Asia-based hedge fund managers including Sylebra Capital and Aspex Management are joining the SPAC boom, seeking large stakes in companies that could emerge as the next Grab Holdings, Bloomberg reports.
The two firms, along with Snow Lake Capital and Dymon Asia Capital, have pumped hundreds of millions of dollars in the past few months into private placements that help finance SPAC deals. The funds are eyeing big positions in what they’re betting will be future giants in industries ranging from plastic recycling to renewable energy storage.
The funds are committing more money even as U.S. regulators clamp down on special purpose acquisition companies that have raised $100 billion this year, topping last year’s record. The craze has prompted the SEC to issue new guidance on accounting for SPAC warrants, and warned that the vehicles aren’t a way around securities rules. Read more.
