This undated photo shows people crossing a road in the Central district of Hong Kong. (PHOTO PROVIDED TO CHINA DAILY)

Hong Kong-based private equity firm EmergeVest is planning to raise US$250 million through a special purpose acquisition company (SPAC) in the US, people with knowledge of the matter said.

Hong Kong-based private equity firm EmergeVest is working with Credit Suisse Group AG on the proposed SPAC listing, said the people, who asked not to be identified as the information is private. The blank-check company will look for merger targets in logistics, technology and financial services, the people said

EmergeVest is working with Credit Suisse Group AG on the proposed SPAC listing, said the people, who asked not to be identified as the information is private. The blank-check company will look for merger targets in logistics, technology and financial services, the people said.

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Founded in 2013, EmergeVest has more than US$500 million in assets under management and its current portfolio includes a UK logistics company called EV Cargo which generated over US$1 billion annual revenue, according to its website.

Deliberations are at an early stage and details such as fundraising size could change, said the people. Representatives for EmergeVest and Credit Suisse declined to comment.

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A SPAC, also known as a blank-check company, is a shell company that raises money from public investors with the goal of acquiring a business within two years. Historically a US product, a growing number of Asia-based funds and financiers have been setting up blank-check companies with the aim of snapping up a target in the fast-growing region. Gaw Capital and New Frontier Group are among those that have filed for SPAC listings.