Various pension funds that invested in Silicon Valley Bank & Signature Bank have lost millions in the aftermath of the banks' collapses. SVB was shut down by state regulators on Fri, while the New York-based Signature Bank was closed on Sun.
The California Public Employees Retirement Fund had invested $67 million into Silicon Valley Bank and roughly $11 million into Signature Bank, which also failed, per Newsweek.A spokesperson for the state's pension fund, which has more than 1.5 million members, told the outlet the investments in the two banks made up"a small percentage of our overall portfolio."
However, the funds invested in the failed banks only included a small portion of the state's total pension fund, which is estimated at $10.3 billion.
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