Getting hired at a SPAC

I got a job at a SPAC a few weeks/months ago and thought I'd share a few reflections.

  1. It is really lean/light. SPACs have limited working capital that they have to pay for everything (lights, market data, salaries, D&O insurance, etc.) for their search period. So you won't get the Bloomberg accounts, access to GLG, etc.
  2. SPAC leaders have very specific ideas in mind for who they want to hire. My SPAC was looking for juniors with X years of IB, Y years of PE, and deep deal experience in Z. They are not looking for the generalist all-around-athletes.
  3. They source through personal networks and luck. Going back to the lean/light, SPAC leaders don't have time or money to work with headhunters or do a broad outreach process or conduct multiple rounds of structured interviews. I saw the job ad through college alumni mailing list.
  4. They move fast. I had 2 interviews, a case study, and an offer in writing within a week. They also told me I had 3 days to accept it or they'd move onto the next guy. I accepted it within 3 hours. This speed translates to the deal side as well.
  5. The comp is very attractive. Cash comp is lower, but its more than made up with equity. You might have a reasonable debate on the risk characteristics of the equity (vesting, post-merger performance, etc.) but on paper its attractive.
  6. You have to be comfortable with knowing there's an end date. SPACs by definition have a limited existence, either through a merger or a liquidiation. So it's a fun ride, but it's a 2-year ride at most.

Should caveat that my shop is an "independent" SPAC, which is different from a PE-sponsored SPAC, which operate in many ways like an extension of the PE fund (and the above may or may not apply).

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