SVB Financial Group filed a motion in the US Bankruptcy Court for the sale of its certain assets on May 2, 2024. The debtor seeks the Court?s approval for the sale of its certain assets to Pinegrove Sierra HoldCo LLC, for a purchase price of $340 million multiplied by (ii) (A) 100% minus (B) the Client Deficit Percentage, plus (b) the Closing Cash Amount Adjustment, plus (c) the Closing Funded Commitment Amount, minus (d) the Closing Carried Interest Amount, minus (e) Closing Pre-9/30/23 Non-Evergreen Fund Capital Interest Amount, minus (f) Closing Post-9/30/23 Non-Evergreen Fund Budgeted Capital Interest Amount, minus (g) Closing Post-9/30/23 Non-Evergreen Fund Excess Capital Interest Amount, minus (h) Closing Evergreen Fund Capital Interest Amount, minus (i) the Closing Indebtedness Amount, plus (j) an amount equal to the Working Capital Overage (based on the Working Capital Estimate), if any, plus (k) an amount equal to the Working Capital Underage (based on the Working Capital Estimate), if any, plus (l) the aggregate amount of Permitted Intercompany Payables settled using amounts that would otherwise be included in Cash after the Execution Date and prior to 11:59 p.m. Eastern Time on the day immediately preceding the Closing, if any, minus (m) the Deposit Amount pursuant to the asset purchase agreement, dated May 2, 2024. The debtor?s assets include (i) A portion of the issued and outstanding equity interests of the Target Companies and General Partner Entities and (ii) all of the issued and outstanding equity interests of each of Evergreen Fund, QIF 1 and QIF 7 that are each owned directly or indirectly by the Debtor.

The sale hearing is scheduled for May 16, 2024. Kenneth M. Schneider, Neil Goldman and Andrew Parlen of Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal advisors to the buyer.