Nowadays SPACs are the main phenomenon of the Italian stock exchange since, from July 2017 to April 2018, 13 SPACs were listed, raising from investors more than 2.5B, a considerable size for Italian market. As a consequence, SPACs can be considered as an important player of financial markets and they are becoming a so relevant source of funds for SMEs that they could become a competitor of private equity funds; although there are still crucial differences between these two alternative investments. The aim of the work is to analyse this trend and to understand what are the key aspects of SPACs and if they can generate extra performances since they seem to be appreciated by investors.