Former Credit Suisse boss, Tidjane Thiam has been busy since leaving the banking group. His year 2020 was marked by his integration into the board of directors of the Kering Group (owner of the brands: Gucci, Saint Laurent, Bottega Veneta, Balenciaga, etc), as well as his appointment as head of Rwanda Finance Limited, among other appointments. For 2021, Thiam is talking about the upcoming launch of a $250m investment fund.
According to Bloomberg, Thiam plans to set up blank check company, a special purpose acquisition company. The major focus of the company is to hunt for private companies they can acquire and take public through a reverse merger. The company will have an endowment of $250 million, and the amount will be used to invest in financial services in developed and emerging markets. This is great news for African fintechs.
Read also: A List Of Newly Launched VC Funds African Startups Can Pitch In 2021
Tidjane Thiam Financial Services Tidjane Thiam Financial Services
The blank check company will be listed on the New York Financial Center. JPMorgan & Co will help Thiam with the fundraising. The fundraising will target all types of investors.
A blank check company is a publicly-traded, developmental stage company that has no established business plan. It may be used to gather funds as a startup or, more likely, it has the intent to merge or acquire another business entity. Blank check companies are speculative in nature and are bound by the US Securities and Exchange Commission Rule 419 to protect investors.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer