Investment

The family offices behind SPACs

The mushrooming of SPACs (special purpose acquisition companies) over the last year hasn’t gone unnoticed by family offices, many of which are sponsors of the blank check company phenomenon. 

Family Capital looks at the family offices backing them and others which are linked to them – in alphabetical order. 

Avanti Acquisition Corp

Family office connection: Avanti Acquisition is backed by NNS Group, the investment office of Egyptian billionaire Nassef Sawiris. 

byNordic Acquisition Corp

Family office connection: Mats Karlsson, director of acquisitions at byNordic, also has a family office, Vendere, based in Sweden. 

GO Acquisition Corp

Family office connection: The two co-CEOs Noam Gottesman and Gregory O’Hara have family offices. Gottesman, a seasoned expert with SPACs, runs TOMS Capital, and O’Hara runs Clementine Investments

Gordon Pointe Acquisition Corp

Family office connection: James Dolan is CEO of the SPAC; he also has a family office,  Voyager Holdings.

Harvester Holdings

Family office connection: Martin Franklin, through his investment group, Mariposa Capital, is backing Harvester Holdings, a SPAC that planned to launch on the London Stock Exchange, but was reported to have been pulled before its IPO scheduled last September.  

H.I.G. Acquisition Corp

Family office connection: Andreas Beroutsos, who sits on the board of H.I.G, is also a partner at HRS Management, a family office founded by Joshua Harris, co-founder of Apollo Global Management.

HL Acquisitions Corp

Family office connection: HL’s CEO and chairman is Jeffrey Schwarz, who also invests through Metropolitan Capital Partners V, which is connected to his family office. 

Jaws Acquisition Corp

Family office connection: Jaws Estates Capital, the family office of Barry S. Sternlicht, is one of the main sponsors of Jaws AC.

New Beginnings Acquisition Corp

Family office connection: Michael Liebowitz is the CEO of New Beginnings. He also runs M2AFO Investments, his family office. 

Russell Galbut, who is chairman of New Beginnings, also is a manager at the family’s investment group, Galbut Family Office, a big investor in Florida-based real estate. 

Perry Weitz, a manager at New Beginnings and also a prominent lawyer and entrepreneur, also has a family office, Carpe Investments.

Spartacus Acquisition Corp

Family office connection: Eric Edidin is a director at Spartacus, he also runs Endo Investors, an investment group owned by Edidin and linked to his private investment group Three B Holdings.

The Miller Family Office is an affiliate to the sponsor is also connected to Spartacus – although who owns the family office isn’t known.  

Orisun Acquisition Corp

Family office connection: Wei Chen is president and chairman of Orisun and she also has a family office, New York City-based Everpower International Holdings

OTR Acquisition Corp

Family office connection: Nicholas Singer’s family office, Purchase Capital, has backed the sponsor of OTR. 

Recharge Aquisition Corp

Family office connection: Rajesh Soin is the chairman of Recharge, he also invests through the Sion Family Office

SCP & CO Healthcare Acquisition Corp

Family office connection: R. David Kretschmer is a director at the SPAC; he also is chief investment officer for North Bristol Partners, a California-based family office owned by Leonard Schaeffer, the founding chairman & CEO of WellPoint (now Anthem), a huge healthcare group. 

Sports Entertainment Acquisition Corp

Family office connection: Chris Shumway is one of the backers of the SPAC; he also converted his hedge fund Shumway Capital into a family office nearly 10 years ago. 

Stable Road Acquisition Corp

Family office connection: David Siminoff, a successful tech investor, who runs his family office Thompson Peak Capital, also sits on the board of the SPAC, which merged with Momentus, a commercial space company in October. 

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