European asset manager Tikehau Capital files for $110m SPAC listing on SGX

A logo of the Singapore Stock Exchange (SGX) is pictured outside its premises in the financial district of Singapore April 23, 2014. REUTERS/Edgar Su/Files

French asset management group Tikehau Capital and its joint sponsor Financiere Agache, the family office of luxury group LVMH chief Bernard Arnault, have filed a preliminary prospectus with regulators in Singapore to list its special purpose acquisition company (SPAC) on the Singapore Exchange (SGX).

The SPAC, Pegasus Asia, is expected to raise S$150 million ($110 million) by offering shares at S$5 a piece in its initial public offering (IPO).

This comprises S$128 million worth of units offered to investors, and S$22 million in founder units, or units subscribed by the sponsors.

The joint sponsors are also putting in S$20 million each, in a forward purchase agreement, or a PIPE transaction.

According to the prospectus, the SPAC will look to combine with a company in technology-enabled sectors, including consumer-tech, fintech, prop-tech, insurance-tech, health-tech, and digital services, primarily in Asia Pacific.

Pegasus Asia is led by chief executive officer Neil Parekh, who is Partner and Head of Asia, Australia and New Zealand at Tikehau Capital. The SPAC’s board of directors include independent directors Chu Swee Yeok, CEO and President of EDBI in Singapore; Wong Su-Yen, Fellow and Chairman of the Governing Council of the Singapore Institute of Directors; Eleanor Seet, President and Director, Head of Asia ex-Japan at Nikko Asset Management Asia; and non-independent director Jean-Baptiste Feat, co-chief investment officer at Tikehau Investment Management, and co-head of Asia. Seet will be Chairman of the board.  

The SPAC is expected to list before the end of the month.

Citigroup and UBS are joint issue managers.

The vehicle is the second SPAC for Tikehau Capital and Financiere Agache. In April, the sponsors, along with financier Jean-Pierre Mustier, raised 500 million euros for Pegasus Europe, which is targeting European companies in asset management, fintech, insurance, and financial services.

Tikehau Capital has some 31 billion euros in assets under management. It was an investor in Singapore-headquartered co-working space JustCo, and Australian small business lender Judo Bank, which was listed on the ASX in November last year.

In a similar development on Thursday, Vertex Technology Acquisition Corp, the blank cheque company sponsored by Temasek-backed venture capital firm Vertex Ventures, also filed a prospectus to list on SGX.

Other SPACs in the SGX pipeline are understood to include vehicles sponsored by Singapore private equity firm Novo Tellus, and Turmeric Capital led by former LVMH executive Ravi Thakran.

SPACs have also been allowed to list in Hong Kong since Jan 1 this year.

Meanwhile, the regulator in Malaysia has moved to attract SPAC transactions, by cutting the minimum SPAC IPO size to 100 million ringgit, allowing de-SPAC mergers to be done through the issuance of shares rather than cash alone, and permitting additional financing to be raised through private placements.

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.