L Catterton, a private equity firm founded by Louis Vuitton owner LVMH and French billionaire Bernard Arnault, has launched a blank-check firm that aims to raise about $250 million in an initial public offering, a regulatory filing showed. Founded in 1989, L Catterton has $22 billion in assets under management and has so far invested in more than 200 companies such as Indian telecom firm Jio, exercise bike maker Peloton Interactive Inc and online used car seller Vroom Inc. LVMH and Arnault own a significant minority stake in Greenwich, Connecticut-headquartered L Catterton. L Catterton Asia Acquisition Corp, a special purpose acquisition company (SPAC), said in a filing on Monday it will target firms in the consumer technology sectors across Asia. “Next leg of GDP growth in Asia we believe will be driven by the consumer, as evidenced by resilient demand even during COVID-19,” the SPAC said. The SPAC, led by managing partners of L Catterton Asia, will sell 25 million units, made up of shares and warrants, priced at $10 a piece on the Nasdaq. A SPAC is a shell company that raises money in an IPO to merge with a privately held company that then becomes publicly traded as a result. SPACs have emerged as a popular IPO alternative for companies looking to go public with less regulatory scrutiny. Credit Suisse is the underwriter for the offering.