Apollo, Blackstone eye SVB assets – Bloomberg News

(Reuters) – Apollo Global Management Inc and Blackstone Inc have expressed interest in a book of loans held by Silicon Valley Bank (SVB), a subsidiary of the defunct SVB Financial Services Group, Bloomberg News reported on Tuesday.

Last week, Californian regulators shut down tech lender SVB after a failed share sale that saw $42 billion of deposit outflows in a day and escalated worries of a contagion across financial markets.

The loan portfolio is seen as an attractive buy and was not a contributing factor in the bank run that caused SVBs demise, the report said, citing people familiar with the matter.

Last week, the startup-focused lender failed to raise equity to plug a $1.8 billion hole, after it sold $21 billion worth available-for-sale securities at a loss as rising Treasury yields eroded its value.

Apollo, Blackstone, and SVB did not immediately respond to Reuters requests for comment.

(Reporting by Mehnaz Yasmin in Bengaluru; editing by Uttaresh Venkateshwaran)