Good day and welcome to the continuing saga of Silicon Valley Bank. Today our Laura Kreutzer, joined by Rod James and Yuliya Chernova, reports that subscription credit line borrowers have resumed obtaining cash from such facilities set up with the California bank as well as Signature Bank in New York. Both had sizable sub lines operations to provide billions of dollars to private equity and venture capital firms, an increasingly important link in the operations of asset managers.

Meanwhile, Yuliya and Marc Vartabedian report that startup investments have mostly gone on hold as venture capital firms focus on managing a fluid situation even after regulators guaranteed all the deposits at both banks.

We've also bundled up several other relevant stories on the collapse of both banks from our Journal colleagues, including news of a federal investigation into SVB Financial and executive stock sales only about a week before the meltdown. 

Meanwhile, deals seem to be flowing again as the Journal's Laura Cooper and Lauren report that Apollo struck an $8.1 billion deal to take private chemical company Univar and our Dow Jones Newswires colleague Colin Kellaher reports on a Blackstone deal to take private Vista Equity-controlled Cvent.

We have these and many more stories summarized for you below, so please slide on down...

Private market firms have resumed draw downs of capital from Silicon Valley Bank and Signature Bank credit lines backed by commitments to private investment funds after government takeovers of both lenders raised uncertainty over the lending arrangements, Laura Kreutzer, Rod James and Yuliya Chernova report for WSJ Pro Private Equity, citing lawyers and industry consultants. “We don’t have details on what the funding has been in the last two days, but we have heard positive news about the bridge banks funding the loans when requested,” said Haynes and Boone’s Ellen McGinnis, referring to new banks set up by regulators to take over Silicon Valley and Signature deposits and other operations. On Tuesday, the Federal Deposit Insurance Corp. said it had transferred all contracts made with the two banks to the respective bridge banks and that they would continue to honor those agreements. But many issues remain unresolved for fund managers, including whether to switch lenders.

Many venture capitalists have all but paused investments in startups in the aftermath of Silicon Valley Bank’s collapse, with players focused on managing the evolving situation even after regulators stepped in Sunday to guarantee all the lender’s deposits, Marc Vartabedian and Yuliya Chernova report for WSJ Pro Venture Capital. Saxon Baum, a partner at Tampa, Fla.-based early-stage venture-capital firm Florida Funders, said that deal making has been essentially put on hold at his firm and others he has been in contact with as investors are still managing the fallout of the bank’s failure.

Apollo Global Management Inc. is acquiring chemical company Univar Solutions Inc. through an $8.1 billion take-private deal that includes debt, in one of the biggest recent leveraged buyouts, Laura Cooper and Lauren Thomas report for The Wall Street Journal. The Abu Dhabi Investment Authority is also participating in the transaction, which Univar’s directors support. Univar shares climbed 12% Tuesday to close at $34.91 each. The deal values Univar at $36.15 a share, representing a 16% premium to Monday’s closing price of $31.17. The agreed-upon purchase includes $3.8 billion of equity from Apollo and the Abu Dhabi investor, and financial institutions are providing $2.1 billion in senior secured term loans, $2.0 billion senior secured bridge loans and $1.4 billion in senior secured asset-based revolving credit, according to a securities filing.

Creditors of Silicon Valley Bank’s parent company have formed a group in anticipation of a potential bankruptcy filing, through which they hope to profit from a sale of the collapsed firm’s private-wealth and other units, The Wall Street Journal reports, citing people familiar with the matter. The investor group, advised by PJT Partners Inc., includes Centerbridge Partners, Davidson Kempner Capital Management and Pacific Investment Management Co., or Pimco, the people said. Most members bought parent SVB Financial Group’s bonds heading into last weekend as they traded down to around 30 cents on the dollar and want the parent company to file for bankruptcy and then auction off its nonbank businesses through a court-supervised sale process, the people said.

The Justice Department and the Securities and Exchange Commission are investigating the collapse of Silicon Valley Bank, Dave Michaels reports for The Wall Street Journal, citing people familiar with the matter. The separate probes are in their preliminary phases and may not lead to charges or allegations of wrongdoing. The investigations are also examining stock sales that some SVB Financial Group officers made days before the bank failed late last week, the people said. The Justice Department probe involves the department’s fraud prosecutors in Washington and San Francisco, the people said.

Sen. Elizabeth Warren (D., Mass.) skewered SVB Financial Group Chief Executive Greg Becker in an open letter addressed to him Tuesday, asking the banker to detail his personal efforts to roll back regulations that tightened around larger lenders following the financial crisis 15 years ago. “These rules were designed to safeguard our banking system and economy from the negligence of bank executives like yourself – and their rollback, along with atrocious risk management policies at your [Silicon Valley Bank], have been implicated as chief causes of its failure,” Ms. Warren said. The influential Democrat also called on Federal Reserve Chair Jerome Powell to recuse himself from an internal review of the Fed’s supervision of the institution, citing his role in allowing banks to load up on risky assets.

Posts on Twitter.com and other social-media platforms helped fuel concerns about the U.S. banking system in recent days, as a range of users from prominent investors to internet provocateurs speculated more chaos could ensue, Georgia Wells and Alexa Corse write for The Wall Street Journal. Some users offered financial advice. Others delivered more extreme views. In total, the messages sowed anxiety at a time when confidence in the country’s banking system was shaken, lawmakers and social-media observers said.

London-listed HgCapital Trust PLC, the largest investor within private-equity firm Hg, said that the firm and its managed funds have no lending exposure to Silicon Valley Bank. Luke Finch, an Hg partner and head of its client services team, told investors during HGT’s earnings call that portfolio companies had no outstanding borrowings though some had cash deposited in the U.S. bank. The exposure had been limited before regulators took over last week and now it’s negligible, he said.

