diff --git a/packages/svelte/src/internal/client/custom-renderer/state.js b/packages/svelte/src/internal/client/custom-renderer/state.js
index 007da9ee8d..7e24ab0550 100644
--- a/packages/svelte/src/internal/client/custom-renderer/state.js
+++ b/packages/svelte/src/internal/client/custom-renderer/state.js
@@ -7,6 +7,14 @@ import { hydrating, set_hydrating } from '../dom/hydration.js';
  */
 export let current_renderer = null;
 
+/**
+ * The renderer that was active before `current_renderer` was pushed. This
+ * allows custom renderers to be interleaved (e.g. a custom renderer rendering
+ * into another one) by keeping a reference to the renderer one level up.
+ * @type {Renderer<any, any, any, any> | null}
+ */
+export let parent_renderer = null;
+
 /**
  * @param {Renderer<any, any, any, any> | null} value
  */
@@ -14,11 +22,21 @@ export function set_renderer(value) {
 	current_renderer = value;
 }
 
+/**
+ * @param {Renderer<any, any, any, any> | null} value
+ */
+export function set_parent_renderer(value) {
+	parent_renderer = value;
+}
+
 /**
  *
  * @param {Renderer<any, any, any, any> | null} value
+ * @param {Renderer<any, any, any, any> | null} [parent] the renderer to restore as the
+ * `parent_renderer`. Defaults to the current renderer so that, in the common case, the
+ * renderer that was active before this push becomes the parent.
  */
-export function push_renderer(value) {
+export function push_renderer(value, parent = current_renderer) {
 	var previous_hydrating = hydrating;
 	var should_disable_hydration = hydrating && value != null;
 	// this is to allow hydration code to treeshake
@@ -26,10 +44,13 @@ export function push_renderer(value) {
 		set_hydrating(false);
 	}
 	var previous_renderer = current_renderer;
+	var previous_parent_renderer = parent_renderer;
+	parent_renderer = parent;
 	current_renderer = value;
 
 	return () => {
 		current_renderer = previous_renderer;
+		parent_renderer = previous_parent_renderer;
 		if (should_disable_hydration) {
 			set_hydrating(previous_hydrating);
 		}
diff --git a/packages/svelte/src/internal/client/dom/blocks/boundary.js b/packages/svelte/src/internal/client/dom/blocks/boundary.js
index 3cca70076a..dffc8ddad2 100644
--- a/packages/svelte/src/internal/client/dom/blocks/boundary.js
+++ b/packages/svelte/src/internal/client/dom/blocks/boundary.js
@@ -230,7 +230,7 @@ export class Boundary {
 		this.#pending_effect = branch(() => pending(this.#anchor));
 
 		queue_micro_task(() => {
-			var pop_renderer = push_renderer(this.#effect.r);
+			var pop_renderer = push_renderer(this.#effect.r, this.#effect.pr);
 
 			var fragment = (this.#offscreen_fragment = create_fragment());
 			var anchor = create_text();
@@ -324,7 +324,7 @@ export class Boundary {
 		set_active_reaction(this.#effect);
 		set_component_context(this.#effect.ctx);
 
-		var pop_renderer = push_renderer(this.#effect.r);
+		var pop_renderer = push_renderer(this.#effect.r, this.#effect.pr);
 
 		try {
 			Batch.ensure();
@@ -368,7 +368,7 @@ export class Boundary {
 			}
 
 			if (this.#offscreen_fragment) {
-				var pop_renderer = push_renderer(this.#effect.r);
+				var pop_renderer = push_renderer(this.#effect.r, this.#effect.pr);
 				insert_before(this.#anchor, this.#offscreen_fragment);
 				this.#offscreen_fragment = null;
 				pop_renderer?.();
diff --git a/packages/svelte/src/internal/client/dom/blocks/branches.js b/packages/svelte/src/internal/client/dom/blocks/branches.js
index 2c045df256..3f3f54fe8b 100644
--- a/packages/svelte/src/internal/client/dom/blocks/branches.js
+++ b/packages/svelte/src/internal/client/dom/blocks/branches.js
@@ -20,7 +20,7 @@ import {
 	get_last_child
 } from '../operations.js';
 import { DEV } from 'esm-env';
-import { push_renderer, current_renderer } from '../../custom-renderer/state.js';
+import { push_renderer, current_renderer, parent_renderer } from '../../custom-renderer/state.js';
 
