TPG Pace Beneficial Finance Corp, a special purpose acquisition company (SPAC) backed by private equity investor TPG, is shutting down operations having failed to find a suitable merger targets according to a report by Reuters.

The report cites a statement by TPG for revealing that the SPAC will be wound down and mash returned to investors after reaching the two-year deadline originally set for striking a merger deal. The company, which raised about $350 million for an IPO back in October 2020, has blamed market volatility for its failure to find a suitable takeover target.

TPG Pace Beneficial Finance Corp originally struck a deal to merge with electric car charging company EVBox Group two months after its IPO in December 2020, but problems uncovered during due diligence saw that transaction terminated a year later.

TPG has sponsored two additional SPACs, TPG Pace Beneficial II  which raised $350 million in an IPO in April 2021, TPG Pace Tech Opportunities II which canceled a plan to raise $450 million from investors in April this year owing to choppy markets.