Apax Global Alpha reassures over exposure to Silicon Valley Bank

Apax Global Alpha updated the market on its exposure to the failed Silicon Valley Bank (SVB) on Monday.

The FTSE 250 company said exposure to SVB across the Apax funds, and the Apax funds' portfolio companies, appeared to be “limited”.

It said a review of the possible exposure to SVB was still ongoing, but the review did not identify any portfolio company that had funded debt or revolvers placed with SVB.

The review identified a small number of portfolio companies that had bank accounts at SVB, with the majority of those accounts only holding a very limited amount of cash.

“There is also no exposure to SVB at the level of the Apax Funds,” the board said in its statement.

“A further update will be provided should anything meaningful change in relation to the portfolio companies' exposure to SVB.”

At 0838 GMT, shares in Apax Global Alpha were up 1.76% at 173p.

Reporting by Josh White for Sharecast.com.