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    Home»SPAC»Hong Kong Buyout Firm EmergeVest Plans $250 Million SPAC
    SPAC

    Hong Kong Buyout Firm EmergeVest Plans $250 Million SPAC

    March 29, 20211 Min Read
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    Hong Kong financial district, Victoria Harbour between Hong Kong Island and Kowloon, view from Victoria Peak, Hong Kong
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    Hong Kong-based private equity firm EmergeVest is planning to raise $250 million through a special purpose acquisition company in the U.S., people with knowledge of the matter said. EmergeVest is working with Credit Suisse Group AG on the proposed SPAC listing, said the people, who asked not to be identified as the information is private. The blank-check company will look for merger targets in logistics, technology and financial services, the people said.

    Founded in 2013, EmergeVest has more than $500 million in assets under management and its current portfolio includes a U.K. logistics company called EV Cargo which generated over $1 billion annual revenue, according to its website.

    A SPAC, also known as a blank-check company, is a shell company that raises money from public investors with the goal of acquiring a business within two years. Historically a U.S. product, a growing number of Asia-based funds and financiers have been setting up blank-check companies with the aim of snapping up a target in the fast-growing region. Gaw Capital and New Frontier Group are among those that have filed for SPAC listings.

     

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    Source: BNN Bloomberg

    By Vinicy Chan

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