Bidding War: Scaramucci's SkyBridge Capital Competes for Silicon Valley Bank's VC Unit
Anthony Scaramucci's SkyBridge Capital and Atlas Merchant Capital are competing for SVB Capital, the venture capital and credit-investment arm of SVB Financial Group, the former parent company of Silicon Valley Bank.
Aside from the two investment firms, San Francisco-based private-equity firm Vector Capital is also bidding on the credit investment firm, the Wall Street Journal reported, citing people familiar with the matter.
The court is expected to make a decision on the winning bidder in the coming weeks.
The potential deal for SVB Capital, which is currently in bankruptcy proceedings, could fetch between $250 million to $500 million.
However, it is important to note that the transaction is not guaranteed and would still need to undergo review by the creditors' committee.
Silicon Valley Bank, one of the most popular lenders to Silicon Valley tech and growth startups, failed on March 10, falling into the hands of the Federal Deposit Insurance Corporation (FDIC).
Subsequently, on March 17, SVB Financial Group filed for Chapter 11 protection in a New York bankruptcy court, enabling the sale of its assets after regulators seized control of the technology-focused lender.
In the aftermath, First Citizens Bancshares, a prominent regional bank, stepped in to acquire many of the loans and deposits of Silicon Valley Bank.
Additionally, SVB Securities, the investment-banking division of SVB Financial, received approval in July to sell itself to founder Jeff Leerink and a group of eight senior managers for $100 million.
SkyBridge Capital, led by Anthony Scaramucci, manages a substantial portfolio of over $1.8 billion, including significant investments in digital assets totaling approximately $580 million.
Scaramucci gained notoriety
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