Fruitful extraction: Security guards allow individuals to enter SVB’s headquarters in Santa Clara, California. Race Capital successfully pulled all its funds from SVB and placed them in accounts the firm had previously opened with other banks. — AP
NEW YORK: Alfred Chuang, general partner at Race Capital, should have been elated when the last bit of capital came in for his venture firm’s new US$181mil (RM808.9mil) fund.
But there was just one problem – the limited partners (LPs) had sent their wire transfers to Silicon Valley Bank (SVB) right as it started to implode.
