Colin Kaepernick leads a group that takes a public company with a blank check as the former San Francisco 49ers quarterback turned activist tries to bring his causes of social justice to the thriving SPAC industry.
Kaepernick will be the co-chair of Mission AdvancementCorp., Which will try to raise up to $ 287.5 million in an initial public offering, according to documents filed Tuesday with the Securities and Exchange Commission.
Mission Advancement says it will emphasize the racial and diversity issues that Kaepernick has championed on and off the field through his investment in the growing field of environmental, social and governance investment. It aims to target consumer businesses with a business value in excess of $ 1 billion.
Mission Advancement will be co-chaired by Jahm Najafi, who runs private equity firm Najafi Companies and is a minority owner of the Phoenix Suns in the NBA. Together, they lead a council made up of mostly female members and 100% black, indigenous and colored. Other board members include Katie Beauchamp, CEO and co-founder of Birchbox, and Omar Johnson, a former Apple and Beats by Dre executive.
The sponsorship money comes from Najafi Companies and Mr. Kaepernick, and they intend to invest in a business that “has a significant financial, cultural and social impact,” according to the presentation.