What's New In Investments, Funds? – Spark Capital

Editorial Staff

6 November 2026

Spark Capital
Spark Capital Investment Management (SCIM), the asset management arm of India’s , has announced the first close of its second late-stage growth private equity fund, Spark Midas Investment Fund – II.

The first closing secured aggregate capital commitments of 1,649 crore ($174.4 million) from ultra-high net worth individuals, family offices and corporates.

Midas Fund II, a Category II Alternative Investment Fund (AIF) scheme launched by Spark Capital with a target corpus of 1,500 crore, attracted strong investor demand, resulting in the entire target corpus being subscribed within approximately eight weeks of its launch, Spark Capital AM said in a statement. Consequently, the firm has re-filed the fund’s private placement memorandum (PPM), increasing the fund size to 2,000 crore, inclusive of a 1,000 crore greenshoe option.

The fund continues to accept investor commitments and has a five-year tenure from first close, extendable by up to two years.

The fund follows the Spark Midas Investment Fund – I, which raised commitments of 463.6 crore and invested in six companies within its first 20 months. Four of the portfolio companies have since been listed, including SEDEMAC Mechatronics and Kusumgar, reflecting the fund’s investment activity and portfolio progression.

The fund focuses on investing in profitable, well-governed companies that are typically around 12 to 36 months away from a potential liquidity event. These events may include an initial public offering (IPO), a strategic sale or a secondary sale to institutional investors or family offices. In addition to pre-IPO opportunities, the fund may invest up to 25 per cent of its corpus in listed small- and mid-cap companies, providing flexibility for capturing opportunities across the market.

The fund follows a sector-agnostic approach, focusing on opportunities across consumer premiumisation, financial inclusion, export-led manufacturing and government policy-led growth. It targets fundamentally strong companies with revenues above 250 crore and positive EBITDA, while capping exposure to any single company at 25 per cent of investable funds to ensure portfolio diversification and manage concentration risk.