HedgeCo.Net — Pinegrove Venture Partners said on September 10 it held a final close of Strategic Investors Fund XII at $1.5 billion across Early and Scale strategies and described the raise as significantly oversubscribed. The Wall Street Journal Pro Venture Capital independently framed the close as Pinegrove’s first fund-of-funds since absorbing SVB Capital, noting the SIF program’s more-than-26-year history and dating its report September 10 at 3:59 p.m. ET. Early targets early-stage managers; Scale targets expansion-stage managers plus selective co-investments in a three-year vintage across AI, infrastructure, enterprise software, healthcare, life sciences, and defense.
Pinegrove cited a platform of more than $15 billion AUM across primaries and co-invest, credit, and secondaries, backed by HRTG Partners and Brookfield Asset Management. Florida State Board of Administration Head of Private Equity John Bradley said the SBA anchored SIF XII; Aaron Gershenberg is Managing Partner.
This is a final FoF close, not a direct company financing. Mark the $1.5 billion oversubscribed close, Early/Scale sleeve design, >$15 billion platform AUM, Brookfield/HRTG backing, and Florida SBA anchor comment as announced. Do not invent LP roster beyond the named anchor quote, a hard cap above $1.5 billion, or DPI/TVPI. The allocator object is institutional venture fund-of-funds capacity rebuilt on the former SVB Capital franchise.