SVB Loan Book Targeted By Apollo, Blackstone, And KKR

A book of loans held by Silicon Valley Bank (SVB) has attracted the interest of Apollo Global Management Inc, Blackstone Inc, and KKR & Co Inc, Trade Algo reported on Tuesday.

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SVB's loan portfolio is said to be a good investment and was not a major contributor to the bank run that led to the demise of SVB, according to the report.

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After selling $21 billion worth of securities at a loss last week, the tech lender was unable to raise enough equity last week to plug a $1.8 billion hole in its financial position.

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There was a $42 billion outflow of deposits in one day, which raised fears of contagion across financial markets. Californian regulators shut down SVB - a subsidiary of SVB Financial Services Group, which had gone out of business.

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According to SVB, the holding company, SVB Capital, and the securities company, SVB Securities, recently announced a plan to examine strategic alternatives for the company, including the holding company and its businesses.

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William Kosturos, a veteran of the restructuring industry and currently the bank's chief restructuring officer, has also been appointed. In the past, he served as the restructuring chief for Washington Mutual. In 2008, Washington Mutual collapsed in the largest bank failure in U.S. history as a result of the global financial crisis.

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Blackstone and SVB did not immediately respond to Trade Algo's inquiries, while Apollo and KKR declined to comment.

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