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Peter Thiel, co-founder of PayPal Holdings, Inc. (NASDAQ: PYP) and Palantir Technologies is involved in a new special purpose acquisition company (SPAC).

Thiel is known for his ties to the Trump administration, which is rare for Silicon Valley investors. He also sits on the board of Facebook Inc (NASDAQ: FB). 

On Wednesday, he filed with the Securities and Exchange Commission (SEC) for a $575 million initial public offering (IPO) of SPAC called Bridgetown Holdings, a Cayman Island LLC.

Thiel and Richard Li created the blank check company, which is seeking “new economy” technology, financial services, and media companies in Southeast Asia. SPAC’s recombine businesses through strategic purchases, reorganizations, and other innovations.

It was formed as a collaboration between Hong Kong-based Pacific Century, founded by Li and Thiel Capital, Thiel’s vehicle-based personal investment company that operates out of Los Angeles. 

The newly minted blank check company is focusing on acquiring fintech a or media company in Southeast Asia.

Bridgetown Holdings IPO price

Bridgetown Holdings stated in the filing that the offering price for its securities is $10 per unit, which consists of one of its Class A ordinary shares and one half of one redeemable warrant. It is offering 50,000,000 units of its securities.

Matt Danzeisen, head of private investments at Thiel Capital, is the Chairman of Bridgetown Holding while Daniel Wong, a Pacific Century executive, is the CEO of the SPAC. 

Sam Altman, the CEO of OpenAI, and former president of Y Combinator, John “Jay” Hass, partner at RRE Ventures, and In Joon Hwang, the CEO of Line Corp will serve on the Bridgetown board.

Thiel and Li are the latest tech investors to jump into Wall Street's hot SPAC market.

Dragooneer raised $600 million in August. And Mark Pincus and Reid Hoffman raised $600 million for a SPAC called Reinvent Technology Partners. 

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