SVB Financial Group is nearing a deal to sell its venture capital division, SVB Capital. SkyBridge Capital, Atlas Merchant Capital, and Vector Capital are in the final stages of the bidding process.
The sale price is expected to be between $250 million and $500 million, but a final sale is not guaranteed and requires creditor’s committee review. SVB Capital was not included in SVB’s Chapter 11 bankruptcy proceedings and continues to operate normally despite being up for sale.
As of December 2022, SVB Capital managed $9.5 billion in assets across 20 funds and 760 companies, including Chainalysis.
SkyBridge Capital manages $1.8 billion in assets, with $580 million in cryptocurrencies and digital asset-related investments. Earlier this year, California’s financial watchdog shut down Silicon Valley Bank, leading to its bankruptcy filing. This collapse was part of a larger crisis that included other crypto and tech-friendly banks like Signature Bank and Silvergate Bank, marking the worst banking crisis since 2008.
Additionally, SVB Securities, the investment-banking arm of SVB Financial, sold itself to its founder, Jeff Leerink, and other senior managers for $100 million earlier this year.
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