What We Do
Private Credit Fund
Specs Fund II
Building on strong foundations
Fund Overview
Vintage
2022-present (Fund tenor ends in Nov 27)
Fund Size
₹595 Crores
Status
Fully deployed in investments across 18 portfolio companies
Average Ticket Size
₹40 Crores
Target IRR
15-16%
Building on Fund I's success, SpECS II expanded both scale and sophistication
Enhanced capabilities
- Larger ticket sizes enabling meaningful positions
- Structured products including equity kickers
Portfolio Showcase
Fleet Management
Sector: Largest Fleet(Car) Management company in India
Investment: ₹30 Crores as NCD and ₹ 4 cr as CCPS
Purpose: Fleet additions
Structure: Senior secured
Status: Debt exposure exited with an IRR of 17.3%. Part of equity sold with an upside of 50%.
Healthcare
Sector: Sterile injectable manufacturer
Investment: ₹30 Crores
Purpose: Shareholder Buyback
Structure: Asset-backed with fortnightly cash sweep mechanism
Status: Exited with an IRR of 18.5%
Industrial Catering
Sector: Catering Industry
Investment: ₹26.5 Crores
Purpose: LBO and growth capital
Structure: Asset-backed with complete escrow on all receivables
Invested, Ongoing: 25% topline growth Y-o-Y
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.
