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Track Record

Credit-Style Protection.
Venture-Style Upside.

Based on 24 completed de-SPAC transactions in which the team participated as sponsor, advisor, PIPE agent or capital markets advisor. Applying the IPX bridge structure to these deals reveals a strongly asymmetric return profile — with a median return of 9.3x and a best case of 435x.

9.3x
Median Return
24
Transactions Analysed
100%
De-SPAC Completion Rate
22/24
Warrant Monetisation Rate
~50%
Deals Returning ≥10x
>$4B
Projected Fund Return (all deals)

Deal-by-Deal Breakdown

The 24 Transactions

The table below shows each de-SPAC transaction in which the team participated, the role played, post-listing share price data, and the hypothetical return applying the IPX bridge structure. Amounts shown are the total deal value (SPAC trust + PIPE).

De-SPAC Date SPAC Target / Company Ticker Role Deal Size ($M) Peak Price D20–30 Peak Price (2Y) Return
Oct 2025GSR IIITerra InnovatumNKLRSellside Advisor135$7.85$21.917.8x
Mar 2024KingswoodWentworth—Capital Markets Advisor154$10.15$11.402.4x
Sep 2023Graf Acquisition IVNKGen BiotechNKGNSPAC Sponsor145$4.85$11.801.3x
Jul 2023GSR II MeteoraBitcoin DepotBTMSPAC Sponsor885$3.48$6.600.8x
May 2023CIIG IIZappZAPPSellside Advisor852$3.20$14.392.2x
Dec 2021890 5th Avenue PartnersBuzzFeedBZFDSellside Advisor & PIPE Agent1,702$5.45$14.773.0x
Sep 2021Jaws SpitfireVelo3DVLDSellside Advisor & PIPE Agent2,086$10.51$13.183.3x
Aug 2021Alpha HealthcareHumacyteHUMABuyside Advisor1,104$14.20$16.936.4x
Aug 2021NextGenXos TrucksXOSSellside Advisor1,965$211.83$375.36267x
Aug 2021NavSightSpire GlobalSPIRSellside Advisor & PIPE Agent1,637$117.76$156.00114x
Jul 2021Capitol VDomaDOMAPIPE Agent355$211.25$280.00210x
Jul 2021Churchill Capital IVLucid MotorsLCIDBuyside Advisor & PIPE Agent15,997$22.71$64.8636.9x
Jul 2021AscendantBeacon StreetBCTGSellside Advisor & PIPE Agent3,174$10.15$11.002.4x
Jul 2021SandbridgeOwletOWLTSellside Advisor & PIPE Agent1,389$168.00$229.00169x
Jul 2021Rodgers Silicon ValleyEnovixENVXBuyside Advisor & PIPE Agent1,513$17.55$39.4820.6x
Jul 2021Climate Change CrisisEVgoEVGOBuyside Advisor & PIPE Agent2,631$14.28$24.3410.8x
Jun 2021ArtiusOrigin MaterialsORGNSellside Advisor1,843$9.15$15.354.3x
Jun 2021AciesPlayStudiosMYPSPIPE Agent1,041$8.10$14.753.6x
Jun 2021ArcLightProterraPTRASellside Advisor2,401$17.90$31.0615.7x
Jun 2021GigCapital2UpHealthUPHPIPE Agent1,456$8.35$13.102.7x
May 2021GigCapital3Lightning eMotorsZEVBuyside, Sellside & PIPE Agent823$173.70$302.40214x
Mar 2021Roth-CHPureCyclePCTSellside Advisor & PIPE Agent1,183$25.20$35.7520.2x
Feb 2021Switchback EnergyChargePointCHPTSellside Advisor & PIPE Agent3,049$29.80$49.4829.5x
Dec 2020Hennessy Capital IVCanooGOEVSellside Advisor2,448$423.20$572.70435x

Returns are hypothetical — they reflect what the IPX bridge structure would have generated had it been applied to these transactions. Actual realised returns from an IPX Bridge Capital fund may differ. See disclaimer below.

Return Distribution

Asymmetric by Design

The dataset reveals a highly asymmetric distribution: the only downside scenario returned 0.8x (one deal), while approximately 50% of deals returned 10x or more, with the best single outcome reaching 435x.

This profile is characteristic of structured financing instruments with equity participation components: the downside is bounded by credit protections, while the upside is open-ended through warrants and discounted conversions.

0.8x (floor)9.3x (median)435x (best)

Key Metrics

By the Numbers

9.3x
Median Return
435x
Best Outcome
~50%
Deals ≥10x
1/24
Loss-Generating Deals

Return Components

Multiple Sources of Alpha

Each bridge transaction generates returns from several distinct components, creating a layered income and upside structure.

Interest / OID
25% OID at LOI stage, 15% OID at BCA stage — above-market yield embedded from day one.
Commitment Shares
Equity shares issued at bridge closing — 1 per 5 at LOI, 1 per 10 at BCA — providing immediate equity exposure.
Conversion Discount
Bridge converts at $3.60–$5.70 effective price vs. historical post-listing median of $8.79–$18.80 — a structural 2x–4x spread.
Warrants at $11.5
Long-dated call options on listed equity. 2 warrants per share at LOI stage, 1 per share at BCA stage.
Warrants at $12.5
Additional warrant tranche providing further upside capture. Monetised in 22 of 24 historical deals.
Failure Conversion
If de-SPAC fails, bridge converts at 30–40% of de-SPAC valuation — providing meaningful downside protection even in failure scenarios.

Important Notice — Hypothetical Performance

The track record presented on this page is based on historical transactions in which members of the IPX team participated in various capacities including sponsor, advisor, PIPE agent and capital markets advisor. The return figures are hypothetical — they reflect what the IPX bridge financing structure would have generated had it been applied to these transactions, not actual realised returns of an IPX Bridge Capital fund. Hypothetical performance results have many inherent limitations and no representation is being made that any investor will or is likely to achieve results similar to those shown. Past performance and hypothetical performance are not indicative of future results. Investing involves significant risk, including the possible loss of principal. This information is intended for sophisticated and qualified investors only and does not constitute an offer or solicitation to invest.

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Review the LP waterfall structure, target fund size, and pro-forma financial projections based on the historical return dataset.

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