Performing structured credit fund research profile
Spark Equitized Credit Solutions Fund III is the current SpECS structured-credit vehicle, launched in March 2025 to provide secured debt, bridge-to-IPO, acquisition finance and holdco financing to Indian mid-market companies. Spark reports a ₹750 crore target plus ₹250 crore greenshoe, 76% deployment across more than 11 portfolio companies and tickets generally in the ₹50–100 crore range. Two named borrowers are retained where independent public evidence supports attribution.
At a glance
Research profile
Open a section to inspect the evidence. The first view starts with the investment point of view; the rest stays quiet until you need it.
Investment lens
Spark Equitized Credit Solutions Fund (II–III bundled) uses a performing structured credit; mid-market india approach across Manufacturing, healthcare, clean energy, digital infrastructure.
Current evidence
Spark’s current 2026 SpECS III page reports approximately ₹606 crore raised and 76% deployed across more than 11 portfolio companies. India Ratings’ 2026 PWD Extrusions release identifies ₹50 crore of NCDs raised from SpECS III, while a manager-linked update identifies Ecozen as the fund’s ₹50 crore agritech and clean-energy investment.
Bundled fund series
Related manager and vehicle records are shown here as one fund family. The original source trails and vehicle-level caveats remain preserved in the research record.
Spark Equitized Credit Solutions Fund II
Vintage / record year: 2022
Strategy
Performing structured credit; mid-market India
Sector focus
Manufacturing, healthcare, clean energy, digital infrastructure
AIF structure context
Indian private credit, venture-debt and special-situations funds are commonly structured as Category II AIFs. Verify the specific vehicle and registration before investing.
Current signal
Spark’s current 2026 SpECS III page reports approximately ₹606 crore raised and 76% deployed across more than 11 portfolio companies. India Ratings’ 2026 PWD Extrusions release identifies ₹50 crore of NCDs raised from SpECS III, while a manager-linked update identifies Ecozen as the fund’s ₹50 crore agritech and clean-energy investment.
Investor questions
Spark Equitized Credit Solutions Fund (II–III bundled) is covered in Rupeia's private credit research universe. The current public record describes the strategy as Performing structured credit; mid-market India, with a sector focus of Manufacturing, healthcare, clean energy, digital infrastructure. The profile should be read with the linked source trail and Typical route: Category II AIF context.
The profile displays only company or asset names attributable to Spark Equitized Credit Solutions Fund (II–III bundled) in the reviewed public sources: PWD Extrusions; Ecozen; Rassense Private Limited; Rentomojo Private Limited; Qube Cinema Technologies Private Limited. It does not represent a complete current portfolio unless the manager has published one.
The vehicle is still deploying and does not yet have public realised fund-level return data. Spark reports approximately ₹606 crore raised and 76% deployed; manager material targets 15%+ gross yield and describes structured debt with covenants, security and cash-flow based underwriting. These signals are not a substitute for fund- and vintage-specific net performance, realised distributions and audited or administrator-supported reporting.
Public fund size: ₹750 crore target plus ₹250 crore greenshoe; approximately ₹606 crore raised in the current official fund-page update.. Public terms or access information: Category II AIF; 5+1+1-year life, three-year investment period, 15%+ targeted gross yield, 10% hurdle and 15% carried interest over hurdle in the manager’s 2025 strategy material. Detailed legal waterfall and current subscription terms are not publicly disclosed.. Current fees, minimum commitment and availability must be confirmed for the exact named vehicle in its fund documents.
The current source record names Saurabh Agrawal (Partner & CIO – Alternate Asset Management); Kapil Ramamurthy (Senior Managing Director – New Business Development). Verify current roles, departures, attribution and key-person provisions before relying on the team history for a new commitment.
Review borrower concentration, security and seniority, cash versus accrued income, defaults, recoveries, fund leverage and liquidity. The current open diligence point is: Spark’s official fund page keeps most SpECS III borrowers anonymous, describing them by sector and business profile. PWD Extrusions is independently identified by an India Ratings release as a borrower from the fund, and a manager-linked investment update identifies Ecozen; the complete borrower schedule, fund-level realised returns, fees, carry and waterfall are not publicly disclosed. Spark Equitized Credit Solutions Funds II and III are shown as one strategy family; vehicle-level differences and source trails remain in seriesRecords..
2026-09-03: Spark’s current 2026 SpECS III page reports approximately ₹606 crore raised and 76% deployed across more than 11 portfolio companies. India Ratings’ 2026 PWD Extrusions release identifies ₹50 crore of NCDs raised from SpECS III, while a manager-linked update identifies Ecozen as the fund’s ₹50 crore agritech and clean-energy investment.
Next step
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