Silicon Valley Bank collapses in biggest failure since 2008

The Ireland Strategic Investment Fund says the State's $100m investment will not be impacted

Silicon Valley Bank headquarters in Santa Clara, California. SVB Financial Group bonds are plunging alongside its shares after the company moved to shore up capital after losses on its securities portfolio and a slowdown in funding Picture: David Paul Morris/Bloomberg

The Ireland Strategic Investment Fund (ISIF) said it does not expect any negative impact on the State’s $100m (€93.9m) investment in five funds managed by a subsidiary of the SVB Financial Group.

It comes after Silicon Valley Bank became the biggest US bank failure in more than a decade, after its long-established customer base of tech startups grew worried and pulled their deposits.