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☆ SVB Financial nears deal to sell VC arm, Scaramucci leading bidder, Wall Street Journal reports
▼ + stars: | 2023-09-15 | by ( ) www.reuters.com time to read: +1 min

SVB (Silicon Valley Bank) logo is seen in this illustration taken March 10, 2023. REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsSept 15 (Reuters) - SVB Financial Group (SIVBQ.PK) is closing in on an agreement to sell its venture-capital and credit investment business SVB Capital in order to avoid bankruptcy, the Wall Street Journal reported on Friday, citing people familiar with the matter. A duo of Anthony Scaramucci's SkyBridge Capital and Atlas Merchant Capital, as well as San Francisco private-equity firm Vector Capital, are the two front-runners competing in the bidding process for SVB Capital, the report added. SVB Financial did not immediately respond to a Reuters request for comment. SVB Financial had collapsed into bankruptcy after former unit Silicon Valley Bank's failure in March triggered the worst U.S. banking crisis in 15 years.

Persons: Dado Ruvic, Anthony Scaramucci's, Pritam Biswas, Devika Organizations: Bank, REUTERS, SVB Financial, Wall Street, Atlas Merchant Capital, Vector, SVB Capital, SVB, SVB Securities, Thomson Locations: Francisco, Bengaluru

☆ Bankrupt SVB Financial still exploring options for venture capital arm
▼ + stars: | 2023-06-21 | by ( ) www.reuters.com time to read: +1 min

June 21 (Reuters) - Bankrupt SVB Financial Group said on Wednesday it is continuing to evaluate strategic alternatives for SVB Capital, its venture capital and credit investment arm, as well as other assets and investments. The disclosure comes days after the company agreed to sell its investment banking division, SVB Securities, to a group led by the segment's chief executive officer. SVB Financial had collapsed into bankruptcy after former unit Silicon Valley Bank's failure in March triggered the worst U.S. banking crisis in 15 years. A hearing to approve the sale of SVB Securities is scheduled for June 29 in the United States Bankruptcy Court for the Southern District of New York. The deal will close shortly thereafter, SVB Financial said.

Persons: Niket, Devika Organizations: SVB Financial, SVB Capital, SVB Securities, SVB, Citizens, Bank, Jitters, KBW, United States, Southern, of, Thomson Locations: U.S, backstop, of New York, Bengaluru

☆ SVB agrees to sell its investment banking division
▼ + stars: | 2023-06-18 | by ( ) www.reuters.com time to read: +1 min

June 18 (Reuters) - SVB Financial Group (SIVBQ.PK) said on Sunday it has entered into an agreement to sell its investment banking division, SVB Securities, to a group led by Jeff Leerink and backed by funds managed by The Baupost Group. The bidder group led by Leerink, who is chief executive of SVB Securities, will acquire the investment banking business for a combination of cash, repayment of an intercompany note, and a 5% equity instrument, the company said. First Citizens BancShares Inc (FCNCA.O) bought all the loans and deposits of the failed bank in March, leaving some $90 billion in securities with the FDIC for sale. The lender continues to evaluate strategic alternatives for its division, SVB Capital, and company's other assets and investments, it said. Reporting by Akanksha Khushi in Bengaluru; Editing by Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

Persons: Jeff Leerink, Leerink, Akanksha, Leslie Adler Organizations: SVB Financial, SVB Securities, Baupost, Federal Deposit Insurance Corporation, Silicon Valley Bank, BancShares Inc, SVB, Suisse, UBS, Thomson Locations: SVB, reverberated, Bengaluru

☆ See the 19-slide presentation that got General Catalyst to back a startup tackling a $25 billion problem for hospitals
▼ + stars: | 2023-05-17 | by ( Rebecca Torrence | ) www.businessinsider.com time to read: +3 min

The startup used this pitch deck to get backing from top healthcare VC firm General Catalyst. The Magoons' new startup, Adonis, raised $5.6 million in seed funding in October to solve that problem with tech. Just under seven months later, Adonis has raised $17.3 million more in Series A funding, led by top healthcare VC firm General Catalyst. "Given all the work we do with health systems, we know how complicated and poorly organized these systems are, despite all the money they're collecting," she said. Check out the pitch deck Adonis used to get $17.3 million led by General Catalyst.

