Spark Midas Investment Fund - II
Investing in Tomorrow’s Winners, Today
Spark Midas Investment Fund – II is designed as an absolute-return strategy for investors seeking returns beyond what broad public markets may deliver over the next cycle, making it a Unique Product to Future Proof Investor Portfolio.
Basis GARP (growth at reasonable prices), we invest in late-stage growth companies with visible liquidity pathways over the next 12-36 months, where earnings growth, valuation discovery and liquidity events can create significant value.
Combined with the optionality to invest selectively in listed GARP opportunities, the strategy provides multiple sources of return rather than relying solely on market beta or IPO windows.
Spark Midas Investment Fund
Investment Approach
Investment Approach
We invest in private businesses that are:
- Already profitable with strong financial performance
- Operating within mature governance frameworks
- Positioned for multi-year high growth with limited need for additional capital
- Typically 12–36 months from a liquidity event (IPO, strategic sale, or institutional/family-office secondary)
What We Look For
Businesses with proven scale, a visible and accelerating earnings trajectory, disciplined balance sheets, and a credible path to either a liquidity event (for private companies) or a market re-rating (for listed companies) — all available at a reasonable entry valuation.
Our Returns Lens
Returns are driven by business growth between entry and listing, plus multiple expansion as broader market awareness builds.
| Target Corpus | ₹750 Cr base corpus, plus ₹750 Cr green shoe option |
| Portfolio Mix | Up to 100% Late-Stage Private Equity; up to 25% Listed Small & Midcap (GARP) |
| Cheque Size | ₹50–150 Cr per private deal (up to ₹200 Cr including co-investment) |
| Strategy | Late-Stage Private Equity + Listed Small & Midcap |
| Tenure | 5 years + 1 + 1 (extensions subject to SEBI guidelines) |
| Status | First close targeted for October 2026 |
Investment Approach
We invest in private businesses that are:
- Already profitable with strong financial performance
- Operating within mature governance frameworks
- Positioned for multi-year high growth with limited need for additional capital
- Typically 12–36 months from a liquidity event (IPO, strategic sale, or institutional/family-office secondary)
What We Look For
Businesses with proven scale, a visible and accelerating earnings trajectory, disciplined balance sheets, and a credible path to either a liquidity event (for private companies) or a market re-rating (for listed companies) — all available at a reasonable entry valuation.
Our Returns Lens
Returns are driven by business growth between entry and listing, plus multiple expansion as broader market awareness builds.
| Target Corpus | ₹750 Cr base corpus, plus ₹750 Cr green shoe option |
| Portfolio Mix | Up to 100% Late-Stage Private Equity; up to 25% Listed Small & Midcap (GARP) |
| Cheque Size | ₹50–150 Cr per private deal (up to ₹200 Cr including co-investment) |
| Strategy | Late-Stage Private Equity + Listed Small & Midcap |
| Tenure | 5 years + 1 + 1 (extensions subject to SEBI guidelines) |
| Status | First close targeted for October 2026 |
Portfolio Companies
Meet the Fund Manager
Rajesh K Parikh
Managing Partner – Spark Asset Management
With nearly three decades of experience in institutional equities, portfolio management, and investment advisory, Rajesh brings deep expertise in capital deployment, fund management, and building transformative financial services businesses.
Career Highlights
- Spark Capital – Institutional Equities: Instrumental in building Spark Capital's Institutional Equities Brokerage over a decade, culminating in an industry-transforming transaction with Avendus.
- Spark PWM Private Limited: Served as Managing Director for over five years, and currently serves as Board Member at Spark Capital Private Wealth Management.
- HSBC InvestDirect India: Headed Portfolio Management Services, leading investment teams for actively managed discretionary funds in Indian equities.
- JM Morgan Stanley Retail: Served as Portfolio Manager and Regional Head for Tamil Nadu; also founded Plus Capital Management and held roles at IRIS, BNP Prime Peregrine, and Peregrine Capital in institutional equities sales and trading.
- Education: PGDM from the Indian Institute of Management, Ahmedabad (IIM-A).
Ready to start?
Whether you’re an investor seeking disciplined strategies or a business exploring growth capital, we’d welcome a conversation.
