What We Do
Private Credit Fund
Specs Fund I
Proving the model through crisis
Fund Overview
Vintage
2019-2025
Fund Size
₹255.5 Crores
Status
FULLY EXITED with all
capital returned
Number of Portfolio Companies invested in
07
Average Ticket Size
₹35 Crores
Holding Period
18-24 months average
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
Portfolio Highlights
Managed office space solutions
Investment: ₹30 Crores to leading enterprise workspace solutions platform
Structure: Secured NCDs for growth.
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
Structure: Working capital
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
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.
Ready to start?
Whether you’re an investor seeking disciplined strategies or a business exploring growth capital, we’d welcome a conversation.
