Financial services firm The Beneficient Co Group, L.P. has agreed to go public through a merger with a blank-check vehicle in a deal valuing it at about $3.5bn
Beneficient provides liquidity and services to qualified individuals and smaller institutions invested in private equity, venture capital and other alternative assets.
The company has disclosed providing investors $1.1bn in liquidity, including nearly $400m over the past year.
The merger comes at a challenging time for the special purpose acquisition company (SPAC) market as several returned the money they raised after failing to find suitable targets.
Get the week’s top news delivered directly to your inbox – Sign up for our newsletter
Beneficient is operating profitably but many SPAC transactions involve companies that are not yet profitable.
The deal with Avalon Acquisition Corp can fetch approximately $200m in gross proceeds for Beneficient following previous private capital raises.
Beneficient says access to public markets will help finance more liquidity transactions in the roughly $12 trillion alternatives sector.
“We are working to democratise the industry starting with a simple, secure, rapid and cost-effective solution to what we saw as investors’ most foundational and pressing need: liquidity,” Beneficient CEO Brad Heppner said in a statement.
Source: U.S. News
Can’t stop reading? Read more
Blue Owl caps fund withdrawals as private credit demand recalibrates amid market volatility
Blue Owl caps fund withdrawals as private credit demand recalibrates amid market volatility Blue...
Sycamore targets $4bn profit at Walgreens following $10bn buyout
Sycamore targets $4bn profit at Walgreens following $10bn buyout Sycamore Partners is targeting a...
L Squared closes oversubscribed $2bn fund to scale growth strategy
L Squared closes oversubscribed $2bn fund to scale growth strategy L Squared Capital Partners has...