---
title: "Pinegrove SIF XII Closes $1.5B — FoF, Not a New Series A Cheque"
description: "Pinegrove Venture Partners announced the final close of Strategic Investors Fund XII at $1.5 billion on September 10, 2026. The vehicle is fund-of-funds plus co-invest across Early and Scale sleeves. $15 billion-plus is platform AUM, not this fund. Named LP: Florida State Board of Administration."
date: 2026-09-11T00:00:00.000Z
source: https://venturecapitaltracker.com/2026-pinegrove-1-5b-sif-xii
---

# Pinegrove SIF XII Closes $1.5B — FoF, Not a New Series A Cheque

> Pinegrove Venture Partners announced the final close of Strategic Investors Fund XII at $1.5 billion on September 10, 2026. The vehicle is fund-of-funds plus co-invest across Early and Scale sleeves. $15 billion-plus is platform AUM, not this fund. Named LP: Florida State Board of Administration.

**Pinegrove Venture Partners** announced the **final close** of **Strategic Investors Fund XII** at **$1.5 billion** on **September 10, 2026**. [PR Newswire](https://www.prnewswire.com/news-releases/pinegrove-closes-1-5-billion-oversubscribed-strategic-investors-fund-xii-302875764.html). The vehicle is **fund-of-funds plus co-invest**, split into **SIF XII-Early** and **SIF XII-Scale**. Last verified **September 11, 2026**.

There is ** Do not invent one.

## Five-minute decision

| If you need… | Verdict |
| --- | --- |
| What happened | **Closed.** SIF XII **$1.5B**. San Francisco FoF. |
| vs a new VC fund | This is **manager access + co-invest**, not a $1.5 billion Series A cheque. |
| LPs | **Florida SBA** named (John Bradley). Target size **not printed**. “Oversubscribed” is marketing until the target is public. |
| Firm AUM | **Over $15B** across Strategic / Credit / Opportunity — **platform**, not SIF XII. |
| Backers | Release: **HRTG Partners** and **Brookfield Asset Management**. Anuj Ranjan (Brookfield PE CEO) is quoted. |

**Investigate further when:** you care about LP access to closed venture managers, not a founder pitch.

**Wait or pass when:** you need the fundraising target, fee load, DPI, or a company-by-company co-invest book.

## What closed

| Field | Detail |
| --- | --- |
| Vehicle | Strategic Investors Fund XII (Early + Scale) |
| Amount | **$1.5B** · **Sep 10, 2026** |
| Mandate | Venture **fund primaries** and **selective co-investments** (firm) |
| Vintage | Three-year, per the release |
| Named LP | Florida State Board of Administration |
| Already deploying | Yes — the release says SIF XII has **already** provided exposure through underlying managers |

Managing partner **Aaron Gershenberg**. The 26-year / top-quartile language in the headline is **firm marketing**, not a table of net returns in this article.

## FoF vs the other $500 million-plus closes this month

[TrueBridge Secondaries II](/2026-truebridge-secondaries-ii-508m) is **$508 million** of **venture secondaries**. [Swish Fund III](/2026-swish-ventures-250m-fund-iii) is a **$250 million** primary vehicle whose **$800 million** headline is **AUM**. Pinegrove’s trap is the same shape: **$1.5 billion** is this sleeve; **$15 billion-plus** is the platform (primaries, credit, secondaries).

[a16z Growth](/2026-a16z-8-5b-growth-fund) is **direct** growth equity. Adding SIF XII to “September dry powder for founders” mixes jobs.

## What remains undisclosed

Fundraising target. Split between Early and Scale. Co-invest vs primary mix. Fees. Named underlying managers. TVPI/DPI. How much of the $1.5 billion is already called.

Related: [September 10–11 index](/2026-september-10-11-investment-news-tar-pinegrove) · [TrueBridge $508M](/2026-truebridge-secondaries-ii-508m) · [Swish $250M vs $800M AUM](/2026-swish-ventures-250m-fund-iii) · [a16z Growth top-up](/2026-a16z-8-5b-growth-fund).

**By:** [Venture Capital Tracker](https://venturecapitaltracker.com/editorial-policy)
**Last updated:** September 11, 2026

**Editorial note:** AI tools assisted with research, structure, or drafting. Venture Capital Tracker retains human editorial responsibility for factual accuracy, relevance, and source quality before publication.