On August 5, 2020, FundFire quoted Bill Haddad on the merger between GCM Grosvenor and Cantor Fitzgerald.
According to the article, GCM Grosvenor is set to go public by merging with a special purpose acquisition company (SPAC) sponsored by Cantor Fitzgerald. The Chicago-based global alternatives manager, which has $57 billion in assets, will join a small group of alts managers that have gone public, but industry watchers say that could change in coming years.
SPACs, also known as blank check companies, have experienced a boom so far in 2020, as reported, with the SPAC IPO tally at 57, according to a count from SPACInsider.com
SPACs have become "very hot" and are disrupting the regular IPO market, says Haddad. "This really shows the reach of SPACs," he says. "[Alternatives] is a sector that doesn’t see a lot of companies go public period, and even this sector has found a SPAC."