Billionaire U.S. investor Dan Och seeks $750 million for SPAC
By Svea Herbst-Bayliss
BOSTON (Reuters) - Billionaire investor Daniel Och, who founded the hedge fund Och-Ziff Capital Management, said in a report filed Friday it plans to raise $ 750 million through a blank check acquisition vehicle to help the youngest major hedge fund investor to become who puts you on.
Och, who founded Och-Ziff in 1994, retired as Managing Director in 2018 and left the company, which is now called Sculptor Capital Management, last year.
Ajax I is led by Och and investor Glenn Fuhrman, who co-founded MSD Capital in 1998, which manages Michael Dell's assets. Instagram co-founder Kevin Systrom, Square co-founder Jim McKelvey, 23andme co-founder Anne Wojcicki and Chipotle founder Steve Ells will be on the board.
Ajax sponsors have reduced advertising to 10% instead of the usual 20%.
Ajax said it would look for a company in the internet, software, financial technology or consumer goods sectors.
Och has a long track record of investing in technology companies such as Coinbase, Instacart, Stripe and Robinhood through his family office Willoughby Capital Holdings.
He is now part of hedge fund managers William Ackmans Pershing Square, Jeffrey Smith's Starboard Value LP and Daniel Loeb's Third Point LLC, who have all raised pools of capital known as Special Purpose Acquisition Companies (SPACS).
A SPAC is a shell company that usually raises money within two years by going public to buy an operating company.
A total of 112 SPACS raised $ 42.9 billion through an IPO in the first nine months of 2020. According to SPAC Research data, this is the biggest year in its history.
By merging with a SPAC, a private company can access capital quickly and quietly. This is particularly beneficial in the volatile trading conditions impacted by the coronavirus pandemic and the November 3rd US presidential election.
Goldman Sachs, Citigroup and J.P. Morgan are among the draftsmen of Och's company.
(Reporting by Svea Herbst-Bayliss; Editing by Paul Simao)
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