, Columnist
A Boutique Investment Bank Bets on a SPAC
The boutique M&A shop can take full credit if it cuts a good deal with a SPAC. But it’ll have no one to blame if it all goes wrong.
Being put on display.
Photographer: Toshifumi Kitamura/AFP via Getty Images
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There’s a puzzle in Perella Weinberg Partners’ ambition to go public by merging with a so-called SPAC.
Special purpose acquisition companies often partner with early-stage businesses that lack the track record of revenue generation required to do an initial public offering. A boutique investment bank that’s been around since 2006 is an unusal candidate for this sometimes controversial route to market. The terms of any deal will be instrumental to demonstrating Perella Weinberg has gone for a SPAC out of choice rather than necessity.