The pre-IPO research firm added the nationally chartered bank co-founded by Palmer Luckey and Joe Lonsdale after Erebor raised about $635 million and was last valued at $4.35 billion.
TSG Invest said it has initiated research coverage of Erebor Bank and added the company to its proprietary TSG Venture 50 Index, which tracks mid-to-late-stage private companies for research purposes. Erebor Bank, founded in 2025 and based in Columbus, Ohio, received its full national bank charter in February 2026 and has raised about $635 million in total capital. The bank was last valued at $4.35 billion after a $350 million funding round in December 2025 led by Lux Capital. TSG Invest said Erebor was built to serve technology, cryptocurrency, artificial intelligence, defense and advanced manufacturing companies, sectors that lost a key banking provider when Silicon Valley Bank collapsed in 2023. In comments included in the release, Drew Spaventa, Founder and CEO of TSG Invest, said Bloomberg reported Erebor is in talks to raise at a valuation of at least $8 billion, while cautioning that the bank still has limited operating history and public information. TSG Invest said its coverage is for educational purposes and does not amount to an investment recommendation.