There's confusion and skepticism in the venture debt community as the industry struggles to figure out the future of SVB's loan business
The event was marked by confusion and skepticism over the future of SVB's debt business.
"Is anyone here from First Citizens? Anyone willing to admit it?" asked Troy Zander, head of the venture lending practice at the law firm of Barnes and Thornburg, with a cheeky smile during a panel. Zander's comment raised chuckles from the crowd. At the mention of First Citizens, the crowd, which had been politely engaged during the morning sessions, roared to life. Conference organizers frantically shuttled wireless microphones across the room as bankers, lenders, lawyers, all clamored to stand and say their piece about First Citizens.
"Who knows what was behind that process but it didn't seem financially motivated," he said, to assenting murmurs from the crowd."Some of the firms that would have been the best buyers for some of these assets weren't even contacted."
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