Pinegrove Hires Thorben Hett as SF Managing Partner
Pinegrove Venture Partners has announced that Thorben Hett has rejoined the firm as a Managing Partner based in San Francisco. Hett will co-lead the firm's venture fund investments, co-commitments, and co-investments. The move signals continued activity and leadership changes within the Bay Area's venture capital ecosystem.
- This marks a return for Hett, who was previously on the investment team at SVB Capital, the predecessor to Pinegrove, from 2007 to 2013. His career also includes managing the venture capital program for the Abu Dhabi Investment Authority (ADIA) and, most recently, heading the Global Technology fund-of-funds for Five Arrows, the alternative assets arm of Rothschild & Co. - Pinegrove Venture Partners was established in 2023 and is backed by prominent investors Sequoia Heritage and Brookfield Asset Management. The firm manages over $11.68 billion in assets as of late 2024 and took over the management of private investment funds previously overseen by SVB Financial Group. - The firm operates a multi-strategy investment platform that includes venture fund investments, direct co-investments, venture debt, and secondaries. This allows them to provide capital to companies at various stages, from early-stage startups to late-stage companies seeking liquidity for existing shareholders. - In January 2026, Pinegrove's secondaries arm announced the closure of a $2.2 billion fund. This fund has already been active, acquiring stakes in major tech companies like the data and AI platform Databricks, as well as Stripe and Revolut. - Hett’s return comes as the San Francisco Bay Area sees an unprecedented surge in AI-focused venture capital. In 2025, the region accounted for over $122 billion in AI funding, representing more than 75% of all such investment in the United States. - The current Bay Area VC landscape is highly competitive, with a particular focus on AI startups demonstrating strong growth and capital efficiency. The area has even seen the rise of a new hub for AI companies and investors known as "Cerebral Valley" in the Hayes Valley and SoMa neighborhoods. - For engineers at early-stage startups, Pinegrove's broad investment mandate could present various opportunities. Their direct co-investment and venture debt activities could be a source of funding for growing companies, while their fund-of-funds strategy means they are limited partners in other venture firms that may be investing in earlier-stage AI and machine learning startups. - Hett will be co-leading the venture fund investments, co-commitments, and co-investments alongside existing partners Aaron Gershenberg and Sulu Mamdani, signaling a reinforcement of the firm's leadership in direct and fund investing.
