SkyBridge Capital, led by Anthony Scaramucci, is among the asset management firms taking the lead in bidding for Silicon Valley Bank’s venture capital arm, SVB Capital. The sale of SVB Capital, previously the subsidiary of SVB Financial Group, the former parent company of Silicon Valley Bank, is nearing completion, with a deal expected in the coming weeks.
Sources familiar with the matter, as reported by the Wall Street Journal on September 15, reveal that SkyBridge Capital and Atlas Merchant Capital are in competition with San Francisco-based Vector Capital in the final stages of the bidding process. The sale of SVB’s venture capital arm could potentially range from $250 million to $500 million, although it’s important to note that the final sale is not guaranteed and would still need to undergo review by the creditor’s committee.
A decision regarding the sale is anticipated to be reached before the court in the coming weeks. Notably, SVB Capital was not part of SVB’s overarching Chapter 11 bankruptcy proceedings, and the bank has indicated that SVB Capital will continue its regular business operations despite being put up for sale.
SVB Capital is an investment capital platform engaged in a wide range of investments, including supporting prominent Silicon Valley venture capital firms like Sequoia and Andreessen Horowitz (a16z).