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The Chernin Group's SPAC TCG Growth Opportunities files for a $250 million IPO

March 3, 2021
TCGGU

TCG Growth Opportunities, a blank check company formed by The Chernin Group targeting internet consumer businesses, filed on Wednesday with the SEC to raise up to $250 million in an initial public offering.

The Playa Vista, CA-based company plans to raise $250 million by offering 25 million units at $10. Each unit will consist of one share of common stock and one-fourth of a warrant, exercisable at $11.50. At the proposed deal size, TCG Growth Opportunities will command a market value of $313 million.

The company is led by Chairman Peter Chernin, who serves as Co-Founder, CEO, and Chairman of TCG 1.0, Co-Founder and Partner of The Chernin Group, and Founder and CEO of Chernin Entertainment. He is joined by Co-CEOs and Directors Jesse Jacobs and Mike Kerns, who both currently serve as Partners at TCG 1.0 and The Chernin Group. Directors include Atelier Ventures founder and former a16z Partner Li Jin, Barstool Sports CEO Erika Nardini, former Coca-Cola SVP Emmanuel Seuge, and angel investor and Flatiron Health CEO Nat Turner.

TCG Growth Opportunities intends to focus on consumer-oriented internet businesses, including companies in the media, commerce, health and wellness, sports, gaming, digital education, entertainment, and technology sectors.

TCG Growth Opportunities was founded in 2020 and plans to list on the Nasdaq under the symbol TCGGU. It filed confidentially on February 12, 2021. Goldman Sachs and Morgan Stanley are the joint bookrunners on the deal.