“At the portfolio level, about 50% of the portfolio companies with a US presence have a banking relationship with SVB. Most affected portfolio companies proactively moved their cash balances to an alternate financial institution before SVB was put into receivership on 10 March 2023,” says Vertex.
Vertex is a subsidiary of Singapore’s Temasek holdings, which does not have direct exposure to SVB, according to a report by Bloomberg.
SVB became the biggest US lender to collapse since the 2008 financial crisis when it was shut down by Californian regulators on March 10. On March 12 2023, the US government announced a decision to backstop deposits in SVB and make the funds available for withdrawal from March 13.