Blackstone Inc. is taking cloud-based event-software provider Cvent Holding Corp. private at an enterprise value of about $4.6 billion, agreeing to pay $8.50 a share for the Tysons, Va.-based business majority owned by Vista Equity Partners, Colin Kellaher reports for Dow Jones Newswires. The price is  29% above Cvent’s closing value of $6.57 on Jan. 30, before The Wall Street Journal reported that the company was exploring a sale. Vista took Cvent private in 2016 and then combined it with a blank-check company, Dragoneer Growth Opportunities Corp. II, to give it a public listing again in late 2021. Vista said it has agreed to invest a portion of its proceeds as nonconvertible preferred stock in financing for the transaction.

H.I.G. Capital in Miami said it has acquired 55 industrial outdoor storage properties across 20 states totaling 2.3 million square feet and set up a group to consolidate the U.S. market for such operations as small warehouses and distribution centers in certain areas. H.I.G. is investing through its real estate arm.

HCAP Partners is backing pharmacy-benefits management software maker Xevant Inc. with a growth investment, according to a news release. The Lehi, Utah company work with health plans, insurers and hospitals as well as other organizations to help them manage drug costs.

Comvest Partners said its credit arm arranged financing for a cardiovascular services business formed last month by Lee Equity Partners with the acquisition of medical practice Cardiovascular Institute of the South, which has offices across Louisiana and Mississippi. Comvest said the financing is designed to support the growth of the business into a nationwide services provider.

Trinity Hunt Partners said it is backing digital marketing agency Supreme Optimization LLC with a majority investment. The San Juan, Puerto Rico-based business founded in 2015 focuses on the life sciences sector.

Sun Capital Partners in Florida has acquired a majority stake in tax and business planning services provider Anderson Business Advisors, according to a news release. Las Vegas-based Anderson Advisors operates as part of the Anderson Law Group PLLC and includes estate planning and related services, according to its website.

Lincolnshire Management in New York said it is backing wire mesh manufacturer C.I. Banker Wire & Iron Works inc. The Mukwonago, Wis. company produces woven and mesh products used for computer racks, animal enclosures and architectural designs, among other markets, according to an emailed news release.

Our add-on deal interactive tool allows you to sort and analyze volumes of add-on deal data compiled by WSJ Pro. View more.

Blue Heron Capital in Richmond, Va. said it has collected more than $81.1 million for its third main fund, Blue Heron Capital Fund III LP, or more than 80% of the firm’s $100 million goal for the early-stage investment vehicle, a regulatory filing shows. The filing lists 141 investors so far in the pool and indicates that it has been in the market for just over a year.

Early-stage investment firm Flat6Labs said it has begun raising capital for a new Africa-focused startup fund with a goal of collecting at least $95 million. The Africa Seed Fund impact vehicle is run from Cairo and will be focused on making technology investments in three main regions, North Africa, East Africa and West Africa, according to a news release.

Apollo Global Management Inc. co-founder Josh Harris has bulked up his group’s team bidding for the National Football League’s Washington Commanders, adding billionaire industrialist Mitchell Rales and offers current owner Daniel Snyder an alternative to Jeff Bezos, the Washington Post reports. With Bethesda, Md.-raised Mr. Rales, the Harris group can offer the league as well Mr. Snyder a mix of local characters and a strong business track record, the newspaper said Tuesday.

PAI Partners said it has added Drew Olian as a principal with its business services group in New York. Mr. Olian was previously a director focusing on business services, industrial technology and software with U.K. venture and growth investor 3i Group, based in New York, according to an emailed news release.

Despite the volatility in the equities markets surrounding the collapse of Silicon Valley Bank, private-equity dealmakers are having their best week for new transactions in many months, Laura Cooper reports for The Wall Street Journal. Firms have notched over $20 billion in announced deal value in the last two days alone. As of last Friday, private-equity firms had completed $31 billion in leveraged buyouts so far this year, compared to nearly $59 billion the same period last year, according to data provider Dealogic. The merger and acquisition pace picked up this week after months of depressed activity by private-equity firms amid a lack of bank financing as well as a disconnect between buyers and sellers on pricing.

The Ontario Teachers' Pension Plan Board in Toronto said its fund investments returned 4% last year, exceeding its benchmark performance of 2.3%. The retirement system ended the year with assets of 247.2 billion Canadian dollars, equivalent to about $180.02 billion, and said it was fully funded and had a preliminary funding surplus of about C$17.5 billion. About 24% of the plan’s investments were in private equity last year.

Bed Bath & Beyond Inc. said it has reached a new agreement with investors that will let the distressed retailer obtain another $100 million in funding, even though its share price has dropped, WSJ Pro Bankruptcy’s Alexander Gladstone reports. The agreement with hedge fund Hudson Bay Capital Management reduces the share-price threshold the retailer needs to maintain as part of an equity offering deal to $1 from $1.25 until April 3, the company said.

Credit Suisse Group AG said it had found material weaknesses in its financial reporting over the past two years because of ineffective internal controls, the latest setback in its efforts to move past a series of costly blunders, Margot Patrick reports for The Wall Street Journal. The bank’s management, including Chief Executive Ulrich Körner and Chief Financial Officer Dixit Joshi, who both started in their jobs last year, concluded that the bank’s controls weren’t effective, Credit Suisse said in its annual report. Despite the lapses, Credit Suisse said that its financial statements “fairly present, in all material respects, the group’s consolidated financial condition.”

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