Spark Equitized Credit Solutions Fund (II–III bundled)
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
- Founded
- 2025
- Footprint
- Chennai
- Stage
- Performing structured credit; mid-market India
Research profile
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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
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.
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