Investment

Two family offices sponsor two SPACs as the interest in the investment vehicle endures

Although the SPAC boom earlier this year has eased, Special Purpose Acquisition Company’s continue to be popular with investors, particularly family offices, as these two deals underline.

JPK Capital, a New York City-based family office owned by serial entrepreneur Joe Poulin, is the main sponsor of recently launched SOAR Technology Acquisition Corp. Meanwhile, Tsangs Group Holdings, a Hong Kong family office owned by Patrick Tsang, a member of a family business dynasty, is the main sponsor of also recently launched TG Venture Acquisition Corp.

The JPK Capital-backed SPAC is interesting largely because of Poulin, whose investment pedigree is impressive. The Canadian founded a luxury travel group when he was 17, which he ended up selling to Airbnb in 2017. He set up JPK soon afterwards, which has gone on invest in around 80 companies. Now Poulin and JPK are getting even more ambitious with this latest SPAC initiative. 

Patrick Tsang heralds from a Hong Kong family that relocated to the UK in the 1950s. The Tsangs built a restaurant business in the UK and diversified their holdings into a successful real estate business. The family business morphed into the family office, Tsangs Group Holdings,  a few years ago. According to its website, Tsangs Group has invested in an eclectic group of businesses, including some media groups, a top-notch London restaurant and some fintech startups. 

As Family Capital reported last week, SPACs are still popular, despite a slowdown after greater US regulatory scrutiny and concern the market was overheating last summer. Family office sponsorship and backing remain a big part of the sector’s enduring appeal. 

 

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