Illustration: Tiffany Herring/Axios
Health tech and life sciences investors scrambled to shore up their portfolio companies in the wake of Silicon Valley Bank's historic failure last week.
Why it matters: Health tech has already had a funding crunch. This development may mean an even tighter squeeze, at least for the near-term.
What they're saying: Although the FDIC vowed to make all SVB depositors whole, investors and advisers are suggesting portfolio companies and clients tighten their belts in preparation for hard times ahead.
By the numbers: Per SVB's Q4 financial highlights, 12% of the bank's $173 billion in deposits came from life sciences and health care, Axios' Tina Reed writes.
Meanwhile, contagion spreading to regional banks is keeping private equity investors awake at night.
The intrigue: SVB Financial Group confirmed it is shopping its holdco in a deal that would exclude the commercial bank, Axios' Michael Flaherty reports.
What we're watching: Sources tell Axios there may not be appetite for a carveout of that division on its own — but whoever gets SVB Securities presumably also gets its engagements (of which there are quite a few).
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