May 15 (Reuters) - Greg Becker, the former chief executive officer of Silicon Valley Bank, is set to appear before the U.S. Congress on Tuesday, two months after the collapse of his bank sparked panic among bank customers and investors, forcing the government to backstop deposits. California banking regulators moved quickly to shut down Silicon Valley Bank on March 10 after depositors withdrew $42 billion in 24 hours. Becker will testify before the Senate Banking Committee alongside Scott Shay and Eric Howell, the former chair and president, respectively, of Signature Bank. When his manager left to work for Silicon Valley Bank, Becker followed, he said on a 2021 Bloomberg podcast. Before becoming president and CEO of SVB Financial Group, Becker co-founded SVB Capital, the company's investment arm.

March 20 (Reuters) - SVB Financial Group (SIVB.O) on Monday filed a number of "First Day Motions" to seek authorization from a bankruptcy court to support the operations of the company's SVB Capital and SVB Securities businesses. Reporting by Manya Saini in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

☆ Silicon Valley Bank's parent company cut off from bank's records
▼ + stars: | 2023-03-20 | by ( Dietrich Knauth | ) www.reuters.com time to read: +3 min

SVB Financial has no employees of its own, and the new bank's employees "cut off access" to a substantial portion of SVB Financial's "books, records, files, electronic systems and key employees," according to Kosturos. The FDIC receivership removed SVB Financial's primary source of liquidity and most of its business infrastructure, as well as triggering defaults on SVB Financial's debt, forcing the company into bankruptcy, according to court documents. SVB Financial's court filings listed $19 billion in assets, $2.2 billion in cash and cash equivalents, and $3.4 billion in liabilities. About $15.5 billion of SVB Financial's asset value was attributed to the SVB banking business that was seized by regulators. Those investment funds include direct venture funds that invest in companies, funds-of-funds that invest in other venture capital funds, and debt funds that provide lending and other financing solutions to startups.

☆ SVB Financial seeks bankruptcy protection
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +1 min

March 17 (Reuters) - SVB Financial Group (SIVB.O) said on Friday it planned to seek bankruptcy protection among other restructuring alternatives to seek buyers for its assets, days after its former unit Silicon Valley Bank was taken over by U.S. banking regulators. SVB Securities and SVB Capital's funds and general partner entities are not included in the Chapter 11 filing, the company said. The plan to seek bankruptcy protection comes after the tech lender said on March 13 it was planning to explore strategic alternatives for its businesses, including the holding company, SVB Capital and SVB Securities. California banking regulators closed the bank on Friday and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver for later disposition of its assets. Reporting by Mehnaz Yasmin in Bengaluru; Editing by Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

☆ SVB Financial seeks bankruptcy protection for reorganization
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +1 min

March 17 (Reuters) - SVB Financial Group (SIVB.O) said on Friday it filed for a court-supervised reorganization under Chapter 11 bankruptcy protection to seek buyers for its assets, days after its former unit Silicon Valley Bank was taken over by U.S. regulators. The plan to seek bankruptcy protection comes after the company said on March 13 it was planning to explore strategic alternatives for its businesses, including the holding company, SVB Capital and SVB Securities. SVB Securities and SVB Capital's funds and general partner entities are not included in the Chapter 11 filing, the company said on Friday. Reuters reported on Wednesday that the parent company was exploring seeking bankruptcy protection for selling assets. California banking regulators closed SVB on Friday and appointed the Federal Deposit Insurance Corporation as receiver for later disposition of its assets.

