General Catalyst chairman Ken Chenault will serve on the board of directors for the firm's new SPAC. (Justin Sullivan/Getty Images)
General Catalyst is forming its third SPAC, this time with a twist: The venture capital firm's blank-check company is launching with a stated intention of supporting founders from underserved ethnic groups.
- Catalyst Partners Acquisition Corp. filed for a $400 million IPO that will target business software companies.
- After initially staying away from SPACs, VCs are stepping up their sponsorships, with General Catalyst emerging as one of the industry's more ardent players in the frenzy.
- Last year the Boston-area firm formed a healthcare-focused SPAC that raised $525 million in an IPO. And just days ago, General Catalyst joined forces with Arch Venture Partners to launch a $500 million IPO for Revolution Healthcare Acquisition Corp., a digital health-focused blank-check company.
- In an SEC filing, Catalyst Partners said an unspecified cut of the latest SPAC's profits will fund "economic empowerment and inclusion" initiatives through a charitable foundation formed by General Catalyst.
- Several Black business luminaries are on the SPAC's team, including Kenneth Frazier, Merck CEO; James Cash, former senior associate dean of the Harvard Business School, Corey Thomas, CEO of cybersecurity specialist Rapid7; and Ken Chenault, currently General Catalyst's chairman and formerly CEO of American Express.