SG’s Aura Group to explore US and SGX SPACs with Fat Projects

Singapore. Photo: Unsplash

Singapore-headquartered fund manager Aura Group on Tuesday said it is looking to co-sponsor two Special Purpose Acquisition Companies (SPACs) with investment firm Fat Projects in the US and Singapore.

Fat Projects is a Singapore-based firm founded by Asian entrepreneurs David Andrada and Tristan Lo. The firm listed a $100 million SPAC on Nasdaq last week targeting technology businesses in Asia.

Aura Group is a financial services business with a presence in Sydney, Melbourne and Ho Chi Minh City, overseeing and advising over S$951 million in assets.

Aura and Fat Projects are looking to file the US-listed SPAC by the end of this year, with the aim of raising $100 million to acquire global technology companies. Its Singapore-listed SPAC will be a smaller entity – between S$150 million and S$200 million – targeting companies in the Asia Pacific region. The SGX-listed SPAC will be launched in H1 2022.

“Bringing Fat Projects’ US public markets and SPAC experience alongside Aura’s deep regional access will add tremendous value as we execute on our plans of launching a second US-listed SPAC and our first SGX SPAC listing,” said Fat Projects managing partner Andrada.

“Our vision is to be the regional leader in this space and serialise our SPAC ventures providing growth capital and network access to some of the most promising technology-enabled companies in the Asia Pacific, specifically the Southeast Asia and Australasia corridors,” he added in a statement.

“In addition to the attractive liquidity of US public markets, Aura is a big believer in the Singapore financial eco-system and that is why we relocated our head office here in 2017. The next billion internet users will come from South-east Asia and investors stand to benefit greatly from amazing growth that is set to come from this region,” said Aura Group managing director Calvin Ng.

Both firms have a combined portfolio of over 50 companies in the Asia Pacific region, including firms such as Zenyum, Zipmex, Shippit, Teko and Catapult.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.