Apollo to raise $500m for fund to invest in SPACs: Reuters

Apollo Global Management Inc is raising $500 million for a fund to invest in special purpose acquisition companies, reported Reuters. The news wire noted that Apollo “will buy stakes in the initial public offerings and private placements of SPACs, as well as provide liquidity to SPAC managers by acquiring their founder shares.” Recently, Apollo has launched a number of SPACs, one of which, Spartan Energy Acquisition Corp, merged with Fisker Inc last year, valuing the electric vehicle maker at $2.9 billion.

Source: Reuters