SVB Financial Group to Buy WestRiver Group's Debt Investment Business

SVB Financial Group announced on Monday that it has entered into an agreement to acquire the debt fund business of WestRiver Group, a Seattle-based provider of integrated capital solutions for the global innovation economy. 

SVB Financial Group is the parent company of Silicon Valley Bank, the bank of the world's most innovative companies and their investors. The acquisition will enable SVB Capital, SVB Financial Group's funds management business, to establish the SVB Capital Credit Platform to provide institutional investors with additional investment opportunities in the innovation economy and provide new debt options to Silicon Valley Bank's commercial banking clients. 

"WestRiver Group has been a fantastic partner to SVB for the last eight years. Together we have supported innovative companies across the country with the financing they need to scale," said John China, President of SVB Capital. "Erik and his team are a welcome addition to SVB Capital and will be instrumental in developing our credit platform and delivering on SVB's mission to be the best partner for technology and life science companies and their investors.

The transaction is expected to close by the end of 2020. Upon closing, Erik Anderson will join SVB as the Executive Chairman of the SVB Capital Credit Platform and will also serve as Chair of the SVB Capital Advisory Committee. Erik, along with SVB veterans Jim Ellison and Pete Scott, will lead the Credit Platform, with fundraising and operation support from SVB Capital. 

As the Head of the Credit Platform, Jim Ellison will oversee the investment team, which will be responsible for originating, underwriting and managing the investment portfolio. Chief Credit Officer Pete Scott will define investment strategies, develop new products and oversee allocation and reporting across the investment portfolio.