What We Do
Private Credit Fund
Specs Fund III
Institutionalising excellence at scale

Fund Overview
Launch
March 2025
Target Size
₹750 Crores + ₹250 Crores Greenshoe
Status
Raised ~400 Crores so far with ~50% deployed in over 5 portfolio companies
First Close
₹240 Crores achieved (March 2025)
Target Final Close
September 2026
Investment Period
3 years
Fund Life
5+1+1 years
Strategic evolution for Fund III: Taking SpECS to the next level
Scale enhancement
- Larger Fund Size: ₹1,000 Crores total capability
- Bigger Tickets: ₹50-100 Crores per investment
- Platform Deals: Ability to lead club transactions
- Co-investment Rights: LPs can participate in select deals
Product Innovation
Structured credit at scale — backing India's mid-market champions across green transition, digital infrastructure, healthcare, and consumption.
Acquisition Finance
Supporting buyouts and consolidation
Bridge to IPO
Pre-IPO facilities with equity conversion
Holdco Financing
Complex group-level structures

Value Addition Framework
01
Strategic Advisory
Board observer seats and strategic input
02
Network Access
Customer and partner introductions
SpECS Fund III Investment Thesis
Capturing India's transformation - mega trends that we're backing:
Formalisation Wave
- GST driving organized sector growth
- Digital payments adoption
- Regulatory compliance advantages
- Market share shifts accelerating
Premiumisation Journey
- Rising disposable incomes
- Aspiration-driven consumption
- Brand consciousness growing
- Quality over price emerging
Digital Transformation
- Technology adoption across sectors
- Data-driven business models
- Platform economics emerging
- API economy development
Sustainability Imperative
- ESG becoming business necessity
- Green financing opportunities
- Circular economy models
- Climate tech innovations
Current Portfolio
Investments Completed (First 6 Months):
Leading Manufacturer of UPVC Windows and Door Profiles
Investment: ₹50 Crores
Purpose: Capacity expansion
Structure: Senior Secured debt
Thesis: Positive Industry tailwinds. Strong brand recall, Profitable business with healthy capital structure.
Plasma Protein Therapeutics
Investment: ₹30 Crores
Purpose: Last mile capex and working capital
Structure: Secured debt
Thesis: Under-penetrated market in India, high entry barriers and attractive margin profile once scale is achieved.
Agri Tech & Clean Energy
Investment: INR 50 Crores
Purpose: Working capital support for timely execution of robust order book
Structure: Secured debt
Thesis: Structural growth driven by government initiatives, superior market share, high entry barriers supported by proprietary technology and execution capabilities.
Meet the Fund Managers

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.

Saurabh Agrawal
Partner & CIO – Alternate Asset Management
With over 16 years of experience across structured credit, private debt, and infrastructure financing, Saurabh brings deep expertise in building credit platforms and delivering capital solutions for emerging corporates.
Career Highlights
- Northern Arc Capital & Northern Arc Investments (2018–2025): Played a pivotal role in establishing Northern Arc as one of India's leading credit providers to SMEs through innovative deal structuring and credit solutions across the platform.
- Yes Bank: Spent over six years specialising in infrastructure banking and energy sector financing, with responsibilities spanning project appraisal, deal structuring, portfolio monitoring, and business development.
