I think its an apple and an orange. SPAC investors are generally institutional, and need to deploy big sums of capital each year, which is very hard to do in the LMM. They also need more rigorous reporting. In any given year you might seeredactedtraditional search fund transactions. Call it $1-1.5B in equity checks written each year, give or take... with the better/bigger ones deploying about $50M/yr (most deploying far less). It's really hard to deploy large sums of capital in the LMM. It's also administratively way easier to manage a handful of 9 digit investments (with very tight reporting), than dozens of smaller ones. My 2 cents... Year # SPAC Proceeds (USD, Billions) Avg Size (USD, Millions) 2019 redacted $230.51 2020 redacted $336.29 2021 redacted $264.27 2022 redacted $155.81 2023 31 3.8 $122.58 2024 57 9.6 $168.42 2025 (YTD) 123 25.2 $204.88

^redacted‌ You are correct in your understanding of a SPAC. Historically over 99% involve acquiring private companies, allowing those targets to go public via a reverse merger (known as a de-SPAC transaction) without the full rigors of a traditional IPO. Typically, the SPAC only acquires one company and focuses fully on that company.