Advertisement
Exclusive | Richard Li in talks to raise funds for his fourth Bridgetown SPAC as Asian investors keep piling into blank-cheque companies
- The new fund will be Li’s fourth SPAC in collaboration with billionaire Peter Thiel; one of their blank-cheque vehicles in talks with Indonesian unicorn Traveloka
- SPAC IPO proceeds have swollen to over US$100 billion so far this year with a sharp slowdown in listings during April and May
Reading Time:3 minutes
Why you can trust SCMP
Hong Kong billionaire Richard Li Tzar-kai is in the early stages of setting up his fourth special purpose acquisition company (SPAC) as more Asian-based entrepreneurs chase one of the hottest deal making trends this year, according to people familiar with the talks.
Advertisement
The talks for Li’s latest SPAC are in very preliminary stages and there is no fundraising target set, they said. Under the Bridgetown Holding brand, Li has raised more than US$1 billion from three SPACs over eight months.
Li, the younger son of tycoon Li Ka-shing, set up the so-called blank-cheque company Bridgetown with billionaire Peter Thiel, the co-founder of PayPal. A Bridgetown representative declined to comment on market speculation.
Li’s investment group Pacific Century and Los Angeles-based Thiel Capital are sponsoring the SPACs that have been hunting targets in the new economy sectors in Southeast Asia or South Asia.
03:34
SPACs: Everything you need to know about the finance world’s new big thing
SPACs: Everything you need to know about the finance world’s new big thing
SPACs do not have an existing business. They are created purely as vehicles to attract investors, build up financial war chests and buy assets, typically unlisted companies, within a specified time limit.
Advertisement