TPG Pace Beneficial II, a blank check company formed by TPG Pace Group targeting a business with a strong ESG profile, raised $350 million by offering 35 million shares at $10. The company did not offer units with warrants attached. The company may raise an additional $175 million at the closing of an acquisition pursuant to forward purchase agreements with TPG and third parties.
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 Pace Beneficial II plans to list on the NYSE under the symbol YTPG. Deutsche Bank, J.P. Morgan and Goldman Sachs acted as lead managers on the deal.
