10:27 AM EST, 02/14/2025 (MT Newswires) -- (Updates with the company's response to a request for comment in the third paragraph)

Brookfield Asset Management ( BAM ) has closed its Brookfield Growth venture capital-focused unit, Bloomberg News reported Friday, citing unnamed sources familiar with the matter.

Sources told Bloomberg that the parent company is moving certain Brookfield Growth assets and workforce to its Pinegrove Capital division. According to Bloomberg, a Brookfield spokesperson said the company intends to move all its venture investments to Pinegrove Capital.

In a statement to MT Newswires, Brookfield said Pinegrove Capital is a joint venture partnership with asset management firm Sequoia Heritage and intended to serve as a holding entity for its venture investments.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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