Late-stage growth equity fund research profile
Spark Midas Investment Fund I is a dedicated late-stage Indian growth-equity vehicle investing in profitable, governance-ready businesses with a visible liquidity path. Spark’s current fund page names Nilon’s Enterprises, Renée Cosmetics, Sedemac Mechatronics and Kusumgar, reports ₹463.5 crore corpus and six active investments, and states that two portfolio companies have listed.
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 Midas Investment Fund I uses a late-stage growth equity; near-ipo india approach across Consumer, manufacturing, industrial technology, textiles.
Current evidence
Spark’s current 2026 late-stage growth-equity page reports four investments in the first 19 months, two listings in Sedemac and Kusumgar, ₹463.5 crore Fund I corpus and six active investments as of August 2026. Sedemac’s prospectus and Kusumgar’s DRHP independently name Spark Midas Investment Fund I as a shareholder.
Strategy
Late-stage growth equity; near-IPO India
Sector focus
Consumer, manufacturing, industrial technology, textiles
AIF structure context
Indian private equity, growth, buyout and many real-asset strategies are commonly structured as Category II AIFs. Verify the specific vehicle and registration before investing.
Current signal
Spark’s current 2026 late-stage growth-equity page reports four investments in the first 19 months, two listings in Sedemac and Kusumgar, ₹463.5 crore Fund I corpus and six active investments as of August 2026. Sedemac’s prospectus and Kusumgar’s DRHP independently name Spark Midas Investment Fund I as a shareholder.
Investor questions
Spark Midas Investment Fund I is covered in Rupeia's private equity research universe. The current public record describes the strategy as Late-stage growth equity; near-IPO India, with a sector focus of Consumer, manufacturing, industrial technology, textiles. 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 Midas Investment Fund I in the reviewed public sources: Nilon's Enterprises; Renée Cosmetics; Sedemac Mechatronics; Kusumgar. It does not represent a complete current portfolio unless the manager has published one.
Spark reports four investments in the fund’s first 19 months and two listings, Sedemac and Kusumgar. The manager also reports a gross MOIC of 1.68x at the strategy level; audited fund-level net IRR, DPI and TVPI are not publicly disclosed. These signals are not a substitute for fund- and vintage-specific net performance, realised distributions and audited or administrator-supported reporting.
Public fund size: ₹463.5 crore corpus, as reported on Spark’s current Fund I page.. Public terms or access information: Late-stage and near-IPO strategy; ₹50 crore-plus cheques capped at ₹125 crore including LP co-investment, with a 5+1+1-year tenure and majority-investor consent for extensions. Detailed fee, carry, hurdle and waterfall 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 Rajesh K. Parikh (Managing Partner – Spark Asset Management); Sathyanarayanan Manohar Rao (Director – Investments). Verify current roles, departures, attribution and key-person provisions before relying on the team history for a new commitment.
Review entry valuation, leverage, governance rights, concentration, execution of the value-creation plan and exit timing. The current open diligence point is: The manager reports six active investments but publicly names four on the current fund page. The complete vehicle schedule, fees, carry, hurdle, audited net returns and detailed allocation by investment are not publicly disclosed; two listed-company filings independently identify Spark Midas Investment Fund I as a shareholder..
2026-08-31: Spark’s current 2026 late-stage growth-equity page reports four investments in the first 19 months, two listings in Sedemac and Kusumgar, ₹463.5 crore Fund I corpus and six active investments as of August 2026. Sedemac’s prospectus and Kusumgar’s DRHP independently name Spark Midas Investment Fund I as a shareholder.
Next step
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