PIPE funding for blank-check company deals is drying up, pointing to a slowdown for one of Wall Street’s hottest products after a record-breaking quarter, The Financial Times reports.
Advisers to SPACs say they are struggling to find PIPE financing to complete their planned acquisitions. Institutional investors such as Fidelity and Wellington Management have ploughed billions of dollars into PIPE deals since the SPAC boom emerged last year. But people involved in arranging the deals say PIPE investors are overwhelmed by the sheer volume of transactions and put off by rising valuations. Read more.
