SVB Financial Group has reached an agreement to sell SVB Capital for US$340 million to Pinegrove, an investment vehicle launched by Toronto-based Brookfield Asset Management and Silicon Valley-based Sequoia Heritage last year. (The Logic)

Talking point: SVB Capital is the last big unit to be sold off following the regional bank’s collapse early last year. The division, which manages nearly US$10 billion in venture capital, was valued as high as US$572 million as of January. The discounted sale price fits with Pinegrove’s business model of investing in companies whose valuations have dropped amid the broad price correction among VC-backed companies. The fund has US$1 billion, half of which comes from Brookfield and Sequoia. The acquisition needs approval from the U.S. Bankruptcy Court and regulators, which the firms expect by early June.