What Could Spark a SPAC Comeback in 2025
In this episode of The SPAC Podcast, Louis Camhi lays out a candid and nuanced outlook for the SPAC market heading into 2025 and beyond. He explains that while SPACs are simply another tool in the capital markets toolbox, recent macro events, including the 2024 election cycle and early 2025 volatility, have temporarily held back broader recovery.
Louis points to signs of momentum returning: an uptick in IPO activity, renewed interest from private equity firms seeking liquidity, and notable success stories like Circle a former SPAC target now one of the best-performing IPOs. While he emphasizes that proof of a SPAC resurgence isn’t here yet, the macro backdrop is improving, and the stage is set. The question is: can sponsors execute high-quality deals that rebuild investor trust?
Connect with the Guest:
Louis Camhi – SPAC Investor & Fund Manager
LinkedIn: https://www.linkedin.com/in/louis-camhi-aa3464b/
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https://www.thespacpodcast.com/guests/louis-camhi/
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Michael Blankenship LinkedIn:
https://www.linkedin.com/in/mikeblankenship/
Joshua Wilson LinkedIn:
https://www.linkedin.com/in/joshuabrucewilson/
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The views, opinions, and statements expressed by the guest are solely their own and do not necessarily reflect the views of The SPAC Podcast, its hosts, or affiliated organizations. This content is for informational purposes only and should not be construed as investment, legal, tax, or accounting advice.
Disclaimers:
The views, opinions, and statements expressed by the guest are solely their own and do not necessarily reflect the views of The SPAC Podcast, its hosts, or affiliated organizations. This content is for informational purposes only and should not be construed as investment, legal, tax, or accounting advice.
Michael J. Blankenship is a licensed attorney and is a partner at Winston & Strawn LLP. Joshua Wilson is a licensed Florida real estate broker and holds FINRA Series 79 and Series 63 licensure. The content of this podcast is intended for informational and educational purposes only and should not be interpreted as legal, financial, or compliance advice. The views and opinions expressed by the hosts and guests are their own and do not necessarily reflect the official policies or positions of any regulatory agency, law firm, employer, or organization.
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Let’s Connect on LinkedIn:
👉 Michael J. Blankenship - https://www.linkedin.com/in/mikeblankenship/
👉 ...
Michael Blankenship:
So Louis, what’s your overall outlook for SPACs this year and going forward?
Louis Camhi:
SPACs are just another capital markets tool. If we look at the last ~15 months, the SPAC IPO window reopened in May 2024 after a long freeze. Capital markets are cyclical, and we had been through a very slow period. But private equity and venture firms need to monetize assets, and SPACs are a valid vehicle alongside IPOs and direct listings.
We saw a surge in IPO activity post-election, particularly after Trump’s win, which reminded many sponsors of the market strength during his first term. But then came the tariff tantrum in Q1, which brought volatility and stalled recovery.
Now, we’re finally seeing green shoots. A few big IPOs have hit, including Circle, which ironically had been blocked from going public via SPAC under the previous SEC administration. So we’re seeing structural momentum.
But it’s still early. The market needs quality SPAC transactions to be announced and executed. Some skepticism about SPACs is warranted but not all of it. We’re moving into a new phase where each deal can be evaluated on its merits, not based on the stigma of the last cycle.
Louis Camhi
Chief Investment Officer
Louis Camhi is CIO of RLH Capital, LLC where he is responsible for oversight of all investment management and operational functions on a day-to-day basis. Mr. Camhi previously worked at Citadel as an Analyst, managing a $500 million equity long/short portfolio. Prior to Citadel, Mr. Camhi was a Senior Analyst at Three Corner Global LP, a fundamental long/short equity hedge fund manager. Mr. Camhi started his career at Credit Suisse where he worked as an analyst and was promoted to associate in the Mergers and Acquisitions group. Mr. Camhi received his Bachelor of Science in Finance and Accounting from the Leonard N. Stern School of Business at New York University in 2009.