SPAC KPET Ultra Paceline files for a $200 million IPO, led by former TPG Pace Group executives
IPO Overview
KPET Ultra Paceline, a blank check company led by former TPG Pace Group executives, filed on Thursday with the SEC to raise up to $200 million in an initial public offering.
The Sioux Falls, SD-based company plans to raise $200 million by offering 20 million units at a price of $10. Each unit contains one share of common stock and one-sixth of one warrant exercisable at $11.50.
KPET Ultra Paceline is led by CEO and Chairman Karl Peterson, who is the head of KPThree Capital and former Senior Partner of TPG and Managing Partner of TPG Pace Group. He is joined by CFO and Director Eduardo Tamraz, who was a senior executive at TPG Pace Group. The SPAC intends to target a business in the travel, industrials, technology, telecommunications, media and entertainment, business services, or consumer products industries.
Management’s previous SPACs include TPG Pace Beneficial II （formerly NYSE: YTPG） which liquidated in 2023, TPG Pace Tech Opportunities II （TPGT） which withdrew its IPO in 2022, TPG Pace Tech Opportunities, which merged with online learning platform Nerdy （NYSE: NRDY; -91%） in 2021, TPG Pace Beneficial Finance （formerly NYSE: TPGY）， which liquidated in 2021, TPG Pace Holdings, which merged with Accel Entertainment （NYSE: ACEL; +22%） in 2019, and Pace Holdings, which merged with Playa Hotels & Resorts （formerly Nasdaq: PLYA） in 2017.
The Sioux Falls, SD-based company was founded in 2025 and plans to list on the NYSE under the symbol KPET.U. KPET Ultra Paceline filed confidentially on November 26, 2025. Deutsche Bank is the sole bookrunner on the deal.
About the Company
We are a blank check company newly incorporated as a Cayman Islands exempted company and incorporated for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses, which we refer to throughout this prospectus as our initial business combination. /We have not selected any business combination target and we have not, nor has anyone on our behalf, initiated any substantive discussions, directly or indirectly, with any potential business combination target. We may pursue an initial business combination target in any business or industry. While we may pursue an acquisition opportunity in any business industry or sector, we intend to capitalize on the ability of our management team to identify, acquire and manage a business that can benefit from our operational expertise, as members of our management team have done in diverse sectors, including travel, industrials, technology, telecommunications, media and entertainment, business services, and consumer products. Our management team’s objective is to generate attractive investment returns to create value for our shareholders by applying our strategy of identifying operationally oriented acquisition opportunities and capitalizing on the ability of our management team to acquire and manage a business that can benefit from our operational and capital markets expertise.
