Venture capital firms are said to be working on a “long-shot plan” to preserve parts of Silicon Valley Bank’s US operations in a move to keep servicing their clients in the technology sector, according to a report in the Financial Times, citing people briefed on the effort.
Venture capital firms are said to be working on a “long-shot plan” to preserve parts of Silicon Valley Bank ‘s (SVB) US operations in a move to keep servicing their clients in the technology sector, according to a report in the Financial Times, citing people briefed on the effort.
Firms involved in the talks, which have been ongoing since late last week, about how to enable SVB to continue lending to, investing in and advising companies and executives in the tech sector, include General Catalyst, Andreessen Horowitz and Khosla Ventures, the FT sources said.
Forming a consortium with Apollo Global Management Inc, a longtime investor in the debt and equity of financial institutions, to bid for portions of SVB, is one of the proposals reportedly being discussed.
The sources say that group has also spoken to other large buyout houses about funding the effort.
On Monday, HSBC stepped in to rescue the Silicon Valley Bank’s UK arm, by agreeing a deal to acquire both the assets and liabilities of SVB UK for £1.
