Private equity firms Apollo and KKR among those reviewing Silicon Valley Bank loans
People wait outside the Silicon Valley Bank headquarters in Santa Clara, California to withdraw funds after the federal government intervened in the bank’s collapse, March 13, 2023.
Nikolas Liepins | Anadolu Agency | Getty Images
Private equity firms Global Apollo Management And KKR are among parties reviewing a portfolio of loans held by Silicon Valley Bank, people familiar with the discussions told CNBC.
Two of those people said Apollo might be interested in acquiring part of the au pair business. However, one of the sources said it was unclear how the Federal Deposit Insurance Corp. was considering proceeding as the regulator might prefer a single buyer for the assets.
The people CNBC spoke to requested anonymity because they weren’t authorized to share confidential details of the talks.
Earlier, Bloomberg reported that several private equity firms performed due diligence on the loan assets. That report, which quoted several people with knowledge of the talks, Apollo said, Management of Ares, black stone, Carlyle Group and KKR were among those looking into a potential deal.
Ares and KKR declined to comment on the report. Blackstone and Carlyle were not immediately available for comment.
On Friday, the FDIC took control of technology-focused SVB. Over the weekend, the agency held an auction, which did not find a buyer. This prompted the regulator to create a bridge bank, which now houses the deposits of the California-based bank. A plan was then drawn up on Sunday to support SVB depositors to avoid further panic in the financial system.
—CNBC’s Christina Cheddar Berk contributed to this report.
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