Apollo, Blackstone interested in SVB assets - report
Apollo Global Management and Blackstone have reportedly expressed interest in buying a book of loans held by collapsed California lender Silicon Valley Bank.
Bloomberg cited people with knowledge of the matter as saying that the asset managers are among investors looking to buy pieces of SVB.
The bank had $73.6bn of loans as of 31 December 2022. The size of the loan book Apollo and Blackstone are interested in couldn’t immediately be determined, Bloomberg said, adding that Blackstone is also said to be looking at other assets it may purchase from the bank.
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.
Sources told Bloomberg that the bank’s loan portfolio is seen as an attractive buy and was not a contributing factor in the bank run that caused SVB’s demise.