Family Offices Targeting 800% Returns with SPAC Economics But family offices the discrete, sometimes secretive firms that manage the affairs of the ultra-rich have been one of the biggest driving forces.
Apr 16, 2021
(Bloomberg) The Pritzkers built an empire spanning hotels to manufacturing before agreeing two decades ago to split up their fortune among 11 descendants.
Karen Pritzker, one of the heirs, has parlayed that wealth into venture capital, backing firms such as Snap Inc. and Spotify Technology. Now she’s joined the wave of investors turning to blank-check firms.
The Pritzker Vlock Family Office is the anchor investor for Thimble Point Acquisition Corp., a special purpose acquisition company that raised almost $300 million in an initial public offering in February. Executives from the family office, named after Pritzker and her late husband Michael Vlock, are leading the venture, which will focus on software and technology.
Betting on âblank checkâ companies
Thimble Point joins growing ranks of so-called SPACs that go public despite owning nothing
By Scott Kirsner Globe Correspondent,Updated February 18, 2021, 3:38 p.m.
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The Nasdaq exchange has a presence in New York s Times Square via its digital billboard.HIROKO MASUIKE/New York Times
These are strange days for the stock market. You can take a company public without actually having a business, customers, or revenue. And if youâre Woody Benson, you can do it from the master bathroom of your home in Bonita Bay, Fla., showing slides over Zoom to prospective investors.