InterPrivate Plans Three New SPACs Amid Blank-Check Bonanza

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InterPrivate is seeking to raise at least $600 million for three new special purpose acquisition companies, according to a person with knowledge of the matter, underscoring the expectation that the appetite for new blank-check companies is unlikely to abate.

The three vehicles, dubbed InterPrivate II, III and IV, will respectively seek out targets in technology; financial services including fintech; and digital infrastructure, said the person, who requested anonymity because the information isn’t public. Should the blank-check companies come to fruition, they’d follow InterPrivate Acquisition Corp., which has agreed to merge with Aeva, a laser-sensor startup founded by two ex-Apple Inc. engineers.

Executives slated to manage, advise or join the boards of the new SPACs include InterPrivate’s Ahmed Fattouh, Brian Pham and Alan Pinto, former Yahoo! president Sue Decker, former Banc One Corp. Chief Executive Officer John McCoy, ex-Verifone Systems Inc. CEO Richard McGinn, and Pine Brook Managing Partner Howard Newman, said the person. Kevin Timmons and Gary Wojtaszek, respectively the former chief technology officer and CEO of data center company CyrusOne Inc., are set to be involved in the digital infrastructure vehicle, the person said.

An InterPrivate representative declined to comment.

The firm is a co-sponsor of other blank-check firms including Tuscan Holdings Corp., which recently inked a deal with battery maker Microvast Inc.

Since the start of 2021, more than 140 U.S. SPACs seeking a cumulative $41 billion have filed to go public, according to data compiled by Bloomberg. The path to becoming a serial issuer is well-trodden, with affiliates of Social Capital Hedosophia, Cohen & Co., TPG Pace Group and GigCapital among the most active.

InterPrivate is a private equity firm that invests on behalf of family offices.

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