Seth Klarman
Daniel Acker | Bloomberg | Getty Images
(This story is for CNBC Pro subscribers only.)
Seth Klarman's Baupost Group piled into some of the most popular blank-check deals this year, seeking to capitalize on a burgeoning market.
The hedge fund manager made a near $400 million bet on Bill Ackman's historic special-purpose acquisition company Pershing Square Tontine Holdings as of the end of the third quarter, according to a new regulatory filing. The SPAC, which marked the largest deal ever when it debuted in July, has a market cap of about $4.6 billion.
Meanwhile, Klarman also picked up $52 million worth of Redball Acquisition, which is co-led by Billy Beane, the baseball executive featured in "Moneyball."
Some say it's been a mania in the SPAC space this year amid the coronavirus pandemic and wild market volatility. Proceeds in such deals have more than tripled those in 2019, totaling over $50 billion so far this year, according to Refinitiv.
Klarman has drawn comparisons to Warren Buffett for his disciplined and patient value style so it's notable that he's a buyer in some SPAC deals. His hedge fund manages about $30 billion as of 2019. The billionaire investor also made a few other big bets in the previous quarter. Here's a complete breakdown.
November 17, 2020 at 12:10AM
https://www.cnbc.com/2020/11/16/seth-klarman-is-betting-big-on-red-hot-spacs-picking-up-shares-in-ackman-and-beanes-new-deals.html
Seth Klarman is betting big on red-hot SPACs, picking up shares in Ackman and Beane's new deals - CNBC
https://news.google.com/search?q=Red&hl=en-US&gl=US&ceid=US:en
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