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Chamath Palihapitiya files four more SPACs with partner Suvretta

Chamath Palihapitiya plans to raise four more special purpose acquisition companies which add to the six blank-check companies he has already raised.

venture capitalists | acquisition | Companies

Crystal Tse | Bloomberg 

Chamath Palihapitiya. (Photo: Bloomberg)
Chamath Palihapitiya. (Photo: Bloomberg)

Chamath Palihapitiya is still all in on SPACs.

The venture capitalist-turned-SPAC-enthusiast filed on Wednesday to raise four more special purpose with a new partner. They add to the six blank-check Palihapitiya has already raised. He’s said he plans to set up 26 SPACs and name them alphabetically.

The latest are a partnership between Palihapitiya’s Social Capital and Suvretta Capital Management, an investment firm with an arm that focuses on the health-care industry, according to filings with the U.S. Securities and Exchange Commission.

They are called Social Capital Suvretta Holdings Corp. I, II, II and IV. Palihapitiya is their chief executive officer and their president is Kishan Mehta, who overseas the health-care strategy at Suvretta. Each vehicle is seeking $200 million and has a focus in a different health-care sector: neurology, oncology, organ and immunology.

“Our company unites scientists, physicians, entrepreneurs and biotechnology-oriented investors around a shared vision of identifying and investing in innovative and agile biotechnology companies,” Social Capital Suvretta said.

Suvretta, an investment firm founded by former SAC Capital chief investment officer Aaron Cowen, has a division focused on health-care called Averill.

The SPACs are expected to trade on the Nasdaq under the symbols DNAA, DNAB, DBAC and DNAD. Morgan Stanley is lead adviser on the listings. Credit Suisse Group AG had been on all of Social Capital’s previous SPAC listings.

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First Published: Thu, June 03 2021. 14:02 IST