Arrow Capital, an advisory founded and led by Singaporean Rohit Nanani, has co-sponsored a US$240 million (S$322.8 million) special purpose acquisition company (Spac) in partnership with US-based venture firm Tribe Capital.
Called Tribe Capital Growth Corp I, the Spac debuted on the Nasdaq on Friday (March 5), with its share price closing at US$10.20, up 2 per cent. It is seeking M&A (mergers and acquisitions) opportunities with technology companies "showing inflection points in their growth trajectory".
"On the funding side, many blank-cheque companies have looked to Asia for M&A targets and Singapore companies are very well positioned to attract these acquisition vehicles. Arrow is energised by the potential that exists in the Middle East and South-east Asia," the firm said in its press statement on Monday.
Arrow, which has offices in Dubai and Mauritius, said that it manages 70 per cent of its assets under management out of Singapore. Mr Nanani will join the board of the Spac, while Tribe partner and co-founder Arjun Sethi will be its chairman and chief executive.
The Spac's chief financial officer is Mr Omar Chohan, also a Tribe partner and leader of Tribe's Special Situations and Capital Markets Groups. Mr Sumit Mehta, Arrow Capital's managing director, will serve as vice-president of the Spac.
Mr Sethi said: "The Middle East has fast become an increasingly attractive marketplace, hub for innovation and a valuable conduit into other emerging markets like South-east Asia. To be able to access South-east Asian markets and provide local investors with high-quality, high-return technology deals is something we are very excited about."
Cantor Fitzgerald was the sole bookrunner on the Spac listing.
