Spark Midas Investment Fund - 1
Backing profitable, near-IPO businesses poised for multi-year compounding
Spark Midas Investment Fund 1 invests in high-quality unlisted companies positioned at pivotal stages of scale. Anchored in our Growth At Reasonable Prices (GARP) philosophy, the fund combines valuation discipline with sector insight and structured engagement to capture multi-year value creation as businesses transition toward broader institutional ownership.
Creating enduring value through deep diligence, sector insight, and structured capital
Investment Approach
Investment Approach
Late-Stage and Near-IPO Focus
We invest in 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
- Capable of unlocking meaningful value over a three to five-year horizon
What We Look For
Weights reflect Businesses with proven scale, strong multi-year growth potential, and minimal need for additional capital and a clear roadmap to unlocking value over a three to five-year period., risk budgets, sector limits, and liquidity balancing opportunity with resilience.
Our Returns Framework
We back companies available at sensible valuations that can compound steadily over twelve to twenty quarters. As scale expands and quality improves, valuation
re-rating drives long-term, absolute returns.
| Corpus | ₹464 Crores (Final close September 2025) |
| Active Investments | 4 (as of December 2025) |
| Cheque Size | ₹50+ Crores and not exceeding 125 Crores including co-investments by LPs |
| Strategy | Late-stage and Near-IPO |
| Tenure | 5 years + 1 + 1 (with majority investor consent) |
Investment Approach
Late-Stage and Near-IPO Focus
We invest in 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
- Capable of unlocking meaningful value over a three to five-year horizon
What We Look For
Weights reflect Businesses with proven scale, strong multi-year growth potential, and minimal need for additional capital and a clear roadmap to unlocking value over a three to five-year period., risk budgets, sector limits, and liquidity balancing opportunity with resilience.
Our Returns Framework
We back companies available at sensible valuations that can compound steadily over twelve to twenty quarters. As scale expands and quality improves, valuation
re-rating drives long-term, absolute returns.
| Corpus | ₹464 Crores (Final close September 2025) |
| Active Investments | 4 (as of December 2025) |
| Cheque Size | ₹50+ Crores and not exceeding 125 Crores including co-investments by LPs |
| Strategy | Late-stage and Near-IPO |
| Tenure | 5 years + 1 + 1 (with majority investor consent) |
Portfolio Companies
Nilon's Enterprises
A packaged foods company with a rich history of delivering value through a diverse product portfolio, including market-leading positions in cooking pastes, pickles, and other niche offerings. Nilon's is a dominant player in central and northern India and is well-positioned for sustainable growth.
Industry: Food & Beverage |
Investment year: 2024 |
Investment Status: Active |
Renée Cosmetics
A pan-India D2C colour cosmetics brand offering make-up products across eyes, lips, face, and nails, along with fragrances and accessories. Operating in the 'masstige' price segment, Renée sells through its own website, exclusive brand outlets, marketplaces (including quick commerce), and third-party retail stores.
Industry: Beauty & Personal Care |
Investment year: 2025 |
Investment Status: Active |
Sedemac Mechatronics
Founded in 2007, Sedemac is a technology leader in global-first mechatronic control solutions for automotive powertrains and gensets—marrying advanced electronics with precision mechanical engineering.
Industry: Automobile Components |
Investment year: 2025 |
Investment Status: Active |
Kusumgar
Established in 1970, Kusumgar is one of India's leading players in engineered fabrics and solutions, serving aerospace, defence, automotive, industrial, and lifestyle applications. The company is focused on building a scalable and sustainable business that addresses global demand for advanced solutions.
Industry: Textiles, Apparels & Luxury Goods |
Investment year: 2025 |
Investment Status: Active |
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.
