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Bleichroeder

#7 of 117
57/100Mixed recordhigh confidence

57/100 from 7 resolved vehicles (7 closed, 0 failed), 58% of the raw 62 after small-sample shrink, completion credit gated ×0.90 by the measured post-close record. Confidence: high.

Vehicles
14
13 in the live DB · 1 SEC-verified priors · computed by SpacBrain from cited rows, as of 2026-09-10
Resolved
7
7 closed · 0 liquidated · 0 terminated
Best priced exit
-62.4%
MRLN vs the $10.00 baseline
Worst priced exit
-62.4%
MRLN vs the $10.00 baseline

Sponsor DNA

what has happened before, with its sample size
  • Completion rate100%n=7 resolved vehiclesderived

    Of the 7 vehicles this sponsor has taken to a final outcome, 7 closed a business combination.

  • Liquidation rate0%n=7 resolved vehiclesderived

    0 of those 7 returned the trust to holders and wound up without a deal.

  • Median post-close return—n=1 priced completed deSPACderived

    1 priced completed deSPAC on record; this median is published from 3. Two points have no middle — a median over them is their mean, and moves with either one.

  • Median redemption—n=0 redemption events with a stated ratederived

    No redemption event with a stated rate on record — absent, which is not the same as zero. Extraction covers part of the universe, so a low count is our coverage as much as the sponsor’s history.

  • Deals terminated0terminated dealscounted

    No announced combination on this sponsor’s record has been terminated.

  • Extension votes on record0extension votescounted

    No extension vote extracted for this sponsor. Extraction is partial across the universe, so this is an absence of rows, NOT evidence of zero extensions.

4 of 6 statistics carry a figure for this sponsor. A rate is published from 3 resolved vehicles and a median from 3 observations: two points have no middle, and a rate over two can only be 0, 50 or 100. Counts have no threshold — a count is an observation, not an estimate.

Everything marked derived is arithmetic we did to rows we hold, not a figure any filing states.

What this panel will not tell you, and why (6)›
  • Median day-one move on announcement

    PriceBar holds 2026-05-11 → 2026-08-17 only. Of 83 dated announcements across the whole universe, 16 fall on a day we hold a bar for a scored sponsor’s vehicle, spread over 14 sponsors — one sponsor reaches three observations. A bar that does not exist is not a 0% move.

  • Pre-vote move

    Only 12 deals carry a vote date at all, and exactly 1 of them falls inside the PriceBar window. One observation is an anecdote with a decimal point.

  • Median time from IPO to announcement

    42 IPO→announcement pairs exist, but only six sponsors have two and one has three. Enough for a statistic about the asset class; not for one about a sponsor, which is what this panel claims to be.

  • Median time from signing to close

    Exactly 1 deal in the entire database is CLOSED and carries an announcement date. There is no 2nd observation anywhere to take a median over.

  • 12-month post-deSPAC return

    `SponsorPriorVehicle.postCloseReturnPct` is measured at the LAST close we hold, whenever that is — not on a 12-month anniversary. We hold no price history for the resulting companies, so the anniversary price does not exist. The median post-close return above is the honest version of this number and says what it is measured against.

  • Sponsor capital at risk

    Nothing stores it. The only sponsor-economics column we hold is `Deal.promotePct` (founder shares as a percentage of post-IPO shares, on 34 deals under a scored sponsor), and that measures the equity the sponsor got nearly free — the opposite of the dollars it put in. Deriving at-risk capital from a promote percentage would be an invention with a citation stapled to it.

Score breakdown

every component, what it measured, and what it could not
  • Deal completion20% weightn=790/100

    7/7 resolved vehicles closed a deal (100%); 0 liquidated, 0 terminated. Gated ×0.90 by measured post-close quality (40/100): closing deals that ended below trust value is not a completed job, so only 90% of the completion credit is earned. Full credit resumes at outcome quality 50/100 (the median deSPAC ending at trust value); the gate can never exceed 1×.

  • Liquidation / termination drag16% weightn=14100/100

    0 liquidations and 0 terminations across 14 vehicles raised → 0% attrition (terminations 1.25×, stale shells 0.75×).

