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The SPAC once again rose to prominence in 2020 and momentum has continued to build this year. By mid-March 2021, the number of SPACs raised had already eclipsed the total raised in 2020. SPACs, special-purpose acquisition companies, are shell companies set up to raise money to acquire another, existing company. SPAC vehicles have been around for decades but have recently risen in popularity as experienced investors and management teams have chosen this route to decrease the risks associated with a traditional initial public offering (IPO).
In this newsletter, we explain how SPACs work and are structured, typical attributes of SPAC sponsors, who benefits from the SPAC structure, why SPACs have seen such exponential growth recently, and how private equity interacts with and influences the SPAC industry.
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