raffaelli, the Managing Partner of Brookfield Growth, has also departed the firm as part of this strategic shift. The assets and personnel of Brookfield Growth are currently being transferred to Pinegrove Capital, a division within Brookfield.
Pinegrove positions itself as a capital solutions provider specifically for the venture capital landscape and acquired SVB Capital last year. While a Brookfield spokesperson confirmed the firm's intention to consolidate all venture investments under Pinegrove, they declined to provide further details. Brookfield Growth notably provided $250 million in 2022 to support Elon Musk's acquisition of Twitter Inc., now known as X. This investment, the largest undertaken by Brookfield Growth at the time, deviated slightly from its typical investment focus. Before its closure, Brookfield Growth had successfully raised $516 million for its second growth fund in November 2021 and was actively pursuing capital for its successor fund, Brookfield Technology Growth Partners III, as indicated in securities filings. The unit has a portfolio of investments spanning diverse sectors, including Material Bank, Latch Inc., Carbon Health, GoodLeap, Workrise, Flash, SirionLabs, and Deliverr
BROOKFIELD ASSET MANAGEMENT VENTURE CAPITAL PINEGROVE CAPITAL BROOKFIELD GROWTH JOSH RAFFAELLI
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