Ahmed Enany
InterPrivate II VSM Tec
SPACs Launched
3
Total Raised
$600.0M
Avg Investor Return
-68.0%
Bankruptcies
1
Summary
InterPrivate's SPAC mergers focused on tech and lidar. Aeva Technologies, a lidar company, lost over 80% of its value post-SPAC. The smaller sponsor demonstrated how the SPAC boom attracted operators without the resources or expertise to find and support quality targets.
SPAC Track Record
The Sponsor Economics
As a SPAC sponsor, Ahmed Enanyreceived a "promote" — typically 20% of the post-merger company's shares — for a nominal investment of roughly $25,000. Across 3 SPACs raising $600.0M, the promote shares were worth hundreds of millions at IPO prices, regardless of whether the merged companies performed well for public investors.
While investors saw an average return of -68.0%, the sponsor structure ensured that Ahmed Enany profited from the deals regardless of outcome — a fundamental misalignment of incentives that defined the SPAC era.