Paul Singer
Photographer: Misha Friedman / Bloomberg
Photographer: Misha Friedman / Bloomberg
Elliott Management Corp., a hedge fund known for its activist shareholder campaigns, is meeting with bankers to raise more than $ 1 billion to fund a specialty acquisition company, the Dow Jones reported Sunday.
The process is at an early stage and plans could change, Dow Jones said, referring to people familiar with the matter who have not been identified. Elliott, founded by billionaire Paul Singer, could use the proceeds to buy a company that is potentially worth double-digit billions, based on targets of similar size SPACs, have agreed to trade, the report said.
Once an obscure investment vehicle, SPACs raised $ 83 billion on U.S. wallets in 2020, accounting for about 46% of the total of all initial public offerings, according to data compiled by Bloomberg. This year, at least 117 SPACs have raised more than $ 35 billion, at a rate for another record year. SPACs seek funds to fund merger and acquisition opportunities.
Dow Jones says it is not clear which industries Elliott can focus on.
With more than $ 45 billion in assets under management, Elliott has owned some of the world’s largest and most prominent companies, including Twitter Inc., Softbank Group Corp., AT&T Inc.