05:52 AM EDT, 05/03/2024 (MT Newswires) -- SVB Financial Group said late Thursday it has agreed to sell its investment platform business.

A newly created entity affiliated with Pinegrove Capital Partners and backed by permanent capital from Brookfield Asset Management ( BAM ) and Sequoia Heritage will acquire SVB Capital.

The company said SVB Capital would be acquired for cash and "other economic consideration."

Financial details of the agreement were not disclosed.

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