 /**
  * @typedef {{ effect: Effect, fragment: DocumentFragment }} Branch
@@ -79,6 +79,12 @@ export class BranchManager {
 	 */
 	#renderer = null;
 
+	/**
+	 * The parent renderer that was active when this BranchManager was created.
+	 * @type {Renderer | null}
+	 */
+	#parent_renderer = null;
+
 	/**
 	 * @param {TemplateNode} anchor
 	 * @param {boolean} transition
@@ -87,6 +93,7 @@ export class BranchManager {
 		this.anchor = anchor;
 		this.#transition = transition;
 		this.#renderer = current_renderer;
+		this.#parent_renderer = parent_renderer;
 	}
 
 	/**
@@ -96,7 +103,7 @@ export class BranchManager {
 		// if this batch was made obsolete, bail
 		if (!this.#batches.has(batch)) return;
 
-		var pop_renderer = push_renderer(this.#renderer);
+		var pop_renderer = push_renderer(this.#renderer, this.#parent_renderer);
 
 		var key = /** @type {Key} */ (this.#batches.get(batch));
 
diff --git a/packages/svelte/src/internal/client/dom/blocks/each.js b/packages/svelte/src/internal/client/dom/blocks/each.js
index 5e8bccd37d..763bc06d22 100644
--- a/packages/svelte/src/internal/client/dom/blocks/each.js
+++ b/packages/svelte/src/internal/client/dom/blocks/each.js
@@ -50,7 +50,7 @@ import { current_batch } from '../../reactivity/batch.js';
 import * as e from '../../errors.js';
 import { tag } from '../../dev/tracing.js';
 
-import { push_renderer, current_renderer } from '../../custom-renderer/state.js';
+import { push_renderer, current_renderer, parent_renderer } from '../../custom-renderer/state.js';
 
 // When making substantive changes to this file, validate them with the each block stress test:
 // https://svelte.dev/playground/1972b2cf46564476ad8c8c6405b23b7b
@@ -220,6 +220,7 @@ export function each(node, flags, get_collection, get_key, render_fn, fallback_f
 	// Needed so that the commit callback can push the correct renderer when doing
 	// DOM operations outside of an effect context (e.g. as a batch commit callback).
 	var renderer = current_renderer;
+	var parent = parent_renderer;
 
 	if (is_controlled) {
 		var parent_node = /** @type {Element} */ (node);
@@ -267,7 +268,7 @@ export function each(node, flags, get_collection, get_key, render_fn, fallback_f
 			return;
 		}
 
-		var pop_renderer = push_renderer(renderer);
+		var pop_renderer = push_renderer(renderer, parent);
 
 		state.pending.delete(batch);
 
diff --git a/packages/svelte/src/internal/client/reactivity/async.js b/packages/svelte/src/internal/client/reactivity/async.js
index 91afbee853..03afc6c644 100644
--- a/packages/svelte/src/internal/client/reactivity/async.js
+++ b/packages/svelte/src/internal/client/reactivity/async.js
@@ -9,7 +9,12 @@ import {
 	set_dev_stack
 } from '../context.js';
 import { Boundary } from '../dom/blocks/boundary.js';
-import { current_renderer, set_renderer } from '../custom-renderer/state.js';
+import {
+	current_renderer,
+	parent_renderer,
+	set_parent_renderer,
+	set_renderer
+} from '../custom-renderer/state.js';
 import { invoke_error_boundary } from '../error-handling.js';
 import {
 	active_effect,
@@ -134,6 +139,7 @@ export function capture() {
 	var previous_component_context = component_context;
 	var previous_batch = /** @type {Batch} */ (current_batch);
 	var previous_renderer = current_renderer;
+	var previous_parent_renderer = parent_renderer;
 
 	if (DEV) {
 		var previous_dev_stack = dev_stack;
@@ -145,6 +151,7 @@ export function capture() {
 		set_component_context(previous_component_context);
 
