Private equity firms Apollo, KKR review Silicon Valley Bank loans

People wait to withdraw funds outside Silicon Valley Bank headquarters in Santa Clara, California, on March 13, 2023, after the federal government intervened in the bank’s collapse.

Nicolas Lepin | Anadolu Agency | Getty Images

private equity firm Apollo Global Management and KKR Corporation They were among the parties reviewing the loan book held by Silicon Valley Bank, people familiar with the matter told CNBC.

Apollo may be interested in acquiring some of the business at par, two of them said. However, one of the sources said it was unclear how the FDIC planned to proceed, as the regulator may prefer a single buyer for assets.

Private equity firm Apollo reviews SVB's loan book

The people CNBC spoke to requested anonymity because they were not authorized to share confidential details about the discussions.

Previously, Bloomberg Report Several private equity firms have been conducting due diligence on loan assets. Apollo said the report, citing several people with knowledge of the talks, said, Ares management, black stone, The Carlyle Group and KKR are both reviewing a potential deal.

Ares and KKR declined to comment on the report. Blackstone and Carlyle couldn’t immediately be reached for comment.

this FDIC takes control of tech-focused SVB on Friday. all weekend, The agency held an auction, could not find a buyer. That prompted regulators to create a bridge bank, which now houses the California-based bank’s deposits. A plan was drawn up on Sunday to support SVB depositors to prevent further panic in the financial system.

—CNBC’s Christina Cheddar Berk contributed to this report.

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