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Hedge Funds Pile Into Blank-Check Companies

Davidson Kempner and AQR piled into the same three special-purpose acquisition vehicles this month, while Luxor Capital provided financing for another SPAC acquisition.

November 15 was a big day for so-called SPACs, or special purpose acquisition companies, which have become a popular low-risk play for hedge funds.On that day at least three SPACs — also known as blank-check companies — went public. The following day, hedge fund firms Davidson Kempner Capital Management and

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