Private Credit Fund
Market insights spark structured
credit solutions
In 2019, after facilitating over $11 Bn in Private Equity flows into India's mid-market segment, the founders of Spark Capital identified a critical paradox: while equity capital was abundant, growing companies faced a severe shortage of flexible credit solutions. Traditional lenders couldn't understand their business models. Alternative lenders were too expensive. The result? A massive credit gap constraining India’s growth engine.
Spark Equitized Credit Solutions (SpECS) was born to bridge this gap—combining the flexibility of private capital with the discipline of credit investing to create bespoke solutions that fuel growth without diluting ownership.
Bespoke private credit for India's high-growth,
under-funded companies
Investment Philosophy
Investment Philosophy
Credit as a growth catalyst, not just capital
We structure capital around business realities—not rigid templates. Our approach prioritises principal protection, alignment with cash flows, and downside resilience, while selectively capturing upside through innovative instruments.
Partnership Over Transaction
We engage deeply with promoters to understand their business models, growth trajectories, and cash-flow dynamics. The result: capital structures that evolve alongside the company rather than constrain it.
Innovation Over Convention
Every investment is bespoke. We combine debt, structured equity, and hybrid instruments—tailored to milestones, risks, and opportunities unique to each business.
Sector Expertise Over Generalisation
Deep domain knowledge across our priority sectors enables us to underwrite risk with insight, not assumptions—and to support portfolio companies through informed, hands-on engagement.
Risk-Adjusted Returns Over Yield Chasing
Capital preservation anchors our strategy. We reinforce it through robust security packages, meaningful covenants, portfolio diversification, and active monitoring.
What sets us apart
Sourcing strength
60-70% are direct deals i.e without involvement of brokers, Investment Bankers, other investors
Unique Deals
Very low level of overlap in our portfolio vis-à-vis portfolio of other credit AIFs
Underwriting profitable businesses in high growth sectors
Avoid venture risks and companies with evolving unit economics.
Cash flow based underwriting
No event based calls like bridge to private equity, bridge to IPO, refinance by other lenders
Amortizing investment
Underlying investments follow an amortizing schedule matching their cash flows; Avoid Bullet repayment, Zero Coupon Bonds / MLDs etc
Market Opportunity
Market Opportunity
Addressing India's ₹25 trillion credit gap
India's high-growth companies face a structural financing mismatch. Banks remain focused on plain vanilla working capital and trade finance products—products well-suited for established businesses, but less so for those in rapid growth phases. Companies too early for public markets find themselves without access to flexible, tailored capital on sensible terms. Private credit bridges this gap—delivering bespoke financing structures to businesses powering the next phase of economic growth.
For companies
Growing businesses often find themselves constrained by existing capital options. Banks and NBFCs have served the market effectively, yet the nature of their products—built for scale and standardisation—can leave high-growth companies looking for more flexible options. Private equity, though valuable, can be dilutive, time-intensive, and control-oriented, and public markets remain inaccessible for companies below ₹500 Crores in scale. SpECS addresses this gap by providing flexible, non-dilutive capital structures with growth-oriented covenant packages, enabling faster decisions within four to six weeks and offering larger ticket sizes ranging from ₹50 to ₹100 Crores—allowing businesses to scale without compromising ownership or momentum.
For Investors
Investors seeking stable returns face a difficult trade-off across traditional asset classes. Fixed deposits struggle to keep pace with inflation, equity markets bring volatility and unpredictable outcomes, real estate carries liquidity and execution risks, and gold offers no regular income while remaining speculation-driven. SpECS offers a compelling alternative through predictable return profiles, regular income through interest payments, and significantly lower volatility compared to equities. Secured structures and downside protection further strengthen capital preservation, making private credit a disciplined, income-generating solution for long-term investors.
Our Funds
Our Funds
Three funds, one disciplined approach to structured credit
Our private credit strategies are delivered through the SpECS platform—a SEBI-registered alternative investment vehicle with a proven track record across market cycles.
Investment Philosophy
Credit as a growth catalyst, not just capital
We structure capital around business realities—not rigid templates. Our approach prioritises principal protection, alignment with cash flows, and downside resilience, while selectively capturing upside through innovative instruments.
Partnership Over Transaction
We engage deeply with promoters to understand their business models, growth trajectories, and cash-flow dynamics. The result: capital structures that evolve alongside the company rather than constrain it.
Innovation Over Convention
Every investment is bespoke. We combine debt, structured equity, and hybrid instruments—tailored to milestones, risks, and opportunities unique to each business.
Sector Expertise Over Generalisation
Deep domain knowledge across our priority sectors enables us to underwrite risk with insight, not assumptions—and to support portfolio companies through informed, hands-on engagement.
Risk-Adjusted Returns Over Yield Chasing
Capital preservation anchors our strategy. We reinforce it through robust security packages, meaningful covenants, portfolio diversification, and active monitoring.
What sets us apart
Sourcing strength
60-70% are direct deals i.e without involvement of brokers, Investment Bankers, other investors
Unique Deals
Very low level of overlap in our portfolio vis-à-vis portfolio of other credit AIFs
Underwriting profitable businesses in high growth sectors
Avoid venture risks and companies with evolving unit economics.
Cash flow based underwriting
No event based calls like bridge to private equity, bridge to IPO, refinance by other lenders
Amortizing investment
Underlying investments follow an amortizing schedule matching their cash flows; Avoid Bullet repayment, Zero Coupon Bonds / MLDs etc
Market Opportunity
Addressing India's ₹25 trillion credit gap
India's high-growth companies face a structural financing mismatch. Banks remain focused on plain vanilla working capital and trade finance products—products well-suited for established businesses, but less so for those in rapid growth phases. Companies too early for public markets find themselves without access to flexible, tailored capital on sensible terms. Private credit bridges this gap—delivering bespoke financing structures to businesses powering the next phase of economic growth.
For companies
Growing businesses often find themselves constrained by existing capital options. Banks and NBFCs have served the market effectively, yet the nature of their products—built for scale and standardisation—can leave high-growth companies looking for more flexible options. Private equity, though valuable, can be dilutive, time-intensive, and control-oriented, and public markets remain inaccessible for companies below ₹500 Crores in scale. SpECS addresses this gap by providing flexible, non-dilutive capital structures with growth-oriented covenant packages, enabling faster decisions within four to six weeks and offering larger ticket sizes ranging from ₹50 to ₹100 Crores—allowing businesses to scale without compromising ownership or momentum.
For Investors
Investors seeking stable returns face a difficult trade-off across traditional asset classes. Fixed deposits struggle to keep pace with inflation, equity markets bring volatility and unpredictable outcomes, real estate carries liquidity and execution risks, and gold offers no regular income while remaining speculation-driven. SpECS offers a compelling alternative through predictable return profiles, regular income through interest payments, and significantly lower volatility compared to equities. Secured structures and downside protection further strengthen capital preservation, making private credit a disciplined, income-generating solution for long-term investors.
Our Funds
Three funds, one disciplined approach to structured credit
Our private credit strategies are delivered through the SpECS platform—a SEBI-registered alternative investment vehicle with a proven track record across market cycles.
₹1373 Crores+ Assets Under Management
0 principal loss
16.5% average IRR Delivered
100% capital recovered with returns during COVID
25+ investments completed
Sector Diversification
Ready to start?
Whether you’re an investor seeking disciplined strategies or a business exploring growth capital, we’d welcome a conversation.
