Shelling out

Lucy Mair gets under the hood of pre-funded acquisition vehicles with Tom Ng, a director in Credit Suisse's UK Investment Banking team

Pre-funded acquisition vehicles, better known as cash shells or blank cheque companies, have made headlines in the financial press recently thanks to the success of Horizon, Vallar, Justice and Vallares. The most recent example, Vallares, an oil and gas investment vehicle, was founded by financier Nat Rothschild, ex-chief executive of BP Tony Hayward, and former banker Julian Metherell. In June, Vallares raised