Some investment executives who back SPACs are cashing in without sharing lucrative incentives with clients
Many investment executives who back special-purpose acquisition companies are scoring big paydays as more deals get completed. Some of their clients are missing out.known as the “sponsor promote.” It typically consists of deeply discounted shares and other securities executives receive for risking capital to set up the SPAC and vet a company to take public.
The shares and other securities that make up the promote in the Grab deal are valued at about $165 million at today’s prices and cost the sponsor roughly $12 million, according to New York University Law School professor Michael Ohlrogge,Part of the Altimeter team’s promote will be reinvested in the firm’s capital markets business, which was started last year to help companies go public, according to a person familiar with the firm.
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