Pension funds lost millions in the SVB debacle, says the media

The collapse of Silicon Valley Bank (SVB) has left investors wondering if their money is safe, as several pension funds in the US and overseas have lost millions of dollars due to investments in the tech and start-up-focused bank. CalPERS, the largest public pension fund in the US, had $67 million invested in SVB and about $11 million in Signature Bank, which was also shut down over the weekend. Alecta, Sweden's largest pension fund, had around $848.7 million invested in both SVB and Signature at the time of their failures. The implosion of the largest lender by deposits in Silicon Valley comes amid hawkish policies pursued by the US Federal Reserve, raising the risk of asset depreciation on the balance sheets of many financial institutions. US President Joe Biden insisted that the American banking system remained safe, and that the government would do "whatever is needed" to protect it against a full-blown crisis.