My inbox is absolutely flooded with cold pitches—literally dozens every week trying to rope me into some SPV for a growth-stage private company I've never heard of.

You'd assume this spray-and-pray approach is a complete waste of time, right? That nobody in their right mind responds to unsolicited investment decks from strangers.

But here's the thing: if the volume keeps climbing, someone's clearly biting. The math doesn't lie. These syndicates wouldn't keep burning resources on mass outreach if the conversion rate was zero. Even a 0.5% hit rate on a few thousand emails probably justifies the effort.

Makes you wonder how much capital is actually flowing through these random SPV deals that most of us just auto-delete.