(Bloomberg) — Izzy Englander’s Millennium Management is getting in on the SPAC frenzy by snapping up a 7.8% stake in RedBall Acquisition Corp., the blank-check company co-led by baseball executive Billy Beane.

The hedge fund, which runs more than $40 billion, revealed the holding in a 13G filing Wednesday. The New York-based firm declined to comment.

SPACs, or special purpose acquisition companies, are pools of cash raised from investors with the goal of acquiring a target they haven’t yet identified. They have surged in popularity this year as investors view them as safe bets that could offer better returns that Treasuries. Merging with a SPAC has also become a popular way for companies to go public.

RedBall completed a $575 million initial public offering on Aug. 17 after it started trading on the New York Stock Exchange last week under the ticker RBAC/U. The company is co-led by Beane, who was featured in the 2003 book “Moneyball: The Art of Winning an Unfair Game” and is backed by private equity firm RedBird Capital Partners.

RedBall intends to pursue an acquisition in the sports, media and analytics sectors, with a focus on professional sports franchises, Bloomberg previously reported.

Beane is also a consultant to the Dutch football club AZ Alkmaar and a minority owner of U.K.’s Barnsley Football Club. RedBall’s team also includes Co-Chairman Gerald Cardinale, Chief Executive Officer Alec Scheiner and Executive Vice President Luke Bornn.

Source: Yahoo Fiance – Billy Beane’s RedBall SPAC Gets Millennium as An Investor