The frenzy for blank-check companies may be cooling, but private equity is working hard to stoke one corner of the market, Private Equity News reports.
PE firms are turning to SPACs to speedily cash out their investments. At the same time, buyout groups including Apollo Global Management, Ares Management and KKR have launched SPACs of their own.
In other words, some PE firms are looking to sell portfolio companies to SPACs, some are forming SPACs to buy private businesses, and some are doing both in a bid to tap into the red-hot market for blank-check companies which has gripped investors for more than a year. Read more.