PE firm Apollo Management reportedly held talks with several VCs, including General Catalyst, Andreessen Horowitz, and Redpoint Ventures, for a potential bid for Silicon Valley Bank.
The group held talks about submitting bids for portions of SVB. The consortium sought help from buyout house Credit Suisse First Boston about potential ways of structuring the deal.
- The VC industry has been severely impacted due to the bank's downfall, as many of them had their primary fund accounts in SVB.
- In addition, several portfolio startups had their funds parked in accounts in SVB.
- SVB's assets include $74B of loans and equity in startups.
- The bank is also considering putting up its subsidiaries SVB Capital and SVB Securities up for sale.
- Final bids for the bank are due on Sunday afternoon.
- It is unclear if the VCs will bid for the bank's assets, which will most likely be taken over by some other competing bank.
- PNC Financial Group was initially expected to bid for SVB but backed out after conducting initial due diligence.
