The San Francisco-based asset manager will use the money to buy stakes in growth-stage private tech companies from founders, executives, venture capitalists and other investors. It raised more than its initial US$2-billion target. (The Logic)

Talking point: Venture-backed firms are taking progressively longer to exit, meaning founders are waiting longer to make significant money out of their firms, and investors are short on returns to distribute to their own investors. Those conditions have created opportunities for so-called secondaries funds, which buy stakes from existing shareholders. Brookfield and U.S. VC Sequoia Heritage set up Pinegrove in August 2023 to take advantage of falling startup valuations. The firm has since bought out Silicon Valley Bank’s venture business, reportedly inherited Brookfield’s venture arm and raised a credit fund. Other Canadian firms betting on the secondaries market include Northleaf Capital Partners, which raised a new US$663.5 million fund, and Sagard, which bought into Bex Capital.