 		set_renderer(previous_renderer);
+		set_parent_renderer(previous_parent_renderer);
 
 		if (activate_batch && (previous_effect.f & DESTROYED) === 0) {
 			// TODO we only need optional chaining here because `{#await ...}` blocks
@@ -277,6 +284,7 @@ export function unset_context(deactivate_batch = true) {
 	set_active_reaction(null);
 	set_component_context(null);
 	set_renderer(null);
+	set_parent_renderer(null);
 	if (deactivate_batch) current_batch?.deactivate();
 
 	if (DEV) {
diff --git a/packages/svelte/src/internal/client/reactivity/effects.js b/packages/svelte/src/internal/client/reactivity/effects.js
index ae7408abd8..b6cb56a866 100644
--- a/packages/svelte/src/internal/client/reactivity/effects.js
+++ b/packages/svelte/src/internal/client/reactivity/effects.js
@@ -45,7 +45,7 @@ import { Batch, collected_effects, current_batch } from './batch.js';
 import { flatten } from './async.js';
 import { without_reactive_context } from '../dom/elements/bindings/shared.js';
 import { set_signal_status } from './status.js';
-import { push_renderer, current_renderer } from '../custom-renderer/state.js';
+import { push_renderer, current_renderer, parent_renderer } from '../custom-renderer/state.js';
 
 /**
  * @param {'$effect' | '$effect.pre' | '$inspect'} rune
@@ -114,7 +114,8 @@ function create_effect(type, fn) {
 		teardown: null,
 		wv: 0,
 		ac: null,
-		r: current_renderer
+		r: current_renderer,
+		pr: parent_renderer
 	};
 
 	if (DEV) {
@@ -513,7 +514,7 @@ export function destroy_block_effect_children(signal) {
 export function destroy_effect(effect, remove_dom = true) {
 	var removed = false;
 
-	var pop_renderer = push_renderer(effect.r);
+	var pop_renderer = push_renderer(effect.r, effect.pr);
 
 	if (
 		(remove_dom || (effect.f & HEAD_EFFECT) !== 0) &&
@@ -564,6 +565,7 @@ export function destroy_effect(effect, remove_dom = true) {
 		effect.ac =
 		effect.b =
 		effect.r =
+		effect.pr =
 			null;
 
 	pop_renderer?.();
@@ -738,7 +740,7 @@ export function aborted(effect = /** @type {Effect} */ (active_effect)) {
 export function move_effect(effect, fragment) {
 	if (!effect.nodes) return;
 
-	var pop_renderer = push_renderer(effect.r);
+	var pop_renderer = push_renderer(effect.r, effect.pr);
 
 	/** @type {TemplateNode | null} */
 	var node = effect.nodes.start;
diff --git a/packages/svelte/src/internal/client/reactivity/types.d.ts b/packages/svelte/src/internal/client/reactivity/types.d.ts
index 5f513ef1ad..ecae5f1d36 100644
--- a/packages/svelte/src/internal/client/reactivity/types.d.ts
+++ b/packages/svelte/src/internal/client/reactivity/types.d.ts
@@ -97,6 +97,8 @@ export interface Effect extends Reaction {
 	b: Boundary | null;
 	/** The renderer this effect was created with */
 	r: Renderer | null;
+	/** The parent renderer this effect was created with */
+	pr: Renderer | null;
 	/** Dev only */
 	component_function?: any;
 	/** Dev only. Only set for certain block effects. Contains a reference to the stack that represents the render tree */
diff --git a/packages/svelte/src/internal/client/runtime.js b/packages/svelte/src/internal/client/runtime.js
index 45171ca4a7..b5de8032e9 100644
--- a/packages/svelte/src/internal/client/runtime.js
+++ b/packages/svelte/src/internal/client/runtime.js
@@ -447,7 +447,7 @@ export function update_effect(effect) {
 	active_effect = effect;
 	is_updating_effect = true;
 
-	var pop_renderer = push_renderer(effect.r);
+	var pop_renderer = push_renderer(effect.r, effect.pr);
 
 	if (DEV) {
 		var previous_component_fn = dev_current_component_function;