SVB Financial Group Nears Sale of Venture Capital Arm SVB Capital, With Potential Buyers Including SkyBridge Capital and Atlas Merchant Capital
Summary:
SVB Financial Group is nearing a deal to sell its venture capital arm, SVB Capital, with potential buyers including Anthony Scaramucci's SkyBridge Capital and Atlas Merchant Capital. The sale could range between $250 million and $500 million. However, finalization of the sale is not guaranteed and still requires review. SVB Capital is not part of SVB's bankruptcy proceedings and will continue operations during the sale process. It holds $9.5 billion in assets across various investments, including Chainalysis.
SVB Financial Group, the former parent company of Silicon Valley Bank, is edging closer to finalizing a deal to sell its venture capital arm, SVB Capital. The Wall Street Journal reports that Anthony Scaramucci's SkyBridge Capital and Atlas Merchant Capital, along with Vector Capital, are in the final stages of the bidding process. While the venture capital arm could potentially be sold for between $250 million and $500 million, there is no guarantee of a final sale as it still requires review from the creditor's committee. A decision on the sale is expected to be made in the coming weeks. SVB Capital, which is not involved in SVB's Chapter 11 bankruptcy proceedings, will continue its regular operations during the sale process. SVB Capital is known for its investments in major Silicon Valley venture capital firms like Sequoia and Andreessen Horowitz (a16z), managing $9.5 billion in assets across 20 funds and 760 companies, including Chainalysis. SkyBridge Capital, managed by Anthony Scaramucci, holds about $1.8 billion in assets, with approximately $580 million invested in cryptocurrencies and digital assets. Cointelegraph reached out to both SkyBridge Capital and SVB Capital for comment but did not receive a response. Earlier this year, Silicon Valley Bank, along with other crypto and tech-friendly banks, experienced financial difficulties, leading to its bankruptcy.
Published At
9/18/2023 5:58:42 AM
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