  • Post-close outcome quality40% weightn=140/100

    1 priced deSPAC vs trust value (prior vehicles against the $10.00 IPO baseline, in-DB vehicles against the trust they filed): median -62%, 0/1 still worth at least half of trust, 0 at under a tenth of it. Worst: MRLN -62%. n=1, pulled toward neutral. 6 other completion(s) not priced (6 no stored price) — left OUT of the ratio, not guessed.

  • Redemption behaviour10% weightnot measurable

    No redemption events extracted for this sponsor yet (coverage is partial) — held neutral; absence of rows is NOT evidence of zero redemptions.

    Held at the neutral 50 across its full 10% weight — missing data is never scored as a failure, but it never earns credit either.

  • Extension reliance8% weightnot measurable

    No extension filings extracted for this sponsor — held neutral (partial coverage, not a clean record).

    Held at the neutral 50 across its full 8% weight — missing data is never scored as a failure, but it never earns credit either.

  • Live fleet vs trust6% weightn=757/100

    4/7 live vehicles trading at or above the trust value they filed.

  • Measured weak recordflat penaltyn=1not measurable

    Only 1 measured prior vehicle (median -62%) — one vehicle is an anecdote, not a record; the rule needs ≥2.

How the number is built: weighted mean of the six components above = 62, then pulled 42% of the way back to the neutral 50 for small sample size (7 resolved vehicles) = 57.

2 components are not measurable for this sponsor (redemption behaviour, extension reliance) — 18% of the weight is a neutral placeholder rather than evidence. That is why the confidence chip reads high.

How the Sponsor Score worksoutcome-first weighting

The score answers one question: did this sponsor make money for the people who held through the merger? Not “did they get a deal signed”. Those are different questions, and most sponsor rankings quietly answer the second one.

So post-close outcome quality carries 40% — the realised return of every prior vehicle we can price from a primary filing, measured against the $10.00 trust baseline. Deal completion carries 20%, and it is gated: closing deals that ended below trust value only earns part of the completion credit, because closing is a precondition for a return, not a return. Liquidation and termination drag takes 16%, redemption behaviour 10%, extension reliance 8%, and what the tape says about the live fleet just 6% — a quote is an opinion, not evidence.

A component with no data is never guessed. It is held at the neutral 50 across its full weight and labelled “not measurable”. Dropping it and re-weighting the rest would quietly reward a sponsor for having no verifiable record — exactly backwards. The consequence: a sponsor with no post-close evidence at all cannot read above 71, and cannot be labelled a strong operator no matter how many deals it closed.

Experience never inflates the score. There is no “years in business” component. A first-time sponsor sits at exactly 50 and reads “unproven” with low confidence — new is not bad. Sample size only pulls a score toward or away from that neutral 50, so nobody is called great or terrible on one vehicle.

Every input is a row already in the database, sourced from SEC primary filings: prior vehicles verified on EDGAR, redemption results read out of 8-Ks, prices from public feeds. The arithmetic is deterministic — no model, no LLM, no judgement call. Research tooling, not investment advice.

Prior vehicles

1 SEC-verified — what happened to holders who stayed in
VehicleOutcomeBecamevs $10.00TodaySource
Bleichroeder Acquisition Corp IIPO 2024CompletedMerlin IncMRLN-62.4%Trading$3.75 · Aug 14, 20260001213900-26-056230 opens on sec.gov in a new tab

1 of 1 prior vehicle carry an honest post-close price, split-adjusted against the $10.00 trust baseline a holder gave up at the merger. Cash buyouts are read from the per-share consideration stated in the DEFM14A / SC 14D-9; a buyout no filing prices stays unpriced and stays out of the score. “Listing ended” means the quote stopped with no buyer — scored as a total loss because that is what the evidence says, but never printed as a percentage we cannot source.

Current fleet

the vehicles running today

Research profile

synthesized from SEC filings + sourced research

Bleichroeder — RIA-affiliated SPAC line tied to Michael Blitzer's Inflection Point. Prior-vehicle track record (SEC-verified via formerNames): Bleichroeder Acquisition Corp I (formerly Inflection Point Acquisition Corp IV) COMPLETED → Merlin Inc (MRLN, Nasdaq, 2026). Current vehicles BBCQ (in-deal) and BCCQ (searching). Net: 1 completed deSPAC (still listed). Sources: SEC EDGAR submissions API (formerNames) + full-text search, efts.sec.gov.

