EQV Ventures Acquisition Corp., incorporated on April 15, 2024, completed its Initial Public Offering (IPO) on August 8, 2024, selling 35,000,000 units at $10.00 each, generating gross proceeds of $350 million. In addition, the company raised $6.625 million through private placements, including 400,000 units sold to EQV Ventures Sponsor LLC and 262,500 units sold to BTIG, LLC. Total transaction costs associated with the IPO amounted to $19.094 million.

As of September 30, 2024, EQV Ventures reported total other income of $3.294 million for the three months ended September 30, 2024, and a net income of $2.961 million for the same period. For the period from inception through September 30, 2024, the net income was $2.914 million. The net income per Class A ordinary share for the three months ended September 30, 2024, was $0.10, while for the entire period, it was $0.14. The company’s net income primarily stemmed from interest earned on marketable securities held in the Trust Account, amounting to $2.695 million, and a change in the over-allotment liability.

Despite these positive income figures, EQV Ventures reported a total shareholders’ deficit of $(12.553 million) as of September 30, 2024, a significant increase from a deficit of $(25,000) at inception. The company had 35,822,500 Class A ordinary shares and 8,750,000 Class B ordinary shares outstanding as of November 12, 2024.

The Trust Account held $352.576 million in cash as of September 30, 2024, with $150,288 available for withdrawal for working capital expenses. The company has incurred $60,000 in administrative service fees and has committed to a monthly fee of $30,000 for administrative support until a business combination is completed.

EQV Ventures is classified as a shell company and has not yet identified a target for a business combination. The company has substantial doubt about its ability to continue as a going concern if a business combination is not completed within one year from the date of the financial statements. The company has no unrecognized tax benefits and is not subject to income taxes in the Cayman Islands or the United States, resulting in a tax provision of zero for the period presented.