Fort Worth’s TPG Capital-backed SPACs to raise over $1 billion in US IPOs

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Fort Worth’s TPG Capital-backed SPACs to raise over $1 billion in US IPOs

Three black-check companies or SPACs (Special Purpose Acquistion Company) backed by the San Francisco, California-headquartered TPG Capital, an American private equity firm founded back in the 1992s in Fort Worth, Texas that primarily focuses on leveraged buyouts and growth capital, had been exploring an option to raise as much as $1 billion in US IPOs (Initial Public Offerings), separate regulatory filings with US SEC (Securities and Exchange Commission) had unveiled late on Monday.

According to the regulatory filings, three TPG-backed firms such as TPG Pace Beneficial II Corp, TPG Pace Tech Opportunities II Corp and TPG Pace Solutions Corp, had filed to raise as many as $350 million, $450 million and $250 million, respectively, by selling ordinary shares in NYSE IPOs.

As a matter of fact, SPACs (Special Purpose Acquisition Company) are shell entities that could be capitalized on to taking a company public after mergers or acquisitions, while SPACs or blank-check firms are allowed to raise capitals to finance their mergers or acquisitions from traditional investors or IPOs (Initial Public Offerings) without telling their investors about the companies they have been pursuing.

TPG-backed SPACs seek to raise over $1 billion in NYSE IPO

On top of that, latest move from TPG Capital, the American multinational private equity firm that had raised hundreds of millions of dollars through several SPACs or blank-check entities, comes over the heels of an SPAC deal that took online learning platform Nerdy Inc public in January following a $1.7 billion merger with another TPG-backed SPAC, TPG Pace Tech Opportunities Corp.

In tandem, Germany’s largest lender Deutsche Bank alongside leading US lenders such as JPMorgan & Goldman Sachs would act as lead underwriters for the latest offerings of TPG-backed SPACs.