ImpactAlpha, September 15 – Bridges Fund Management and AEA Investors filed to float a $400 million public offering for AEA-Bridges Impact Corp., a “special purpose acquisition company,” or SPAC, that will hunt for mid-cap private companies to take public.
New York-based AEA, with $15 billion in assets under management, will tap Bridges’ impact investing experience to look for businesses that contribute to the U.N. Sustainable Development Goals,” or where impact management expertise can maximize positive impact, according to the filing. Other potential targets: opportunities to transform currently negative business practices to generate positive outcomes.
The recent crop of SPACs will test the appetite of public-market investors for impact-themed issues; success could create a new source of capital for sustainable businesses. TPG Pace Group filed last week to raise $350 million to acquire a business on the grounds of its environmental, social and governance, or ESG, profile.