People wait outside the Silicon Valley Bank headquarters in Santa Clara, CA, to withdraw funds after the federal government intervened upon the bank’s collapse, on March 13, 2023.
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Private equity firms Apollo Global Management, KKR and Carlyle are among the many parties reviewing a book of loans held by Silicon Valley Bank, people accustomed to the discussions told CNBC.
Two of those people said Apollo could also be fascinated by acquiring a bit of the business at par. Nevertheless, one in every of the sources said it’s unclear how the Federal Deposit Insurance Corp. plans to proceed for the reason that regulator may prefer a single buyer for the assets.
The people CNBC spoke with requested anonymity since they weren’t authorized to share confidential details in regards to the discussions.
Previously, Bloomberg reported that several private equity firms have been conducting due diligence on the loan assets. That report, which cited several individuals with knowledge of the talks, said Apollo, Ares Management, Blackstone, Carlyle Group and KKR were amongst those reviewing a possible deal.
Ares and KKR declined to comment on the report. Blackstone and Carlyle weren’t immediately available to comment.
The FDIC seized control of tech-focused SVB on Friday. Over the weekend, the agency held an auction, which didn’t discover a buyer. That prompted the regulator to create a bridge bank, which now houses the California-based bank’s deposits. A plan was then devised on Sunday to backstop SVB’s depositors to be able to prevent further panic within the economic system.
—CNBC’s Christina Cheddar Berk contributed to this report.
