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(Bloomberg) -- Brookfield Asset Management has quietly shuttered its venture capital-focused arm Brookfield Growth, according to people with knowledge of the matter.
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Brookfield Growth Managing Partner Josh Raffaelli left the firm as part of the pivot, said the people, who asked not to be identified discussing private information.
Brookfield is in the process of moving some Brookfield Growth assets and staff to a division known as Pinegrove Capital, said the people. Pinegrove describes itself as a capital solutions provider for the venture capital ecosystem and acquired SVB Capital last year.
A Brookfield spokesperson said the firm’s intention is that Pinegrove will house all its venture investments, but declined to comment further.
Brookfield Growth provided $250 million in 2022 to help fund Elon Musk’s buyout of Twitter Inc., the social media platform now known as X. The check was the largest ever written by Brookfield Growth at the time and somewhat different from its other bets.
Brookfield closed on $516 million for its second growth fund in November 2021 and had been raising for a successor vehicle known as Brookfield Technology Growth Partners III, according to securities filings.
The unit has invested in companies including Material Bank, Latch Inc., Carbon Health, GoodLeap, Workrise, Flash, SirionLabs and Deliverr.
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