Apollo Global Management is planning to launch a blank-cheque firm in Amsterdam in what will be the first such vehicle led by an alternative asset manager to go public in Europe, a source said, crowning a hectic season for buyout funds globally.
Apollo is looking to raise about 400 million euros ($472.68 million) from a new special purpose acquisition company (SPAC)which is expected to go public after the summer, the source said, speaking on condition of anonymity.
The U.S. buyout fund appointed Credit Suisse and JPMorgan to manage the deal, the source added.
A successful deal would make Apollo – which has already gone down the SPAC route in New York – the first private equity firm to list a blank-cheque firm in Europe.
It would also pave the way for similar moves by rival buyout funds which are flush with money and looking for new ways to deploy capital.
Apollo is currently backing Acropolis Infrastructure Acquisition, a blank-cheque firm looking to raise $400 million through a U.S. listing.
Europe has only seen a handful of blank-cheque vehicles listed in Amsterdam this year. But a recent slowdown in the United States – where regulators have tightened up scrutiny on the asset class – may favour European deals.
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