Pacific Western Bank

The venture banking division, which PacWest built through its 2017 acquisition of Square 1 Bank, transferred to the combined Banc of California entity upon the merger's November 2023 close. The combined venture book continues to operate, benefiting from a larger balance sheet and the $400M in equity support from Warburg Pincus and Centerbridge Partners.

Both banks provided term loans, revolving credit lines, and fund-level finance to venture-backed companies and VC firms, often taking warrant positions alongside debt. PacWest operated from a smaller balance sheet and lower public profile, with a presence concentrated in hubs like Durham, Denver, and San Diego rather than a single dominant market.

The venture arm functions primarily as a debt provider, structuring term loans, revolving facilities, and equipment financing for venture-backed companies. It commonly receives warrant coverage or small equity kickers alongside debt, but does not operate as a direct equity investor or lead priced equity rounds.

The practice covers enterprise software, fintech, digital health, climate technology, and industrial technology — a broad mandate across the innovation economy. It also provides warehouse lending lines to private credit funds and debt facilities to venture capital firms.

Private equity firms Warburg Pincus and Centerbridge Partners each committed $200M in equity to the combined Banc of California entity as part of the July 2023 merger agreement. The transaction was structured as an all-stock deal valuing PacWest at approximately $1B.