For sponsors creating SPACs, the two-year deal deadline means a faster turnaround for their money than traditional private equity funds. If a SPAC fails to close an acquisition within its deadline, the cash is returned to investors. SPACs are partly a bet on the skills of the sponsors who hunt for a target, yet they are not risk-free. Neither are they new. SPACs have existed since at least 1993, according to data compiled by Bloomberg, and before the recent boom, there was a previous peak in 2007.