The 2021-2022 IPO/SPAC boom drove a surge in VC TRAs
Andy Lee · Andy Lee – Empty Rooms: Investing in Tax Assets at Parallaxes Capital (Capital Allocators, EP.305) · Mar 30, 2023 · at 10:42
Andy Lee, founder and CIO of Parallaxes Capital, explains how the 2021–2022 public listing boom expanded Tax Receivable Agreements into venture capital and growth equity portfolios.
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“As a result of the flurry of both IPOs as well as SPACs in 21 and 22, there was a significant uplift in terms of number of TRAs created that were shared by both growth equity firms as well as venture capital firms”
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