By Christine Tarlecki
Published: 5:10 am EST January 19, 202

Bala Cynwyd-based Hamilton Lane raised $240 million in an initial public offering for its first blank check company, Hamilton Lane Alliance Holdings I, writes Jeff Blumenthal for the Philadelphia Business Journal.

The special purpose acquisition company—or SPAC—offered 24 million units at $10 each. Hamilton Lane originally planned to raise $200 million, but the Philadelphia region’s largest private equity firm ended up selling four million more units than it anticipated.

The Chairman of the new SPAC is Hartley Rogers, Chairman of Hamilton Lane and a Managing Director at Hamilton Lane Advisors. The CEO and Director is Andrea Kramer, a Managing Director at Hamilton Lane Advisors, while the CFO is Atul Varma, who serves as CFO of Hamilton Lane Advisors.

According to Hamilton Lane officials, the new SPAC was formed to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or other such business combination with one or more businesses.

The company is not planning on limiting itself to a particular industry. Instead it will focus on a deal that “will generate attractive long-term returns for its shareholders.”

Read more about Hamilton Lane at the Philadelphia Business Journal by clicking here.