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Building businesses 'The Right Way'
True North Managers LLP (INP000008002) is the primary Private Equity fund manager entity of True North, one of India's most established independent private equity firms. Formerly known as India Value Fund Advisors (IVFA), the firm traces its origins to 1999. Vishal Nevatia has been at the helm as Managing Partner since its inception. The firm has raised INR 175 billion (~USD 3 billion) over six funds and managed 62+ investments across diverse economic cycles. True North focuses on mid-market India-centric businesses across four focus sectors: Financial Services, Consumer, Healthcare & Pharmaceuticals, and Enterprise Technology. The firm is a founding partner of the Global PE Alliance (est. 2008), an international network of eight mid-market PE firms with combined AUM exceeding USD 13 billion. Registered Address: 801, 8th Floor, Inspire BKC, G Block, Bandra Kurla Complex, Mumbai 400051. True North also operates the True North Foundation (CSR arm) and the Kelp Platform (digital tool for portfolio management).
True North's investment philosophy is built around doing things 'The Right Way' — combining rigorous financial analysis with a values-driven, stakeholder-centric approach. The firm partners with exceptional entrepreneurs and management teams to build industry leaders with high governance standards. Investment strategy: acquire majority or significant minority shareholding in mid-market partner companies in four focus sectors; work closely with partner company management teams to re-orient the business to delivering industry-leading value for all stakeholders. Value creation strategy: earn customer trust and delight them; build businesses that are universally admired and socially responsible. Four core values: Stay Humble. Sleep Peacefully. (trust, honesty, transparency); Forever Insightful. Always Innovating. (continuous learning-driven decision making); Uncompromising Integrity. Continuous Excellence.; Embrace Diversity. Nurture Collaboration. The firm integrates ESG across all investments and publishes an annual ESG Report.
Kapil Singhal
Managing Partner, Private Credit
Kapil Singhal is the Managing Partner for Private Credit at True North, joining in February 2021 to head the True North Private Credit division. Prior to True North, he was the India Credit Head and Managing Director at KKR & Co. Inc. (October 2019 – January 2021). Before KKR, he was Co-Head of the Edelweiss Special Opportunities Fund. Earlier he was Head of India Credit Trading at Goldman Sachs, and Director of Global Credit Trading at Deutsche Bank. His early career included leadership roles at GE Capital and ICICI Bank focused on corporate finance and wholesale lending. He holds a B.Tech in Electrical Engineering from IIT Delhi and an MBA in Finance from the Faculty of Management Studies (FMS), University of Delhi.
Vishal Nevatia
CEO and Managing Partner
Vishal Nevatia is the CEO and Managing Partner of True North, having been at the helm since the firm's inception in 1999. For more than two decades spanning diverse economic cycles, the firm has partnered with 60+ businesses in their journey towards realizing their true potential. Under his leadership, True North's philosophy of only doing business 'The Right Way' has become firmly rooted in the firm's culture and interactions. Prior to True North, Vishal was with the Indian practice of Arthur Andersen for 11 years — initially in their Tax & Business Advisory practice and then as a member of the Corporate Finance division. He holds a Bachelor of Commerce degree from the University of Mumbai and is a qualified Chartered Accountant.
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Divya Sehgal
Partner
Divya Sehgal is a Partner at True North, focused on the Private Equity investment team.
Rikhil Wadhwa
Managing Director, Private Credit
Rikhil Wadhwa is a Managing Director in the Private Credit team at True North.
Maninder Singh Juneja
Partner
Maninder Singh Juneja is a Partner at True North, focused on the Private Equity investment team.
Sushim Desai
Managing Director – Chief Risk Officer, Private Credit
Sushim Desai serves as Managing Director and Chief Risk Officer for the Private Credit business at True North.
Kshitij Agrawal
Vice President, Private Credit
Kshitij Agrawal is a Vice President in the Private Credit team at True North.
Nitin Nayak
Partner
Nitin Nayak is a Partner at True North, focused on the Private Equity investment team.
