While still seeking merger candidates for two of his six blank-check companies, MarketWatch reports that Chamath Palihapitiya filed for four more with a new focus: biotech.
Palihapitiya registered with the SEC for the four new SPACs, called Social Capital Suvretta Holdings I, II, III and IV, each of which seek to raise at least $200 million. Palihapitiya is teaming with an executive from the Suvretta investment firm, Kishen Mehta, who leads Suvretta’s health-care-focused investment team and will be the president of all four entities, while Palihapitiya serves as chief executive.
Palihapitiya has led the charge on SPACs, an investment entity that was rarely used before the COVID-19 pandemic but has exploded in usage since the beginning of 2020. Palihapitiya has been credited with starting the trend, with The New Yorker recently proclaiming the former venture-capital investor and early Facebook employee “The Pied Piper of SPACs.” Read more.
