PE firms launching SPACs
Can a PE-sponsored SPAC acquire/ de-SPAC with one of their own portfolio companies (or any company where they have an ownership interest)? I can't imagine SEC allows this but question came up the other day...
I think you just found the next wave of SPACs. Incoming MM widget manufacturers getting acquired at 23x EBITDA
Someone probably has a more direct example
But, SilverLake kinda did this: https://pitchbook.com/newsletter/silver-lake-wins-approval-for-26b-spac-sale
Though Far Point was sponsored by Daniel Loeb, SilverLake had a large stake and was buying more leading into the vote, so not entirely your question but its definitely possible. Kinda like an inter-transfer of one PE fund buying an older vintage funds asset.
However, they usually team up with another large sponsor to give external validation that it is a fair price.
Of note. The SEC does not approve any investment, but only assess for completeness and that all necessary disclosures have been made
Like a VCs seed-stage fund receiving follow-on investment from a growth-equity fund the same firm runs.
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