WestRiver Group will sell debt investment business to SVB Financial Group

BY TAYLOR SOPER

Seattle investment firm WestRiver Group agreed to sell its debt investment business to SVB Financial Group, the parent company of Silicon Valley Bank (SVB).

The deal will help create the SVB Capital Credit Platform, a new arm of SVB that will provide investment opportunities to institutional investors and debt options to commercial banking clients.

WestRiver Group previously partnered with SVB on various transactions. Erik Anderson, CEO of WestRiver Group, will joined SVB as executive chairman of the SVB Capital Credit Platform.

“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,” SVB Capital President John China said in a statement.

Terms of the deal were not disclosed.

WestRiver Group has a broad portfolio of investments that includes companies such as Singularity University and Energy Innovation Capital, along with Seattle-area startups such as Igneous, Pro.com, Wicket Labs, Madrona Venture Labs, The Riveter, and more. The firm has approximately $2 billion in assets under management.

Anderson is also leading a new special purpose acquisition company, or SPAC, in the climate industry.