Cartesian Growth Corporation II is a SPAC incorporated in the Cayman Islands with no commercial operations. Its sole purpose is to identify and merge with a private business, taking that business public. The SPAC raised $230M in its May 2022 IPO and placed the proceeds in a trust account while searching for an acquisition target. The sponsor is an affiliate of Cartesian Capital Group, a New York-based global private equity firm founded by Peter Yu, who also serves as the SPAC's Chairman and CEO. Cartesian Capital has managed over $3B in committed capital since 2006, focusing on growth-capital investments in transnational businesses across North America, Europe, South America, and Asia. Cartesian Growth II targets high-growth companies with transnational operations, prioritizing proven business models, proprietary deal sourcing, and management teams open to governance improvements. The SPAC has faced significant challenges: three rounds of shareholder-approved extensions have triggered heavy redemptions, shrinking the trust from ~$237M to ~$37.8M. Nasdaq delisted the company's securities in May 2025 for failing to complete a deal within 36 months of its IPO, and the securities now trade on the OTC Pink market. Shareholders approved a third extension in November 2025, giving the company until August 2026 to close a deal. The company has no employees, no revenue, and no identified acquisition target.