Brazil's Patria to launch $250mn SPAC

SAO PAULO: A special purpose acquisition company (SPAC) backed by Brazilian asset manager Patria Investments Ltd plans to raise $250 million in an initial public offering on Nasdaq, according to a securities filing.

Patria, which has Blackstone Group Inc among its investors, said on Friday its executive officers may sponsor the blank-check company Patria Acquisition Co, based in the Cayman Islands, with roughly $92 million.

The SPAC will focus on acquiring Latin America-based companies, but did not specify an industry in which to invest. SPACs are shell companies that raise money in public markets through IPOs and later acquire private companies. They serve as an alternative to private companies to become public, sidestepping a traditional IPO process.

JPMorgan & Chase is the sole underwriter for the offering.