Spac enthusiast Palihapitiya bets on new offerings despite waning interest
Chamath Palihapitiya and partner seek to raise $800m focused on specialised healthcare sector
Chamath Palihapitiya, the venture capitalist-turned-Spac-enthusiast, has filed to raise four more special purpose acquisition companies with a new partner.
They add to the six blank-cheque companies Palihapitiya has already raised. He’s said he plans to set up 26 Spacs and name them alphabetically.
The latest are a partnership between Palihapitiya’s Social Capital and Suvretta Capital Management, an investment firm with an arm that focuses on the healthcare industry, according to filings with the US Securities and Exchange Commission on Wednesday.
They are called Social Capital Suvretta Holdings Corporation I, II, II and IV. Palihapitiya is their CEO and their president is Kishan Mehta, who overseas the healthcare strategy at Suvretta.
Each vehicle is seeking $200m and has a focus in a different healthcare sector: neurology, oncology, organ and immunology.
“Our company unites scientists, physicians, entrepreneurs and biotechnology-orientated investors around a shared vision of identifying and investing in innovative and agile biotechnology companies,” Social Capital Suvretta said.
Suvretta, an investment firm founded by former SAC Capital chief investment officer Aaron Cowen, has a division focused on healthcare called Averill.
The Spacs are expected to trade on the Nasdaq under the symbols DNAA, DNAB, DBAC and DNAD. Morgan Stanley is lead adviser on the listings. Credit Suisse had been on all of Social Capital’s previous Spac listings.
Bloomberg News. More stories like this are available on bloomberg.com
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