TPG Pace Beneficial II, a blank check company formed by TPG Pace Group targeting a business with a strong ESG profile, filed on Monday with the SEC to raise up to $350 million in an initial public offering.
The Fort Worth, TX-based company plans to raise $350 million by offering 35 million units at $10. Unlike many SPACs, the company will not include warrants in the offering. The company may raise an additional $50 million at the closing of an acquisition pursuant to a forward purchase agreement with TPG. At the proposed deal size, TPG Pace Beneficial II would command a market value of $398 million.
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. The company plans to target a business with attractive fundamentals and strong environmental, social and governance principles and practices.
TPG's other SPACs include TPG Pace Solutions (TPGS) and TPG Pace Tech Opportunities II (TPGT), which both filed concurrently with TPG Pace Beneficial II; as well as TPG Pace Beneficial Finance (TPGY; +61% from $10 offer price), which is pending an acquisition of EVBox Group; TPG Pace Tech Opportunities (PACE; +3%), which is pending an acquisition of Nerdy; and TPG Pace Holdings, which completed its acquisition of Accel Entertainment (ACEL; +15%) in November 2019.
TPG Pace Beneficial II was founded in 2021 and plans to list on the NYSE under the symbol YTPG. Deutsche Bank, J.P. Morgan and Goldman Sachs are the joint bookrunners on the deal.
