Former Trump adviser and Goldman Sachs COO Gary Cohn is the latest prominent figure to join Wall Street's 'blank-check' IPO mania

• Gary Cohn, a former Trump adviser and one-time COO of Goldman Sachs is looking to raise $600 million through a Special Purpose Acquisition Company (SPAC), a Tuesday filing showed.
• Cohn teamed up with former hedge fund boss Clifton Robbins, and is the latest prominent figure to join Wall Street's SPAC mania.
• Cohn's SPAC is looking to sell 60 million shares in an IPO at a price of $10 per unit.
• The SPAC market has boomed in 2020 with more than $32 billion raised through 79 SPACs so far compared to just over $13 billion last year from 59 SPACs.
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Gary Cohn, a former Trump adviser and one-time COO of Goldman Sachs has moved to raise $600 million through the listing of a blank-check company, according to a filing published Tuesday.

Cohn has teamed up with investor Clifton Robbins, and has become the latest prominent figure to join a special purpose acquisition company (SPAC).

SPACs have become one of Wall Street's hottest investment properties in 2020, with renowned figures such as hedge fund titan Bill Ackman and tech billionaire Chamath Palihapitiya among those to sign up.

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A SPAC, also dubbed a blank-check company, is one created solely for the purpose of buying out an already operational company, using the proceeds of an IPO. The targets of these investments are often not made public before the IPO, meaning that investors generally go in blind as to what they're investing in.

The SPAC market has boomed in 2020. More than $32 billion has been raised through 79 SPACs this year so far compared to around $13 billion from 59 SPACs in the whole of last year, website SPACInsider showed.

DraftKings, Virgin Galactic, and Nikola Motors all shot to prominence through SPAC mergers.

Cohn Robbins Holding Corp, the name of the SPAC co-founded by Cohn and Robbins, is looking to sell 60 shares in an IPO at a price of $10 per unit.

It will be listed on the New York Stock Exchange with the ticker name "CRHC.U."

Cohn served as Trump's ke economic advisor from 2017-2018, and prior to that he was president and chief operating officer at Goldman Sachs, where he worked for more than 25 years.

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News of Cohn's move into SPACs comes only days after former House Speaker Paul Ryan plans to serve as chairman for a SPAC called Executive Network Partnering Corp.

Billionaire investor Bill Ackman debuted his record-breaking acquisition company Pershing Square Tontine Holdings through such a merger.

The firm raised $4 billion in its IPO, and Ackman committed to placing up to $3 billion of his own firm's funds into the SPAC.