Thayer Ventures Acquisition Corporation II (TVAI) is a SPAC — a blank check company with no operations whose sole purpose is to acquire a private business and take it public. The company raised $201.3M in its IPO in May 2025, with those proceeds held in a trust account invested in U.S. Treasuries or money market funds. The management team, led by co-CEOs Christopher Hemmeter and Mark Farrell, is focused on the travel and transportation sectors, where they have built a network and investing experience over 15+ years through Thayer Ventures. The team previously ran a SPAC, Thayer Ventures Acquisition Corporation, which raised $172.5M in 2020 and merged with Inspirato, a luxury travel subscription company, in 2021. Thayer Ventures II is targeting businesses in markets undergoing technological disruption, with defensible competitive positions, high gross margins or a clear path to them, and management teams with deep domain expertise. The SPAC has a 21-month window to close a deal; if no deal closes, the trust is liquidated and public shareholders receive approximately $10.00 per share. The sponsor received founder shares at nominal cost that only become valuable if a deal closes, incentivizing the team to complete a transaction.