SVB Financial Group, the former parent company of Silicon Valley Bank, is nearing a deal to sell its venture capital division, SVB Capital. According to a report dated September 15 from The Wall Street Journal, Anthony Scaramucci’s SkyBridge Capital and Atlas Merchant Capital, along with San Francisco-based Vector Capital, are competing in the final stages of the bidding process.
Insiders have suggested that the sale of SVB’s venture capital arm could fetch anywhere from $250 million to $500 million, but they caution that a final sale is not guaranteed and would still require approval from the creditor’s committee. A decision regarding the sale is anticipated in the coming weeks, likely to be determined in court.
It’s worth noting that SVB Capital was not part of SVB’s broader Chapter 11 bankruptcy proceedings, and the bank has indicated that SVB Capital will continue its normal business operations despite being on the market for sale.
SVB Capital serves as an investment capital platform engaged in a wide range of investments, including supporting other prominent Silicon Valley venture capital firms like Sequoia and Andreessen Horowitz (a16z).
As of December 2022, SVB Capital held assets totaling $9.5 billion across 20 funds and 760 companies, including investments in blockchain analytics service Chainalysis. In contrast, Scaramucci’s SkyBridge Capital manages around $1.8 billion in assets, with approximately $580 million allocated to cryptocurrencies and other digital asset-related investments.
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