Update on Silicon Valley Bank
RIT CAPITAL PARTNERS PLC (LEI: P31Q1NLTW35JJGHA4667)
13 March 2023
Update on Silicon Valley Bank
RIT Capital Partners plc ("RIT") has no direct exposure to Silicon Valley Bank ("SVB") in either the US or UK, nor to any of SVB's affiliate entities.
RIT has been in touch with the substantial majority of our third-party managers and portfolio company partners over the last few days. The vast majority of RIT's holdings have confirmed either no or de minimis exposure to SVB, while for the remainder a substantial portion of any funds is held in money market accounts custodied with a third-party bank, and therefore ringfenced from SVB. Shareholders will also note the recent announcements from policymakers in the US and UK regarding outstanding deposits at SVB and its affiliates. We are continuing to monitor the situation closely.
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