SPAC Watch: Cantor Fitzgerald Goes for 4th SPAC
December 24, 2020

CF Acquisition Corporation IV began trading this past week after raising $450mm in their upsized IPO. This is the 4th SPAC from the Cantor Fitzgerald team, led by CEO Howard Lutnick, President Anshu Jain, and CFO Paul Pion. With 1 complete (GCMG), 1 announced target (View), this will be the 2nd CF SPAC on the hunt for a new deal.

Lutnick is CEO of Cantor Fitzgerald and BCG partners. Jain is President of Cantor. Pion is the U.S. Chief Administrative Officer and a Senior Managing Director at Cantor.

  • CF IV is targeting a company with an EV between $1B – $2.5B
  • Target industries include financial services, healthcare, real estate services, technology and software
CF Finance Acquisition IV Management Team:

CF Finance Acquisition Corporation (CF Acquisition I)

  • CFFA raised $250mm
  • Merged with GCM Grosvenor (GCMG), an alternative asset management solutions provider
  • Grosvenor had an enterprise valuation of $1.5B
  • The deal was announced October 23rd, approved November 3rd, with GCMG listing November 17th
  • GCMG is up about 28% since De-SPAC
GCMG Performance

CF Acquisition Corporation II

  • CFII raised $400mm
  • Will merge with View, a smart glass maker
  • The deal includes a $300mm PIPE
  • The deal lists View at an enterprise valuation of $1.6B, resulting in a multiple of 3.3x EV/IPO

CF Acquisition Corporation III

  • CFIII raised $200mm
  • Targeting a company with an EV between $500M – $1.25B
  • Target industries include financial services, healthcare, real estate services, technology and software

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