Asset Management Giants Blackstone, Apollo Eyeing SVB Assets: Bloomberg

Alternative asset management firms Blackstone (BX) and Apollo Global Management (APO) are said to be weighing up acquiring assets of Silicon Valley Bank (SVB), Bloomberg reported on Tuesday.

Blackstone and Apollo are looking to purchase a book of loans held by SVB, according to the report, which cited people with knowledge of the matter.

SVB’s assets were seized by financial regulators at the end of last week, with the Federal Deposit Insurance Corp. (FDIC) named as its receiver.

The tech and venture capital-focused bank collapsed last week following a $42 billion bank run after announcing plans to sell $2.24 billion in new shares. The proposed sale was meant to compensate for a $1.8 billion loss on the sale of $21 billion worth of its portfolio’s securities.

The collapse, the biggest of a U.S. bank since Washington Mutual’s in 2008, was sandwiched in between the implosions of crypto-friendly banks Silvergate and Signature Bank.

Blackstone and Apollo are two of the world’s largest alternative asset managers, with over $880 billion and $500 billion in assets under management respectively.

Neither bank immediately responded to CoinDesk’s request for further comment.

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