Edi Truell’s Disruptive Capital revives European Spac market
Trading in sterling, listed on Amsterdam, searching for value not growth, offering higher rewards to investors, Europe’s first special purpose acquisition company in months is a ground-breaker.
After almost three months without a single special purpose acquisition company (Spac) IPO in Europe, the former founder of Duke Street Capital, Edmund 'Edi' Truell, reopened the market in October with a £125 million listing on the Amsterdam Stock Exchange for Disruptive Capital Acquisition Corp (DCAC).
Truell is managing partner of the sponsor, Disruptive Capital, a private equity firm he founded in 2008 that is also his family office. His track record, according to the DCAC prospectus, is a lifetime average net realised internal rate of return (IRR) of approximately 33% from over £9 billion of investments during 27 years in private equity.
In 1988, Truell led the management buyout of Hambro European Ventures to form Duke Street Capital, a top-10 European private equity firm. There, he created Duchess 1, the first collateralized debt obligation fund in Europe.
He bought pensions administrator Xafinity and built it into shareholder services company Equiniti, now rebranded as EQ. He co-founded Pension Insurance Corp and built it into a leader in bulk annuities. In 2018, Truell co-founded the Pension SuperFund to consolidate UK private-sector pensions.