Catalyst Partners Acquisition, a blank check company formed by General Catalyst targeting disruptive enterprise software, filed on Thursday with the SEC to raise up to $400 million in an initial public offering.
The Cambridge, MA-based company plans to raise $400 million by offering 40 million units at $10. Each unit consists of one share of common stock and one-fifth of a warrant, exercisable at $11.50. At the proposed deal size, Catalyst Partners Acquisition would command a market value of $520 million.
The company is led by CEO and Chairman James Cash, who currently serves as an advisor to General Catalyst Partners and Grain Management, and President and Vice Chairman Paul Sagan, a senior advisor and Executive in Residence at General Catalyst. The company plans to leverage its management team's experience and target disruptive enterprise software businesses with demonstrated strong momentum, platform characteristics, and multiple avenues of growth.
Catalyst Partners Acquisition states that its goal beyond its core business objective is to invest in the next generation of Black entrepreneurship and leadership. As a result, it will contribute a portion of its sponsor economics to support the creation of a Catalyst Partners Foundation, a nonprofit entity to champion initiatives supporting the economic empowerment and inclusion of underrepresented groups.
Catalyst Partners Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol CPARU. Goldman Sachs is the sole bookrunner on the deal.
