Nov 2, 2020 - Economy & Business
SPAC veteran Gores poaches pair from SoftBank Vision Fund
Ted Fike and Justin Wilson have quietly stepped down as partners with SoftBank Vision Fund, in order to focus on SPACs with private equity firm Gores Group.
Why it matters: Gores Group is one of the most experienced blank-check investors, having bought Hostess Brands in 2016, and these hires suggest its new SPACs will kick the tires on high-growth tech unicorns.
The big picture: Both Fike and Wilson will be senior managing directors with Gores Group.
- Fike, who joined SoftBank after stints at Google and Airbnb, was either a board director or observer with Vision Fund portfolio companies like DoorDash, Memphis Meats, and Plenty.
- Wilson, also a former Googler, was either a director of observer with such companies as Alto Pharmacy, Clutter, and Opendoor (which recently agreed to be aquired by a SPAC).
- Each also was involved with a notable Vision Fund failure: Wag for Fike and Brandless for Wilson.
Go deeper: SPACs are bizarro private equity