Seth Klarman isn't the only big-name investor enjoying the SPAC boom.
Dozens of hedge funds and money managers have pumped millions into special-purpose acquisition companies thanks to a structure that essentially sets a floor price for shares.
And now that the Michael Klein-backed Churchill Capital Corp. IV is nearing a deal to take the electronic-vehicle company Lucid Motors public in a deal worth about $12 billion, according to Reuters, these SPAC bets are starting to pay off. Shares in Churchill Capital Corp. have surged more than 300% since rumors of a deal came out in mid-January, and regulatory filings show that dozens of big-name managers are set to make a big profit.
Names like Millennium, Citadel, and Blackstone make up Churchill Capital Corp. IV's investor base, according to regulatory filings.
Below is a collection of managers that were invested in the SPAC at the end of the fourth quarter. Managers listed either declined to comment or did not respond immediately to requests for comment.
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Millennium Management
Izzy Englander's Millennium was one of biggest outside investors in the SPAC as of the end of the fourth quarter, filings show.
The multi-strategy manager, which manages nearly $50 billion, had a stake valued at more than $74 million at the end of 2020 — more than 3% of the entire company.
Citadel
Billionaire Ken Griffin's Citadel made a big bet on the SPAC in the fourth quarter, filings show.
Before last quarter, the hedge fund was not invested in Churchill Capital Corp IV. At the end of the quarter, the firm's stake was worth more than $45 million — more than 2% of the entire company.
Blackstone
Blackstone, the private-equity giant run by billionaire Steve Schwarzman, made a big play in the public markets.
With a more than $40 million investment into Churchill Capital Corp IV, Blackstone owned just under 2% at the end of last year.
Highbridge Capital Management and JPMorgan
With a combined stake of more than $50 million, Highbridge Capital and JPMorgan have made a big bet on Churchill Capital Corp IV's ability to find a private company worth taking public.
Highbridge Capital, the hedge fund founded by Glenn Dubin and Henry Swieca, became a part of JPMorgan in 2004, when the bank bought a majority stake in the business. The fund said in 2019 that it was unwinding its flagship multi-strategy fund to focus on credit offerings.
Filings show Highbridge had a stake worth more than $26 million at the end of last year, while JPMorgan's stake was worth nearly $25 million.
UBS O'Connor
UBS-run hedge fund O'Connor is a big investor in the SPAC, with a $22.8 million stake purchased last quarter, filings show.
Goldman Sachs
While Goldman Sachs might be missing the fees it generates taking private companies on roadshows before an IPO, the bank isn't missing out on the spoils of the SPAC boom.
Filings show Goldman has a stake worth $18.3 million in Churchill Capital Corp IV, which was bought in the fourth quarter.
BlueCrest Capital
Billionaire Michael Platt's BlueCrest owned stakes in Churchill Capital Corp IV worth $10 million as of the end of the fourth quarter.
The manager had to pay $170 million to clients at the end of 2020 after the SEC found the firm misled investors about an internal fund that was only open to the firm's employees.
Moore Capital
Billionaire Louis Bacon's Moore Capital, which only manages internal capital after returning outside money at the end of 2019, had more than $7 million invested in the SPAC at the end of 2020.
DE Shaw
DE Shaw, best known for its quant strategies, also has billions run by discretionary, human stock-pickers.
The firm had invested $6.5 million in the SPAC at the end of last year, filings show.