By Maria Armental
Generation Asia I Acquisition Ltd., a blank-check company backed by private-equity veteran Roy Kuan, seeks to raise $200 million for investment opportunities in Asia, according to a securities filing.
In documents filed with the Securities and Exchange Commission, the company said it intended to target the technology, media & telecommunications, business services, or consumer sectors. It pointed to pent-up demand for private-equity investment exits in North Asia and Southeast Asia.
Special-purpose acquisition companies, or SPACs, are publicly traded companies that raise money for potential acquisitions and have become a popular tool among well-known executives.
Mr. Kuan, a former managing partner at CVC Capital Partners and co-founder of CVC's Asian private-equity business, is the chief executive.
Norimitsu Niwa, another CVC veteran, is the chief operating officer.
Investment advisers include Tim Li, Difei Cheng and Yonghi Li.
The company intends to complete its first deal in about 1 1/2 years, with the possibility to extend it by up to six more months, and sell about 20 million units at $10 apiece, with each unit consisting of a Class A share and half of a redeemable warrant.
The SPAC's sponsor, Generation Asia LLC, has agreed to buy 6.8 million warrants for $1 apiece in a private placement that would close at the same time as the offering.
Funds managed by Carnegie Park Capital LLC have bought membership interests in the sponsor, according to the documents.
Carnegie Park Capital's Edward Chen is the company's SPAC adviser.
In addition, funds affiliated with Atalaya Capital Management LP, P. Schoenfeld Asset Management LP, Apollo Capital Management LP and Carnegie Park Capital have entered into forward purchase agreements under which they could invest up to $80 in a private placement that would close at the same time as the closing of the initial business combination.
Anchor investors -- including funds affiliated with Atalaya Capital Management, P. Schoenfeld Asset Management LP, Apollo Capital Management--have expressed an interest in buying units in the offering, according to the documents.
New investors would initially have limited say as they may not be able to vote on the appointment of directors until the initial business combination is completed, and that initial deal may not be presented to new investors for approval.
Auditors have raised "substantial doubt" about the company's ability to meet anticipated obligations over the next year, a so-called going-concern warning. As of June 30, the SPAC had $9,137 in cash and a working capital deficit of $527,019, according to the documents.
Generation Asia I Acquisition seeks to trade on the New York Stock Exchange, with units trading under the symbol GAQ.U, Class A shares under GAQ and warrants under GAQWS.
Write to Maria Armental at maria.armental@wsj.com