AEA, Bridges partner for $400 million blank-check company: sources

(Reuters) - Investment firms AEA Investors LP and Bridges Fund Management Ltd plan to raise $400 million in an initial public offering for a new blank-check acquisition company with a focus on socially responsible investing, according to people familiar with the matter.

The pair have partnered to form AEA-Bridges Impact Corp, a special purpose acquisition company and will look to merge with a business that is working toward the United Nations’ Sustainable Development Goals, the sources said.

The 17 Sustainable Development Goals were approved unanimously by U.N. member nations in 2015, with a 15-year deadline.

The SPAC will be co-led by AEA’s John Garcia and Bridges’ Michele Giddens, the sources added, requesting anonymity as the details of the SPAC are not yet public.

AEA-Bridges Impact Corp declined to comment.

New York-based AEA is private equity firm with over $15 billion in assets under management. Bridges is a private equity firm based in London with a particular focus on impact investing.

SPACs raise money in an IPO to pursue an acquisition without telling their investors in advance which specific company they will buy.

Reporting by Joshua Franklin in Boston; Editing by Dan Grebler