Key Takeaways
- • Spark Capital's second late-stage growth fund, Spark Midas Investment Fund II, completed its first close on November 2 with capital commitments of ₹1,649 crore from UHNIs, family offices and corporates.
- • The Midas Fund II original target of ₹1,500 crore was fully subscribed within roughly eight weeks; the PPM was revised to a potential ₹2,000 crore including a ₹1,000-crore greenshoe option.
- • Daksham Growth Ventures announced the first close of its maiden Category II AIF, DGV Fund I, at around ₹125 crore, against a ₹150 crore target and ₹300 crore including greenshoe.
- • DGV Fund I targets Pre-Series A and Series A consumer companies with ARR of ₹25-75 crore, writing cheques of ₹5-20 crore; it is led by Shivam Diwan.
- • The two funds pursue distinct strategies: Midas Fund II focuses on profitable companies 12-36 months from a liquidity event, while DGV Fund I backs earlier-stage consumer businesses.
Summary
Two Category II Alternative Investment Funds registered under SEBI's AIF Regulations have announced first closes, with strategies aimed at businesses at different stages of growth, according to CNBC TV18.
Spark Capital Investment Management (SCIM), the asset management arm of Spark Capital, said its second late-stage growth private equity fund, Spark Midas Investment Fund II, completed its first close on November 2, securing capital commitments of ₹1,649 crore from ultra-high-net-worth individuals, family offices and corporates. The original target corpus of ₹1,500 crore was fully subscribed within approximately eight weeks of launch. Following investor interest, the manager revised its private placement memorandum to lift the potential size to ₹2,000 crore, including a ₹1,000-crore greenshoe option. The fund is sector-agnostic and targets profitable, well-governed companies typically 12-36 months from a potential liquidity event such as an IPO, strategic sale or secondary sale. It will invest in companies with revenues above ₹250 crore and positive EBITDA, across themes including consumer premiumisation, financial inclusion, export-led manufacturing and government policy-led growth. Up to 25% of the corpus may be deployed in listed small- and mid-cap companies. The tenure is five years from first close, extendable by up to two years.
Daksham Growth Ventures, the investment platform of wealth management group Daksham Capital, announced the first close of its maiden Category II AIF, DGV Fund I, at around ₹125 crore. The fund has a target corpus of ₹150 crore and a greenshoe option of another ₹150 crore, for a potential size of ₹300 crore. The first close followed SEBI registration in October 2026. According to the company, the fund has secured capital from family offices, HNI and UHNI families and entrepreneurs. DGV Fund I will primarily invest in Pre-Series A and Series A companies that have demonstrated product-market fit and established unit economics, writing cheques of ₹5 crore to ₹20 crore. Target businesses have annual recurring revenue of ₹25 crore to ₹75 crore and the potential to scale to ₹300 crore-₹500 crore in revenue. Focus areas include direct-to-consumer brands, consumer enablers, B2B2C businesses, supply-chain companies and consumer businesses using artificial intelligence. Shivam Diwan, Co-Founder and Managing Partner, will lead the fund, and the firm said it will support portfolio companies on governance, financial reporting, leadership development and distribution expansion.
While both vehicles share a Category II AIF structure, their approaches diverge: Midas Fund II targets established businesses approaching potential exits, whereas DGV Fund I targets consumer businesses at an earlier growth stage.
Spark Capital Investment Management (SCIM), the asset management arm of Spark Capital, said its second late-stage growth private equity fund, Spark Midas Investment Fund II, completed its first close on November 2, securing capital commitments of ₹1,649 crore from ultra-high-net-worth individuals, family offices and corporates. The original target corpus of ₹1,500 crore was fully subscribed within approximately eight weeks of launch. Following investor interest, the manager revised its private placement memorandum to lift the potential size to ₹2,000 crore, including a ₹1,000-crore greenshoe option. The fund is sector-agnostic and targets profitable, well-governed companies typically 12-36 months from a potential liquidity event such as an IPO, strategic sale or secondary sale. It will invest in companies with revenues above ₹250 crore and positive EBITDA, across themes including consumer premiumisation, financial inclusion, export-led manufacturing and government policy-led growth. Up to 25% of the corpus may be deployed in listed small- and mid-cap companies. The tenure is five years from first close, extendable by up to two years.
Daksham Growth Ventures, the investment platform of wealth management group Daksham Capital, announced the first close of its maiden Category II AIF, DGV Fund I, at around ₹125 crore. The fund has a target corpus of ₹150 crore and a greenshoe option of another ₹150 crore, for a potential size of ₹300 crore. The first close followed SEBI registration in October 2026. According to the company, the fund has secured capital from family offices, HNI and UHNI families and entrepreneurs. DGV Fund I will primarily invest in Pre-Series A and Series A companies that have demonstrated product-market fit and established unit economics, writing cheques of ₹5 crore to ₹20 crore. Target businesses have annual recurring revenue of ₹25 crore to ₹75 crore and the potential to scale to ₹300 crore-₹500 crore in revenue. Focus areas include direct-to-consumer brands, consumer enablers, B2B2C businesses, supply-chain companies and consumer businesses using artificial intelligence. Shivam Diwan, Co-Founder and Managing Partner, will lead the fund, and the firm said it will support portfolio companies on governance, financial reporting, leadership development and distribution expansion.
While both vehicles share a Category II AIF structure, their approaches diverge: Midas Fund II targets established businesses approaching potential exits, whereas DGV Fund I targets consumer businesses at an earlier growth stage.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.