PE major TPG shutters SPAC after failing to find deal

PE major TPG shutters SPAC after failing to find deal

A blank-check company backed by private equity firm TPG Inc said on Friday it plans to wind down its operations and return money to investors after failing to find a suitable target to merge with during market volatility.

TPG Pace Beneficial Finance Corp said it would begin returning money to investors after reaching the two-year deadline for finding a target company. It raised about $350 million in an initial public offering (IPO) in October 2020.

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