Tiga Investments Is Said to Seek $500 Million for Two New SPACs

(Bloomberg) -- Tiga Investments Pte is seeking to raise at least $500 million through two new special purpose acquisition companies in the U.S., a person with knowledge of the matter said.

Tiga Acquisition Corp. II is targeting $200 million in its initial public offering, while Tiga Acquisition Corp. III plans to seek $300 million, according to the person. The Singapore-based investment firm plans to file formal paperwork for the SPACs with the U.S. Securities and Exchange Commission as soon as Friday, the person said, asking not to be identified because information is private.

The two blank-check companies are expected to have broad mandates, with a focus on global technology and financial technology firms, the person said.

Tiga is led by former Farallon Capital Asia executives Ray Zage and Ashish Gupta. The investment firm’s first blank-check company, Tiga Acquisition Corp., raised $276 million in November.

The new Tiga vehicles would follow in the footsteps of serial SPAC issuers including Social Capital Hedosophia, InterPrivate and DMY Technology Group that have sought to repeatedly tap the red-hot market for blank-check firms. More than 260 new U.S. SPACs have already announced plans to go public in 2021, seeking to raise about $80 billion, according to data compiled by Bloomberg.

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