These are the bankers, lawyers, and capital providers behind a $50 billion SPAC boom

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Summary List Placement

One of Wall Street’s most talked-about trends is the wave of special-purpose acquisition companies, or SPACs, that have launched IPOs at such a torrid pace that they’re on track to raise more than triple last year’s totals.

So far this year, 138 SPACs, aka “blank-check firms,” have raised $53.8 billion, according to the website SPAC Research. There are now 205 shell companies with $67 billion to spend on bringing other companies public, the data provider said.

There’s an entire ecosystem of advisers, salespeople, and lawyers increasingly pitching blank-check companies to investment platforms and wealthy people. Asset managers like Fidelity, T. Rowe Price, and Capital Research are also increasingly participating in the market, lending an additional aura of respectability to what had once been considered a back corner of the financial markets.

As the market has gained more respectability, the names of the players driving its growth have changed. Business Insider spoke with more than a dozen people in the industry earlier this month to come up with a list of the market’s most influential players. 

SUBSCRIBE NOW TO READ OUR FULL LIST: Meet 16 bankers, lawyers, and capital providers helping engineer a blank-check craze that’s fast-tracking companies to public markets

SEE ALSO: UBS has started pitching its wealth management customers on ‘blank-check’ companies as the bank looks to tap into a SPAC frenzy

SEE ALSO: Elite law firms are rushing into the ‘SPAC’ craze, looking to make hundreds of millions of dollars in the process — here’s how it works

SEE ALSO: SoftBank-backed Opendoor lost $339 million in 2019. Here’s how it’s pitching a path to profits as it gears up to go public via a SPAC.

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Source: businessinsider
These are the bankers, lawyers, and capital providers behind a billion SPAC boom