- Special-purpose acquisition companies — aka “blank-check” companies — are having a moment on Wall Street. The investment vehicles have raised more than $40 billion already in 2020 and are on track to more than triple last year’s total of $14 billion.
- SPACs have recently attracted bold-faced names such as hedge-fund titan Bill Ackman, LinkedIn founder Reid Hoffman, Silicon Valley power player Dragoneer Investment Group, and “Moneyball” star Billy Beane.
- But there’s an ecosystem of advisors, salespeople, and lawyers pitching blank-check companies to investment platforms and wealthy people as viable financing options.
- We spoke with more than a half dozen industry insiders to come up with a list of the market’s most influential players.
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One of Wall Street’s most talked-about trends is the wave of special-purpose acquisition companies, or SPACs, that have launched IPOs at such a torrid pace that they’re on track to