TPG Pace Beneficial Finance, a blank check company formed by TPG Pace Group targeting a business with a strong ESG profile, raised $350 million by offering 35 million units at $10. Each unit consists of one share of common stock and one-fifth of a warrant, exercisable at $11.50. The company may raise an additional $100 million at the closing of an acquisition pursuant to forward purchase agreements with TPG and third party entities.
The company is led by Chairman Karl Peterson, a Senior Partner of TPG and Managing Partner of TPG Pace Group, the firm’s effort to sponsor special purpose acquisition companies and other permanent capital solutions for companies; and President Michael MacDougall, who currently serves in a leadership role for the TPG Pace Group. Director David Bonderman is a Founding Partner of TPG. The company plans to target a business with attractive fundamentals and strong environmental, social, and governance principles and practices.
TPG Pace Beneficial Finance plans to list on the NYSE under the symbol TPGY.U. Deutsche Bank, J.P. Morgan, Barclays and TPG Capital BD acted as joint bookrunners on the deal.
