Sovereign Wealth Fund investments in SPAC zoom higher in 2020

Seeking Alpha2020-11-24

With 2020 termed as the SPAC-tacular year, sovereign investors and public funds are also making big bets in SPACs beside the institutional investors, Sovereign Wealth Fund Institute transaction data ...

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through investments in SPACs, funds leveraged the uncertain period and supported companies to sail through the economic crisis.Top 10 largest SWF by total assets are listed below; Public Investment Fund (PIF) cut its holdings of U.S. equities in Q3 by $3B to $7B mainly by selling stakes in ETFs tracking the real estate and materials sectors.Prince Mohammed, chairman of the PIF, said in a rare statement recently that returns have reached 7%, with some of its investments yielding 140%. While most sovereign funds in the Middle East don’t publish their returns, Abu Dhabi Investment Authority said its 20-year annualized rate of return was 5.4% in 2018, according to its most recent report. Cited examples: Churchill Capital Corporation III(NYSE:CCXU), a SPAC run by former Citibank Michael Klein, who runs M. Klein and Compan attracted GIC Private Limited and Saudi Arabia's Public Investment Fund(PIF); other popular SPACs being invested by SWF capital include Flying Eagle Acquisition(NYSE:FEAC)and Foley Trasimene Acquisition Corp I and II(NYSE:WPFU), (BFTU).Quick look at the recently launched ETF for SPACs Defiance NextGen SPAC IPO ETF(NYSEARCA:SPAK)performance in the past one month exceeding the broader index:SoftBank(OTCPK:SFTBY)Vision Fund SPAC is backed to an extent of $65.5B by external investors like Saudi Arabia’s sovereign wealth fund.QuantumScape, EV battery supplier backed by Microsoft co-founder Bill Gates and Volkswagen, is expected to receive $1B+ in cash and funding commitments, led by Volkswagen and Qatar’s sovereign wealth fund, as part of the transaction; the former has inked a definitive agreement to merge with Kensington Capital Acquisition(NYSE:KCAC).Silver Lake, tech-focused investment firm, adding a long-term hedge fund backed by Abu Dhabi’s SWF Mubadala who acquired a minority stake in the firm by buying up half of the 10% chunk of the firm that Silver Lake's partners sold to Dyal Capital Partners, a subsidiary of Neuberger Berman(NYSEMKT:NRO).","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"deviceId":"web-server-community-laohu8-v3","version":"4.26.2","shortVersion":"4.26.2","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2086249377"}