THE FUND STRATEGY

fund strategy
US SPAC1
US SPACA 2

THE LIFE OF EACH INVESTMENT

cycle investment 2
A

SPONSOR TEAM


The Fund will never be the Sponsor of a SPAC; it will be one among hundreds of other investors into the SPAC, along with investment banks, hedge and pension funds
b

ESCROW ACCOUNT


Escrow accounts are opened in bulge bracket banks such as Citi, Credit Suisse, Morgan Stanley, JP Morgan, Deutsche Bank, Merrill Lynch
c

TRADING ON THE MARKET


In the event of material upsides before the BC, the Fund will sell its SPAC Shares on the market
d

GENERAL MEETING


In case the Fund has not sold SPAC Shares on the market, it will ALWAYS opt for capital redemption (capital + interests)

THE TARGETED
ASSETS KEY FEATURE

SPACs offer an asymmetric risk/reward profile
because:

Possibility of exploting share proce
appreciation on a listed equity market,
while beign invested in 90 days T-bills

All the costs before the BC are borne by
the Sponsor, not by SPAC investors

target 2

DECORRELATION AND LOW VOLATILIYT

 

Decorrelation and low volatility are a direct consequence of the very nature of a SPAC: until the BC it represents and investment into 90 days T-bills and any substantial downside deviation from its IPO price (redemption value) would represent an immediate and easy arbitrage opportunity. Here below an example of how SPACs have performed during early period of Covid-19.