Apollo, Blackstone Eye SVB Assets as Suitors Circle Loan Book
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Apollo, Blackstone Eye SVB Assets as Suitors Circle Loan Book
(Bloomberg) -- Apollo Global Management Inc. and Blackstone Inc. have expressed interest in snapping up a book of loans held by Silicon Valley Bank, the California lender seized by federal regulators last week, people with knowledge of the matter said.
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Apollo and Blackstone, two of the world’s largest alternative asset managers, are among investors looking to buy pieces of Silicon Valley Bank, according to the people, who asked not to be identified discussing confidential information.
The bank had $73.6 billion of loans as of Dec. 31, 2022. The size of the loan book Apollo and Blackstone are interested in couldn’t immediately be determined. Blackstone is also looking at other assets it may purchase from the bank, one of the people said.
Representatives for Apollo and Blackstone declined to comment.
The Federal Deposit Insurance Corp. took over Silicon Valley Bank on Friday, after its long-established customer base of tech startups began withdrawing deposits en masse.
At the end of last year, the bank had more than $175 billion in mostly uninsured deposits and $209 billion in total assets. Many of those assets were long-term bonds the bank had to sell at a loss due to rising interest rates. Other assets include loans to early-stage and growth companies, as well as credit for wealthy entrepreneurs and venture capital funds.
The loan portfolio is seen as an attractive buy and was not a contributing factor in the bank run that caused Silicon Valley Bank’s demise, the people said. A representative for SVB didn’t immediately return a request for comment.
“It has a long-established track record in the sector which supports its expertise, conservative underwriting, and better than peer asset quality performance,” ratings agency Moody’s Investors Service said last week as it downgraded the debt of the SVB Financial Group, the bank’s parent company.
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Last week, Californian regulators shut down tech lender SVB after a failed share sale that saw $42 billion of deposit outflows in a day and escalated worries of a contagion across financial markets. The loan portfolio is seen as an attractive buy and was not a contributing factor in the bank run that caused SVB's demise, the report said, citing people familiar with the matter. Apollo, Blackstone, and SVB did not immediately respond to Reuters' requests for comment.
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