March 8, 2021— Special purpose acquisition companies (SPACs) have been around for decades but gained wide recognition in 2020 as an increasingly popular, alternative method of going public following a surge in initial public offering (IPO) and merger activity. In 2020, 248 new SPACs came to market, encompassing 53% of all IPOs for the year, and raised a cumulative $83 billion—more than five times 2019’s volume (Figure 1).
In the March issue of our monthly flagship publication, we feature:On the Record by Chief Investment Officer Tony Roth, where he discusses how despite the impaired labor market, the spike in interest rates, consumers’ record savings levels, we are marching toward an economic inflection point of historic scale. He also details a potential buying opportunity over the short term and explains our rationale for our portfolio changes.
Emerging from 2020 & looking forward to 2021.2020 saw a high volume of activity in the renewable energy sector, as well as a meaningful uptick in the number of private placements being done.Renewables can be expected to drive the project finance market again in 2021, especially with tax credits now extended. There remains a strong interest in investing that encompasses ESG principles (Environmental, Social and Governance).