The SPAC frenzy continued this week with Elliott Management said to be raising $1 billion for one of its own, The Wall Street Journal reported. The hedge fund, better known for taking stakes in public companies and pushing for change, is following in the footsteps of competitors Starboard Value and Bill Ackman’s Pershing Square. Elliott has not disclosed the industry it is targeting, but at $1 billion, it is one of the largest SPAC raisings to date.
Jeff Ubben is seeking $8 billion for his ESG-focused fund, Inclusive Capital Partners, Reuters reports, amid speculation that he is in the running for a seat on Exxon Mobil’s board. This would be the first fund Ubben has raised since leaving ValueAct last year, the activist hedge fund he co-founded.
Lastly, in a week where activist campaigns ticked higher, Sachem Head Capital Management took a stake in International Flavors & Fragrances and nominated four directors to the company board. The hedge fund is calling for the company to improve its financial performance and to better integrate DuPont’s Nutrition Unit into the company following the completion of its $26.2 billion merger earlier this month.
Have a great weekend,
Joel
