This article appears courtesy of Institutional Investor
Source: Corporate Financing Week
Dan Shirai
Top Street investment banks are stepping into territory thus far dominated by the minnows: specified purpose acquisition vehicles, or SPACs, which are essentially blank check companies. Deutsche Bank this month signed onto two vehicles–both related to real estate investing, Lehman Brothers is widely quoted as preparing an offering and other firms such as Citigroup are considering employing variations on the structure.
SPACs are run by management teams who raise cash with institutional investors and then go out in search of an acquisition.
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