SPAC Veteran Graf Eyes $675 Million for Three New Companies

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Veteran blank-check firm executive James Graf is planning to raise $675 million for three special purpose acquisition companies, the latest would-be serial issuer of the increasingly mainstream vehicles, according to people familiar with the matter.

The SPACs are dubbed Graf Acquisition Corp. II, III and IV, said one of the people, who requested anonymity because the information is private. The entities will target $150 million, $225 million and $300 million respectively.

Graf will be chief executive officer of the vehicles and Tony Kuznik will be executive vice president and general counsel, said the person. Each SPAC will have a broad mandate, able to target a business or businesses in any sector, and may be upsized based on demand or a so-called greenshoe, the person added.

A representative for Graf declined to comment.

Before pursuing SPACs of his own, Graf -- a former investment banker -- was a director of Platinum Eagle Acquisition Corp., and vice president, chief financial officer and treasurer of both Double Eagle Acquisition Corp. and Silver Eagle Acquisition Corp. His first SPAC, Graf Industrial Corp., merged with sensor technology company Velodyne Lidar Inc.

After a record 2020, the grab for capital by SPACs has continued into the new year. In the first six weeks of 2021, some 155 U.S. vehicles filed for initial public offerings, seeking to raise a collective $46 billion, Bloomberg data show.

©2021 Bloomberg L.P.

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