The Fund — IPX Bridge Capital

Structure

Fund Terms at a Glance

Target Fund Size

$50 Million

With rolling closes until final close

First Close

$20 Million

Special GP participation terms for first close investors

GP Participation

1%

GP co-investment alongside LPs

Bridge per Deal (LOI)

Max $2M

Per transaction at LOI stage

Bridge per Deal (BCA)

Max $3M

Per transaction at BCA stage

Simultaneous Investments

12–15

Running in parallel at any time

Investment Cycle

4–7 Months

Per transaction, principal + base return

Operating Costs

~$180K/month

Fund operating expenses

Returns

LP Waterfall Structure

The payout structure guarantees the return of the principal capital plus a compounded yield before any profit distribution to the GP.

1

Principal Return + 25% Compounded Yield

LPs receive back the full principal plus 25% compounded interest as soon as returns are generated — projected within 35 months of investment. This tier is satisfied before any carry distribution.

2

Ongoing Yield of 25% per Year

After principal and initial yield are returned, LPs continue to receive 25% per year on the original principal capital invested — paid as returns are generated from ongoing deal cycles.

3

70/30 Profit Split — Remaining Upside

After tiers 1 and 2 are satisfied, remaining profits (excluding operating expenses) are split: 70% to LPs and 30% carry to GP. This is where warrant upside and exceptional deal returns flow through to LPs.

First $20M — Special Terms

First Close Investor Participation

Investors participating in the first $20M close receive an additional benefit: a 10% share of the GP participation in the fund, on top of their standard LP economics.

This means first-close investors participate in both the LP waterfall (70% of profits after tiers 1 and 2) and an additional slice of the 30% GP carry — creating a materially enhanced return profile relative to later investors.

The LP rules apply in full for the $20M — there is no lockup or penalty, and the standard waterfall protections (principal return + 25% yield first) remain in place.

Enquire About First Close

Total projected return for first-close investors

$552M

on $20M invested over 8 years (based on $50M fund pro-forma)

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Mid 2028Projected date for full principal return

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$6M–$11M/yearAnnual payout from 2029 through 2034

Pro-Forma Projections

Example: $2M LP Investment

Based on a $50M fund with average parameters for each bridge investment return. Model includes a 25% failure rate for de-SPAC with total loss on failed deals and a 30% haircut on investment returns. The GP makes no representation that these returns will be achieved.

Initial Investment

$2M

Out of $50M total fund

Total Return (8 years)

~$50M

Pro-forma, see disclaimer

Cash-on-Cash

25x

Based on model assumptions

Annual Yield

92%

Compounded, pro-forma

Principal Returned

Month 35

Projected based on deal cycle assumptions

SPAC Deals Funded

72

Total across fund lifecycle

Year	Annual Payout	Cumulated Payout
2026	—	—
2027	—	—
2028	$689,400	$689,400
2029	$6,195,600	$6,885,000
2030	$6,646,500	$13,531,500
2031	$10,836,000	$24,367,500
2032	$10,836,000	$35,203,500
2033	$11,871,720	$47,075,220
2034	$3,058,580	$50,133,800

Risk Factors

Risks and Mitigations

Risk Factor

Description

Mitigation

SPAC Market Risk

Strategy depends on a functional SPAC market. Historical volatility, high redemptions, or a repeat of the 2022–2024 downturn could reduce viable deal flow.

Fund targets the "new rational boom" of 2026 — better fundamentals, selective targets in AI, Space and Quantum Computing. Not dependent on the speculative market of 2020–2021.

De-SPAC Execution Risk

Primary risk is failure to complete the Business Combination Agreement (BCA). If the merger fails, bridge capital may not convert into public shares.

IPX only invests after an exclusive LOI or BCA is signed. Working with Park Avenue Capital, IPX controls the process from scouting to filing — intimate knowledge of execution risk.

Target Selection Risk

Investing in high-potential early-stage companies (often pre-revenue) carries the risk that the target's business model may fail or lack market appeal.

GP team has decades of experience in M&A, SPACs, and specialised sectors. Park Avenue Capital provides a vetted flow of 15–20 top-level targets annually.

Liquidity / Exit Timing

Investors rely on timely filing of S-1/F-4 registration statements (typically 15–30 days post-merger) to sell shares. Delays can trap capital.

Exit is essentially guaranteed at de-SPAC. Because the S-1 registration is controlled by Park Avenue Capital, the fund maintains direct control over the registration and exit process.

Return Assumptions

Projections of 25x cash-on-cash and 92% annual yield are based on historical back-testing and specific warrant upside scenarios.

Projections are grounded in detailed calculations on historical SPAC data. The back-test on all team SPAC transactions shows results higher than the current model assumptions.

Unsecured Credit Risk

Bridge loans are provided as unsecured offerings to avoid interfering with the listing process — no collateral if the target fails pre-listing.

High conversion discounts ($3.60–$5.70 effective) act as a buffer. Historical median trading prices ($8.79–$18.80) stay significantly higher in the first 30 days post-listing.

Important Disclaimer

THE GP MAKES NO REPRESENTATION OR WARRANTY — AND EXPRESSLY DISCLAIMS ANY OBLIGATION — THAT THE FUND WILL ACHIEVE ITS TARGETED RETURNS OR THAT INVESTORS WILL RECEIVE ANY RETURN OF CAPITAL OR PROFIT. PAST PERFORMANCE OF ANY UNDERLYING OR PREDECESSOR VEHICLE IS NOT INDICATIVE OF FUTURE RESULTS. THE RETURNS ARE CALCULATED ON THE BASIS OF CURRENT AVAILABLE STATISTICS AND ON THE BASIS OF THE LENDING STRUCTURE PROPOSED. THERE IS NO GUARANTEE THAT TARGETS WILL ACCEPT THE CONDITIONS INDICATED AND THAT THE PERFORMANCE OF THE TARGETS OR THE FUND WILL BE EQUAL TO THE PROJECTIONS. THE PROJECTIONS HAVE BEEN PREPARED ON REASONABLE ASSUMPTIONS THAT LPS ARE INVITED TO REVIEW AND DUE DILIGENCE BEFORE ANY INVESTMENT. Access to IPX Bridge Capital LP is restricted to institutional investors and qualified purchasers as defined under applicable securities laws. Any offering is made only by means of a private placement memorandum to eligible investors.

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