Aaron Gershenberg

Aaron Gershenberg is the co-founder, CEO, and Managing Partner of Pinegrove Venture Partners, the firm formerly known as SVB Capital. He founded SVB Capital in 1999 as the venture investment arm of Silicon Valley Bank, building it over more than 25 years into one of the largest and most established venture capital fund-of-funds platforms in the world, now managing over $12 billion in assets for more than 750 limited partner investors. Under his leadership, the firm created over 15 fund of funds, direct funds, and custom solutions, establishing itself as a critical institutional gateway to the innovation economy. Following the collapse of Silicon Valley Bank in March 2023, SVB Capital was ultimately acquired in 2024 by a newly created entity affiliated with Pinegrove Capital Partners, backed by permanent capital from Brookfield Asset Management and Sequoia Heritage, and rebranded as Pinegrove Venture Partners.

Before founding SVB Capital, Gershenberg opened FirstCorp's Northern California office, a venture leasing group focused on early-stage companies, where he was responsible for providing venture financing to more than 50 startup technology companies. He holds a bachelor's degree in economics and African studies from Wesleyan University and a master's degree in finance and public policy from the John F. Kennedy School of Government at Harvard University.

Gershenberg is deeply embedded in the Silicon Valley community and active in a number of civic and advisory roles. He serves on the advisory board of Antler (a global early-stage VC), the advisory board of Energi.ai, and is an advisor to the One Mind Accelerator (focused on mental health innovation). He also sits on the international board of Best Buddies and the board of America's Foundation for Chess. He is a vocal advocate for founder mental health, supporting the Founder Mental Health Pledge.

Gershenberg's investment philosophy centers on providing institutional investors with structured, diversified access to the venture capital ecosystem and the broader innovation economy. Key tenets of his approach include:

• Access to top-decile managers: Gershenberg emphasizes that a small fraction of venture funds and companies drive the vast majority of returns. His strategy focuses on identifying and gaining access to breakout funds and breakout companies within those funds.
• Long-term commitment: He advocates for sustained, multi-decade exposure to venture capital rather than attempting to time the market, arguing that intermittent participation leads to suboptimal returns.
• Multi-strategy platform: Under Pinegrove, the firm invests across fund of funds, venture co-investments, venture secondaries, and venture debt, providing LPs with multiple avenues to access innovation.
• Global perspective with a Silicon Valley core: While rooted in Silicon Valley's ecosystem, Gershenberg evaluates venture capital opportunities globally, helping institutions and corporations access innovation regardless of geography.
• Cost-efficient access: He has worked to help institutional investors reduce their cost of accessing venture capital, including through direct co-investment alongside top-tier fund managers.