Former Goldman Asia banker Ken Hitchner raises $360m for SPAC

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The former head of Goldman Sachs Group Inc.’s Asia-Pacific unit outside Japan raised $360 million for a blank-check company targeting health-care deals in the region, adding to the wave of former bankers joining the investing craze.

Ken Hitchner, who was chairman and chief executive officer of Goldman Sachs for the region, is teaming up with Richard Li, former head of Great Wall Pan Asia Asset Management Ltd., in the special purpose acquisition company, according to a U.S. filing this month.

Blank-check companies, which raised a record $83 billion on U.S. exchanges last year, are quickly spreading to Asia. SoftBank Group Corp. plans to raise as much as $630 million through two new SPACs, the Tokyo-based investor said last week. Former Deutsche Bank AG and Lehman Brothers banker Joaquin Rodriguez Torres is talking to more than a dozen companies in the region for his SPAC that raised $345 million.

Blank-check companies, which raised a record $83 billion on U.S. exchanges last year, are quickly spreading to Asia. SoftBank Group Corp. plans to raise as much as $630 million through two new SPACs, the Tokyo-based investor said last week. Former Deutsche Bank AG and Lehman Brothers banker Joaquin Rodriguez Torres is talking to more than a dozen companies in the region for his SPAC that raised $345 million.

SPACs raise money from investors and then seek to purchase another firm, taking it public without having to go through an initial public offering. Blank-check companies completed a record $26 billion of share sales in January alone, predominantly in the U.S. as they tap into strong equity markets.

Hitchner is chairman of HH&L Acquisition Co., while Li is the CEO, according to the statement. The company offered 36 million units at $10 each, and trades on the New York Stock Exchange under the ticker HHLA/U.

Hitchner is a former navy pilot who joined Goldman Sachs in 1991 and has served as global head of the health-care banking group and global co-head of technology, media and telecom. He retired from Goldman Sachs in 2019.

Bloomberg

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.