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TRG Latin America Acquisitions, a special purpose acquisition company (SPAC) led by emerging markets investor Nicolas Rohatyn, has filed with the US Securities and Exchange Commission to raise up to $200 million in an initial public offering. The blank check company intends to focus primarily on acquisition opportunities in Argentina and broader Latin America.

IPO Structure

The New York-based SPAC plans to offer 20 million units at $10 per unit, targeting $200 million in gross proceeds. Each unit will consist of one share of common stock and one right to receive one-tenth of a share upon the completion of an initial business combination.

The company plans to list on the Nasdaq under the ticker symbol TRGSU, with Santander acting as sole bookrunner. TRG Latin America Acquisitions was founded in 2025 and previously filed confidentially in December 2025.

Leadership & Sponsor Background

The SPAC is led by Chairman and CEO Nicolas Rohatyn, founder and CEO of The Rohatyn Group (TRG Management LP), an emerging markets-focused asset manager overseeing approximately $7 billion in assets under management. He is joined by CFO Miguel Gutiérrez, Partner and Head of Private Markets at TRG.

The sponsor’s established footprint in emerging markets forms the strategic foundation of the SPAC’s investment thesis.

Strategic Focus on Argentina

While TRG Latin America Acquisitions retains flexibility to pursue a transaction in any sector or geography, it has clearly stated its intention to concentrate on Latin America, with a particular emphasis on Argentina.

The company highlights Argentina’s evolving regulatory framework and renewed investor interest as potential catalysts for deal flow. Key sectors identified as attractive include energy, mining, agribusiness, technology, and IT-enabled services. These industries are seen as positioned to benefit from structural reforms, capital inflows, and potential economic stabilization efforts.

Market Context

SPAC issuance has moderated significantly compared to peak levels in 2020 and 2021, but targeted regional vehicles with specialized sponsors continue to emerge. Argentina, historically characterized by macroeconomic volatility, is drawing renewed investor attention amid reform-driven narratives and potential sector liberalization.

The success of TRGSU will likely depend on the sponsor’s ability to source a compelling transaction in a market that combines opportunity with elevated political and currency risks.

Closing Paragraph

TRG Latin America Acquisitions’ $200 million filing underscores growing institutional interest in Argentina’s evolving economic landscape. Whether the SPAC can translate emerging market expertise into a value-creating transaction remains to be seen, but its regional focus and experienced leadership provide a differentiated angle within today’s more disciplined SPAC environment.