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Cartesian Growth Corp II
Cartesian Growth Corp II is a special-purpose acquisition company incorporated in the Cayman Islands and listed on the Nasdaq under the ticker RENE,...
Cartesian Growth Corp II
Cartesian Growth Corp II is a special-purpose acquisition company incorporated in the Cayman Islands and listed on the Nasdaq under the ticker RENE, formed by Chairman and CEO Peter Yu in 2021. Yu, a repeat SPAC sponsor, structured the vehicle within the broader Cartesian Capital Group platform, a global private equity firm he founded that manages over $3 billion in assets across SPACs, growth equity, and emerging-market investments. The firm's first vehicle, Cartesian Growth Corp, completed a business combination with Tiedemann Group and Alvarius in January 2023, creating Alvarium Tiedemann Holdings — a public company that consolidated over $60 billion in advised assets across multi-family office and wealth management operations in the US, UK, and Asia. Cartesian Growth Corp II has stated a mandate to pursue businesses in technology-enabled financial services, enterprise software, and digital infrastructure, with a stated preference for targets with strong recurring revenue, defensible market positions, and exposure to secular trends in payments, data analytics, or regulatory technology. The SPAC's trust holds the $300 million gross proceeds from its initial public offering, which priced at $10.00 per unit in November 2021, and the sponsor waived certain fees to align incentives with shareholders. Unlike sector-generalist blank-check vehicles, Cartesian orients its search toward firms where Yu's network — cultivated across decades of cross-border private equity and structured dealmaking in the US and Asia — can provide post-merger operational lift, particularly in navigating international expansion and regulated market access. Since completing its IPO, the vehicle has not publicly announced a definitive agreement, which is consistent with the elongated deal timelines that characterized the SPAC market through 2022 and 2023 as sponsors faced headwinds from redemption rates, regulatory scrutiny, and valuation resets in growth equities. Yu continues to serve as the chief executive of the sponsor entity, and the management team draws from Cartesian Capital Group's institutional infrastructure, which has executed $8 billion in transaction volume across 50 portfolio companies and operates from offices in New York, São Paulo, and Shanghai. May 2024: The SPAC extended its deadline to complete a business combination by an additional six months after a shareholder vote approved the amendment to its trust agreement (per SEC filings, May 2024). Cartesian Growth Corp II operates at the structural intersection of private equity sponsorship and public-market dealmaking — a posture that separates it from pure-play SPAC promoters by embedding the search vehicle within a multi-strategy asset manager. Yu's use of SPACs as routing transactions for mature private businesses with sponsor-supplied operational governance reflects the same architecture that Apollo, TPG, and KKR deployed, but at a scale calibrated for mid-market targets where Cartesian can deploy permanent capital alongside trust proceeds and deliver a public listing that carries the Cartesian operating playbook from day one.
General information
Firm type
Asset Manager
Year founded
2021
AUM
Undisclosed
Location
Region
North America
Country
United States
City
New York
Corporate office
New York, NY, United States
Principals
Peter Yu
Chairman and CEO
Sector focus
Frequently asked questions
What is Cartesian Growth Corp II's relationship to Cartesian Capital Group?
Cartesian Growth Corp II is a special-purpose acquisition company sponsored by an affiliate of Cartesian Capital Group, the global private equity firm founded by Peter Yu. Cartesian Capital Group serves as the operating backbone for the SPAC's search and post-merger management, providing deal sourcing, due diligence resources, and operational expertise from its offices in New York, São Paulo, and Shanghai. Yu is Chairman and CEO of both the sponsor entity and Cartesian Capital Group.
What did the first Cartesian SPAC target, and what does that signal for Cartesian Growth Corp II?
Cartesian Growth Corp, Yu's first SPAC, completed a business combination with Tiedemann Group and Alvarius in January 2023 to form Alvarium Tiedemann Holdings, a publicly traded wealth management firm with over $60 billion in advised assets. That transaction — a three-way merger that consolidated a family office, an alternative asset manager, and the SPAC itself — signals Yu's appetite for complex, multi-party deals that reshape fragmented industry verticals through public-company sponsors. The second vehicle is expected to apply a similar rubric to technology-enabled financial services or enterprise software.
How much capital does Cartesian Growth Corp II have available for a deal?
The SPAC raised $300 million in gross proceeds during its November 2021 initial public offering, held in trust pending the completion of a qualifying business combination. Net of redemptions and trust expenses, and subject to any additional PIPE financing arranged alongside a deal, that trust capital represents the base equity available to fund a target acquisition.
Why hasn't Cartesian Growth Corp II announced a deal yet, and when is the current deadline?
The SPAC filed a proxy to extend its business-combination deadline to 18 months from its original November 2021 IPO, and a subsequent shareholder vote in May 2024 approved a further six-month extension. The extended search period reflects the broader SPAC market slowdown through 2022 and 2023, during which many blank-check companies faced elevated redemption rates, valuation compression among growth-stage targets, and heightened regulatory scrutiny. As of the latest filing, Cartesian Growth Corp II has not publicly disclosed a definitive agreement.
Who makes the final investment decision at Cartesian Growth Corp II?
As Chairman and CEO of the sponsor entity, Peter Yu has ultimate authority over target selection, negotiation, and execution of a business combination. The sponsor's board and management team, drawn from Cartesian Capital Group, evaluate opportunities and advise on deal structuring, but the investment decision rests with Yu, subject to shareholder approval of any proposed transaction.
Does Cartesian Growth Corp II plan to run the post-merger company itself?
Consistent with the first Cartesian SPAC's structure, Yu's vehicles typically embed sponsor-provided operational governance into the combined entity, with Cartesian Capital Group personnel assuming board seats or executive roles post-merger. The model is designed to supply the target's management with strategic and operational resources — particularly around international expansion and regulated-market navigation — rather than functioning as a passive public listing.
Which sectors does Cartesian Growth Corp II explicitly target or avoid?
The SPAC's filings mandate a focus on technology-enabled businesses in financial services, enterprise software, data analytics, and digital infrastructure, reflecting Cartesian Capital Group's existing expertise. There is no public exclusion list, but the stated preference for recurring-revenue models with defensible competitive positions and regulatory moats effectively screens out early-stage pre-revenue companies, capital-intensive industrials without a technology wedge, and sectors where Cartesian lacks operational leverage — such as biotech or extractive commodities.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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