InterPrivate is seeking to raise at least $600 million for three new special purpose acquisition companies, according to a person with knowledge of the matter, underscoring the expectation that the appetite for new blank-check companies is unlikely to abate.

The three vehicles, dubbed InterPrivate II, III and IV, will respectively seek out targets in technology; financial services including fintech; and digital infrastructure, said the person, who requested anonymity because the information isn’t public. Should the blank-check companies come to fruition, they’d follow InterPrivate Acquisition Corp., which has agreed to merge with Aeva, a laser-sensor startup founded by two ex-Apple Inc. engineers.

The firm is a co-sponsor of other blank-check firms including Tuscan Holdings Corp., which recently inked a deal with battery maker Microvast Inc.

Since the start of 2021, more than 140 U.S. SPACs seeking a cumulative $41 billion have filed to go public, according to data compiled by Bloomberg. The path to becoming a serial issuer is well-trodden, with affiliates of Social Capital Hedosophia, Cohen & Co., TPG Pace Group and GigCapital among the most active.


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Source: BNN Bloomberg

By Gillian Tan