DJIA39807.37 47.29
S&P 5005254.35 5.86
NASDAQ16379.46 -20.06
Russell 20002120.20 4.00
German DAX18504.51 29.45
FTSE 1007952.62 20.64
CAC 408205.81 1.00
EuroStoxx 505082.85 0.10
Nikkei 22540168.07 -594.66
Hang Seng16541.42 148.58
Shanghai Comp3010.66 17.52
KOSPI2745.82 -9.29
Bloomberg Comm IDX99.49 1.18
WTI Crude-fut87.00 1.32
Brent Crude-fut81.35 -0.26
Natural Gas1.76 0.05
Gasoline-fut2.72 0.04
Gold-fut2238.40 26.20
Silver-fut24.92 0.23
Platinum-fut921.10 11.20
Palladium-fut1021.50 26.00
Copper-fut400.70 -0.30
Aluminum-spot1815.00 0.00
Coffee-fut188.85 -1.80
Soybeans-fut1191.50 -1.00
Wheat-fut560.25 12.75
Bitcoin70679.00 1613.00
Ethereum USD3561.85 86.24
Litecoin94.17 -0.96
Dogecoin0.22 0.03
EUR/USD1.0809 -0.0020
USD/JPY151.28 -0.04
GBP/USD1.2631 0.0011
USD/CHF0.9008 -0.0052
USD IDX104.53 0.16
US 10-Yr TR4.206 0.01
GER 10-Yr TR2.305 0.013
UK 10-Yr TR3.946 0.01
JAP 10-Yr TR0.716 0.01
Fed Funds5.5 0
SOFR5.33 0.01

Connect Money In Your Inbox.

Sign up to get the most important news on the business of financial services delivered daily.

Sub Markets

Property Sectors

Topics

Alternative Assets  + Direct Investment  + SPACs  | 
Beneficient to Go Public Via Merger in $3.5B SPAC Deal with Avalon Acquistion

Beneficient to Go Public Via Merger in $3.5B SPAC Deal with Avalon Acquistion

The Dallas financial services firm The Beneficient Co Group, L.P. has agreed to go public through a merger with San Francisco blank-check company Avalon Acquistion Inc. The deal values Beneficient at $3.5 billion.

Beneficient provides liquidity and services to qualified individuals and smaller institutions invested in private equity, venture capital and other alternative assets.

“We are working to democratize the industry starting with a simple, secure, rapid and cost-effective solution to what we saw as the most foundational and pressing need: liquidity,” Beneficient founder and chief executive Brad Heppner said in the statement.

Heppner will continue to lead the company after previously founding and/or acquiring 10 alternative asset-operating companies, including The Crossroads Group and Capital Analytics.

The merger comes at a challenging time for the SPAC market as several returned money they raised after not finding suitable targets. Beneficient is operating profitably, but many SPAC transactions involve companies that are not yet profitable.

The deal is expected to close in the first half of 2023, when the company will be renamed Beneficient and listed on the Nasdaq.

Connect

Inside The Story

The Beneficient Co Group, L.P. Avalon Acquistion Inc.

About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.

New call-to-action
New call-to-action