Ace investor Wilbur Ross, CEO of WL Ross and Co., has created what's known as a special purpose acquisition corporation (SPAC) to purchase other companies.

SPACs are publicly listed shell companies that buy other corporations. WL Ross Holding Corp. represents Ross' first foray into SPACs, knowledgeable sources told Quartz. He has gained acclaim for his investment in distressed companies.

Ross seeks to raise $400 million, which could allow him to invest about $2 billion in a target, the sources said, adding that they are uncertain which industries Ross would pursue.

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The corporation's filing with the Securities and Exchange Commission states, "WL Ross Holding Corp. is a newly organized blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock 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 identified any business combination target and we have not, nor has anyone on our behalf, initiated any substantive discussions, directly or indirectly, with any business combination target."

The billionaire investor isn't the only one forming a SPAC. Issuance volume for the vehicles hit a five-year high in 2013 — $1.4 billion, according to SPAC Analytics. To be sure, that pales in comparison with the $12 billion of SPACs that went public in 2007.

Rising stock prices are helping to revive interest in SPACs, according to Quartz. A bull market makes it easier for SPACs to attract investors.

And an increase in a SPAC's own share price makes it cheaper for them to purchase other companies, because they use their stock to pay for acquisitions.

Meanwhile, in Malaysia, Reach Energy plans a 750 million ringgit ($232 million) initial public offering (IPO) for a SPAC that would be the largest in that country, according to The Malaysian Star. Reach Energy represents the fourth Malaysian oil and gas company to form a SPAC, the publication reports.

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