Innovation Credit Growth Fund X will seek returns between 13 and 17 per cent on senior secured venture debt to VC-backed companies, sources told Bloomberg. (Bloomberg)

Talking point: Brookfield, which manages over US$1 trillion in assets, launched Pinegrove with Sequoia Heritage in 2023 to invest in private companies whose valuations had dropped in the post-pandemic market rout. The fund provides secondary investments and structured capital to companies mostly in the tech sector. Last year, Pinegrove bought Silicon Valley Bank’s venture capital business for US$340 million—a discount on the US$572-million valuation it fetched a few months prior—following the regional bank’s collapse a year earlier. Expanding into the private-credit market comes amid growing popularity in the asset class, which is set to double to about US$3 trillion by 2028, according to Moody’s Ratings.