Since the beginning of 2020, private companies have raised more than $100 billion through special purpose acquisition companies, or SPACs. That’s more than all other initial public offerings (IPOs) combined over the same time period. Why are investors and companies looking to go public suddenly flocking to these vehicles? Ron and Dmitri Batsev, a Managing Director and research analyst focused on financial services companies, attempt to demystify SPACs, which are still unknown territory even for many professional investors.