Pinegrove Capital—an investment vehicle launched by Toronto-based Brookfield Asset Management and Silicon Valley-based Sequoia Heritage—will invest in private companies that have had their valuations drop amid the venture capital market correction. (Financial Times)

Talking point: Brookfield and Sequoia Heritage (an offshoot of VC giant Sequoia Capital) are contributing US$250 million each to the fund. They’re hoping to attract other investors, with the goal to raise over US$2 billion for the first fund. Pinegrove’s launch follows plummeting startup valuations as investors practice more caution. A recent PitchBook report found  the median pre-money valuation for growth-stage companies plunged 75 per cent from US$355 million in 2021 to to US$90 million by the first quarter of this year.