Robert Smith’s Vista Equity Weighs Joining Rivals With Two SPACs

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Vista Equity Partners is exploring raising two special purpose acquisition companies despite a slowdown in issuance in the vehicles that have gained mainstream popularity and even inspired a hip-hop track.

Vista, led by billionaire Robert F. Smith, last month registered entities named V-Acquisition I Corp. and V-Acquisition II Corp. with the U.S. Securities and Exchange Commission, according to data reviewed by Bloomberg.

A Vista spokesman didn’t immediately respond to a request for comment.

Any initial public offerings of Vista-affiliated SPACs would follow debuts of blank-check companies backed by rivals including Thoma Bravo, which is taking app-software company ironSource public with its first vehicle, Thoma Bravo Advantage.

Other blue-chip private equity firms, including TPG, Apollo Global Management Inc. and KKR & Co., have also raised SPACs. And private equity firms have leaned on SPACs as vehicles to take portfolio companies public. Vivid Seats, a digital ticketing marketplace backed by GTCR and Vista, in April agreed to merge with Horizon Acquisition Corp., a blank-check firm led by Todd Boehly.

More than 330 blank-check firms have raised in excess of $105 billion via U.S. listings this year, more than the combined total for all of 2020. Issuance has slowed in recent weeks following a clarification from regulators about how to account for warrants, a key element of blank-check companies.

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