• Spark Capital's third private credit fund, Spark Equitized Credit Solutions Fund (SpECS) III, has raised approximately Rs 400 crore ($46 million) towards its target corpus of Rs 750 crore, with a green-shoe option of Rs 250 crore. The fund aims to generate over 15% IRR in rupee terms by providing structured credit solutions to mid-market enterprises.
• SpECS III will invest in mid-market corporates with revenues between Rs 50 crore-2,000 crores, with deal sizes ranging from Rs 15 crore-120 crore, focusing on sectors like manufacturing, consumer, and healthcare. The fund has already closed 3 transactions totaling Rs 88 crore and is actively evaluating additional deals.
• The investor base for SpECS III is comprised of high-net-worth individuals (HNIs) and ultra-HNIs (UHNIs) (50-55%), family offices (25-30%), and domestic institutions (15-25%), including banks, DFIs, and insurance companies. Spark expects 30-35% of the fund's corpus to come from repeat investors.
• Spark Capital's previous funds, SpECS I and II, have focused on backing mid-market companies; SpECS I raised Rs 255 crore in 2021 and has fully distributed capital, while SpECS II raised Rs 600 crore in 2024 and has made 18 investments. The private credit market in India is growing, with other firms like Prabhudas Liladher, VentureSoul Partners, Avendus PE, and Franklin Templeton also launching or raising credit funds.

Swet Sarika

Financial-services firm Spark Capital has reached the halfway mark for its third private credit fund, scooping up roughly Rs 400 crore (around $46 million) from global as well as local limited partners, a top company executive told VCCircle.  

The fund—Spark Equitized Credit Solutions Fund (SpECS) III—has a target corpus of ......

Spark Capital hits halfway mark for third private credit fund

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Financial-services firm Spark Capital has reached the halfway mark for its third private credit fund, scooping up roughly Rs 400 crore (around $46 million)...

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Spark Capital hits halfway mark for third private credit fund

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