Arrow Capital has co-sponsored the completed listing of a special purpose acquisition company on the Nasdaq, as the latest Asian player to enter the blank cheque boom.
The SPAC was co-sponsored by wealth and investment manager Arrow Capital alongside Silicon Valley venter capital firm Tribe Capital, according to a statement, and it raised $240 million from its Nasdaq IPO
The blank cheque vehicle will «seek a target in the technology sector, pursuing M&A opportunities with top private technology companies showing inflection points in their growth trajectory».
Arrow Capital
Boutique advisory firm Arrow Capital provides a range of financial services to ultra-high net worth individuals, families, trusts and corporate entities, particularly those based in the Middle East and Southeast Asia, where 70 percent of its assets are managed out of Singapore.
The firm is founded and led by 20-year financial vet and Singapore national Rohit Nanani.
«The Middle East has fast become an increasingly attractive marketplace, hub for innovation and a valuable conduit into other emerging markets like Southeast Asia,» said Arjun Sethi, partner and co-founder of Tribe Capital.
SPAC Boom
SPAC investments keep trending upwards as markets continue to be flooded by ample liquidity from loose monetary policy.
Within the Middle East, notable SPAC investors recently include Abu Dhabi’s Mubadala Capital and Saudi Arabia’s Public Investment Fund. Closer to Singapore, rival hub Hong Kong has also seen a flurry of local tycoons enter the SPAC boom including the city’s richest Li Ka-shing, his son Richard Li and New World Development chief Adrian Cheng.