— research profile — Bleichroeder is a New York-based registered investment advisor focused on ultra-high-net-worth families, with roots tracing back to the storied Arnhold and S. Bleichroeder investment bank originally founded in Germany in 1931 and relocated to New York in 1937. That firm's asset management arm was eventually renamed First Eagle Investment Management, with majority control sold to Blackstone and Corsair Capital in December 2015. The Bleichroeder name persists in the SPAC franchise, which is led by Andrew Gundlach, the co-CEO of Bleichroeder and head of Goldiron, who serves as Executive Chairman across the vehicles. Gundlach co-founded the first two SPACs alongside Michel Combes, the well-known telecom and technology executive. The management bench also includes Marcello Padula as CEO of the second and third vehicles (a former BofA Securities investment banking VP who executed over $25 billion in transactions), Robert Folino as CFO (also COO and Head of Trading at Bleichroeder), and directors including Christopher Kellen of First Eagle Administrative Services, Clemence Rasigni (a former Senior Managing Director at Merrill Lynch with over two decades of capital markets experience), Kathy Savitt, Antoine Theysset, and Philippe Nyssen.

Bleichroeder Acquisition Corp. I (BACQ) raised $250 million in October 2024 and was reportedly trading approximately 14% above its $10 offer price; it is pending a combination with Merlin, an autonomous aircraft pilot technology developer, and has since been renamed Inflection Point Acquisition Corp. IV. Bleichroeder Acquisition Corp. II (BBCQ) priced a $250 million IPO in January 2026 (closing at $287.5 million with overallotment), and on March 4, 2026 announced a definitive business combination with Pasqal, a French neutral-atom quantum computing company, at a $2.0 billion pre-money valuation with a deal size of approximately $2.64 billion. The transaction includes $250 million in committed convertible financing (upsized from an initial $200 million) backed by sponsor-affiliated investor Inflection Point, BPIfrance Large Venture, and other institutional investors, targeting up to $500 million in gross proceeds for Pasqal assuming no redemptions. The SEC declared the joint F-4 registration statement effective on August 5, 2026, with a shareholder vote scheduled for August 25, 2026. BBCQ shares have traded modestly above trust value at around $10.18 to $10.20. Bleichroeder Acquisition Corp. III (BCCQ) priced a $300 million IPO on July 7, 2026, backed by Bleichroeder Sponsor 3 LLC, and has not yet identified a target; it focuses on disruptive growth industries with a global mandate.

The BBCQ-Pasqal deal is the sponsor's most significant pending transaction and carries both notable ambition and potential concerns. Pasqal, co-founded by Nobel laureate Alain Aspect, has deployed seven quantum computers and serves over 25 commercial customers including Sumitomo, CMA CGM, and Thales, with partnerships spanning IBM and NVIDIA. However, the company reported only approximately €16 million in 2025 commercial revenue against a €66 million-plus booked and awarded business pipeline, making the $2 billion pre-money valuation a rich

1 sentence withheld from the text above. It stated a vehicle count (three vehicles) that does not reconcile with the record we counted: 14 vehicles — 13 in the live database and 1 SEC-verified prior vehicles. Neither side has been corrected here, and the stored research is unchanged; a count we cannot reconcile is not a count we will publish.

Data provenance & audit trail1 internal entry

Written by SpacBrain’s data agents whenever a figure is captured, corrected or flagged, and kept verbatim so every number on this page can be traced back to the filing that states it. This is a running log, not the current record: an early entry may be superseded by a later correction — the panels above always hold the current values.

Bleichroeder — sponsor record
NOTE-SEAL2026-08-15

Raw SEC identifiers lifted out of the public prose above (the sentences are unchanged); verbatim, each shown with the words it followed: "…merNames): Bleichroeder Acquisition Corp I (CIK 0002028707"

The Sponsor Score is a deterministic research heuristic over primary-sourced rows — never a recommendation, and never a prediction. It cannot tell you whether this sponsor’s next deal will work; it tells you, precisely and with its own uncertainty attached, what the last ones did.