☆ Private equity giants including Apollo, Blackstone eye SVB loan book- reports
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +2 min

[1/2] Customers wait outside as an employee enters the Silicon Valley Bank branch office in downtown San Francisco, California, U.S., March 13, 2023. REUTERS/Kori Suzuki/File PhotoMarch 14 (Reuters) - Apollo Global Management Inc (APO.N), Blackstone Inc (BX.N) and KKR & Co Inc (KKR.N) have expressed interest in a book of loans held by Silicon Valley Bank (SVB), Bloomberg News reported on Tuesday, citing people familiar with the matter. Buyout giants Ares Management (ARES.N) and Carlyle Group (CG.O) are also looking to buy the loan book, the Financial Times reported, citing people familiar with the matter. The surge in interest in the book follows the tech lender's failure last week to raise equity to plug a $1.8 billion hole after selling its $21 billion portfolio of securities at a loss. On Monday, SVB said it was planning to explore strategic alternatives for its businesses, including holding company SVB Capital and SVB Securities.

☆ SVB Financial Group mulls strategic alternatives
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: 1 min

March 13 (Reuters) - Defunct startup-focused lender SVB Financial Group (SIVB.O) said on Monday that it was planning to explore strategic alternatives for its businesses, including the holding company, SVB Capital and SVB Securities. The move comes after Californian regulators shuttered the bank following a failed share sale that drained $42 billion in deposits in a single day and sucked out liquidity at the company. Its board has appointed a restructuring committee consisting of five independent directors, it said in a statement. Reporting by Mehnaz Yasmin in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ SVB is still looking for a buyer. Here is what we know so far.
▼ + stars: | 2023-03-13 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +5 min

The weekend came and went without a buyer for SVB Financial Group, the parent company of the failed Silicon Valley Bank. SVB Capital focuses on venture capital and credit investing and SVB Securities is its investment banking arm. Axios reported Monday morning that JPMorgan and PNC were in talks to acquire SVB Financial Group but not the failed commercial bank. SVB Securities, better known as SVB Leerink, the investment banking arm born out of SVB's 2018 acquisition of Leerink, is a very desirable business, he added. "SVB Leerink is a well-known name in the tech and healthcare space that will be attractive to someone," said Healy.

March 10 (Reuters) - Greg Becker, the chief executive officer who presided over the collapsed Silicon Valley Bank, joined the company three decades ago as a loan officer. Becker graduated from Indiana University with a bachelor's degree in business, according to Silicon Valley Bank's website. When his manager left to work for Silicon Valley Bank, Becker followed, he said in 2021 on a Bloomberg podcast. Representatives for Silicon Valley Bank did not immediately respond to a request for comment. Before becoming president and CEO of SVB Financial Group, Becker co-founded SVB Capital, the company's investment arm.

☆ Family offices invested a record $120 billion in startups last year, fueling a new wave of entrepreneurs
▼ + stars: | 2022-08-09 | by ( Robert Frank | ) www.cnbc.com time to read: +7 min

Family offices more than doubled their direct investments in startups last year to more than $120 billion, remaking the venture-capital landscape and launching a new wave of family-office funded entrepreneurs. Single family offices invested $123 billion in direct venture capital deals last year, up from $55 billion in 2020, according to a report from SVB Capital. There are now more than 10,000 family offices worldwide — most created over the past decade — with over $6 trillion in assets under management. In-house deal teams "Family offices are leaning in to the venture asset class," said Shailesh Sachdeva, managing director of SVB Capital's Family Office practice. As they balloon in size and sophistication, family offices are becoming deal powerhouses in their own right.

Persons: Shailesh Sachdeva, SVB, Sachdeva, Younger, Joe Stadler, Stadler, Mark Ang, Michael Hyatt, Hyatt barraged Ang, Ang, Hyatt Organizations: SVB, UBS, UBS Global Wealth Management, University of Toronto, Hyatt Family, Hyatt Locations: Canadian

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