Brookfield and Sequoia offshoot launch fund to target cut-priced startups

https://financialpost.com/financial-times/brookfield-sequoia-target-cut-priced-startups#:~:text=Brookfield%20and%20Sequoia%20offshoot%20launch%20fund%20to%20target%20cut%2Dpriced%20startups,-Investing%20US%24250

Brookfield Asset Management Inc. and Sequoia Heritage, a US$16-billion fund that manages the wealth of Silicon Valley, are creating an investment vehicle to capitalize on plunging valuations of venture capital-backed companies.

The firms are investing US$250 million each to found a new company called Pinegrove Capital Partners led by Brian Laibow, according to two sources familiar with the matter. Until recently, Laibow was co-head of the North American operations of Oaktree Capital Management’s flagship credit fund.