On Friday, March 10, 2023, Silicon Valley Bank (“SVB”) became the largest U.S. lender since the Great Financial Crisis to enter into receivership with the Federal Deposit Insurance Corporation. SVB was a major provider of depository services and liquidity to various investment funds, managers and their related entities through subscription or capital call facilities, net asset value facilities and management company, GP and co-invest lines. The SVB situation is continuing to evolve and we expect to see material developments in the coming days.
For more details on this current development, read the full client alert here.