Proving the model through crisis
The image symbolising stability and guidance in volatile conditions. The solitary buoy holding position amid open waters represents a model that remains functional and dependable under pressure, while the warning light signals vigilance and risk awareness rather than panic.
Fund Overview
Proven resilience through the COVID test
SpECS Fund I faced its trial by fire almost immediately—launching just months before the COVID-19 pandemic. While credit markets froze and defaults skyrocketed industry-wide, our portfolio demonstrated remarkable resilience:
Crisis management excellence
- Weekly monitoring escalated to daily during lockdown
- Working capital support provided to maintain operations
- Successfully exited all investments with targeted returns and without any defaults in underlying investments
- Vintage
2019-2025
- Fund Size
₹255.5 Crores
- Status
FULLY EXITED with all
capital returned- Number of Portfolio Companies invested in
09
- Average Ticket Size
₹35 Crores
- Holding Period
18-24 months average
- Gross IRR
17.1% p.a.
Portfolio Highlights
Managed office space solutions | Investment: ₹30 Crores to leading enterprise workspace solutions platform
| Outcome: Exited in 30 months at 18.6% IRR |
|---|---|---|
Early Education / Preschool play | Investment: ₹20 Crores to one of the largest daycare centres in India
Purpose: For growth into new geographies | Outcome: Exited with 19.7% IRR |
Fashion & Lifestyle | Investment: ₹30 Crores to a branded apparel company
| Outcome: Full exit at 16.2% IRR |
Key Learnings Applied Forward:
- Importance of sector diversification validated
- Cash flow monitoring systems enhanced
- Covenant packages refined for flexibility
- Early warning systems implemented
Fund I proved that disciplined credit investing can deliver consistent returns even through black swan events.
Meet the Fund Manager
Kapil Ramamurthy
Senior Managing Director – New Business Development, Spark Capital
With over 25 years of experience in banking and financial services, Kapil is one of Spark Capital's longest-serving leaders and a key pillar of the firm's growth since its early years.
Career Highlights
- Spark Capital – Over Two Decades: Associated with the firm since 2002, Kapil has been instrumental in its strategic direction and in building the SpECS Funds Management business, consistently delivering structured solutions and lasting client relationships.
- Standard Chartered Bank: Served as Manager – Trade Products, developing deep expertise in international trade finance and banking operations.
- HDFC Bank: Began his career as Manager – Corporate Bank, building a strong foundation in corporate lending and relationship management.
- Education: MBA in Finance from Bharathidasan Institute of Management (BIM), Trichy; BSc in Statistics from Loyola College, Chennai.