Area firm raises $420 million for 'blank check' investment

The hottest thing going on Wall Street right now is a SPAC, or a special purpose acquisition company, also known as a blank check company. Now Tampa-based investment firm Anzu Partners, run in part by a Rhodes Scholar, is getting in on the action — with an eye-popping $420 million capital raise.

The gist on SPACs: Investors raise money though an IPO that’s essentially a shell company, an entity created to acquire another business. The investors in that entity, the SPAC, don’t know what company the founders will buy with the funds. SPACs have been around for decades, occasionally used by small companies with issues going for a straight-up IPO. The SPAC process allows companies to raise money faster, and do it without the scrutiny of a traditional IPO.