Prasad Thrikutam
Partner
Prasad Thrikutam joined True North as a Partner to lead the firm's Technology investing practice. He was previously a co-founder and CTO at multiple tech companies.
Siddhant Salian
Assistant Vice President, Capital Partnerships Group, Private Credit
Siddhant Salian serves as Assistant Vice President in the Capital Partnerships Group of True North's Private Credit business.
Manan Jain
Analyst, Private Credit
Manan Jain is an Analyst in the True North Private Credit team.
Rajagopalan Santhanam
Partner
Rajagopalan Santhanam is a Partner at True North, focused on the Private Equity investment team.
Satish Chander
Partner
Satish Chander is a Partner at True North, focused on the Private Equity investment team.
Srikrishna Dwaram
Partner
Srikrishna Dwaram is a Partner at True North, focused on the Private Equity investment team.
Jolly Abraham
Managing Director, General Counsel
Jolly Abraham is the Managing Director and General Counsel at True North, overseeing all legal, compliance, and regulatory matters across both the Private Equity and Private Credit businesses.
Rahul Kapani
Director
Rahul Kapani joined True North in 2012 and is part of the Business Management Team. He works with True North and its partner companies' leadership teams throughout the investment cycle, helping create business value and meet investment objectives. He also works on True North's exits, running processes end-to-end. He has over 27 years of experience. Prior to True North, he was part of building a global risk consulting practice that was subsequently integrated with a NYSE-listed company. Earlier, he headed the M&A and legal team in another NYSE-listed company and was part of Andersen's financial services practice, leading the insurance & banking governance and audit practices for the firm in India. He holds a BCom degree and is a qualified Chartered Accountant.
Akshay Soni
Director
Akshay Soni is a Director at True North, part of the investment team.
Ojas Acharya
Director
Ojas Acharya is a Director at True North, part of the investment team.
Joylyn Largo-Afonso
Director
Joylyn Largo-Afonso is a Director at True North, part of the Corporate Management team.
Mayank Mishra
Director, Legal
Mayank Mishra is the Director of Legal at True North, working alongside General Counsel Jolly Abraham.
Anil Choudhary
Head ESG
Anil Choudhary leads the ESG function at True North, overseeing environmental, social, and governance integration across the firm and its portfolio companies.
Narayan Sunil
Vice President
Narayan Sunil is a Vice President at True North, part of the Private Equity investment team.
Vidushi Bhatt
Associate Vice President
Vidushi Bhatt is an AVP at True North, part of the investment team.
Tushara Garg
Senior Associate
Tushara Garg joined True North in 2021 as a Senior Associate in the Investment Management team. Prior to joining True North, she was part of Tata Sons Investment Office for over three years, where she focused on investments, exits, and portfolio management. She has also worked with the India M&A team of Standard Chartered Bank.
Mukund Maheshwari
Senior Associate
Mukund Maheshwari is a Senior Associate at True North, part of the investment team.
Sumeet Khanna
Associate
Sumeet Khanna is an Associate at True North.
Varun Nabar
Associate
Varun Nabar is an Associate at True North.
Aashna Parmar
Analyst
Aashna Parmar is an Analyst at True North.
Gaurav Dalmia
Board Member
Gaurav Dalmia is a Board Member at True North. He is the Chairman of the Dalmia Group of Companies and founder of Dalmia Promoters & Developers Ltd.
R. Laxminarayan
Board Member
R. Laxminarayan is a Board Member at True North.
A N Roy
Advisor
A N Roy is an Advisor to True North.
Diwakar Gupta
Advisor
Diwakar Gupta is an Advisor to True North. He is a former Managing Director and CFO of State Bank of India.
Murry Stegelmann
Advisor
Murry Stegelmann is an Advisor to True North.
Peter Keenoy
Advisor
Peter Keenoy is an Advisor to True North.
Pramod Kabra
Advisor
Pramod Kabra is an Advisor to True North. He is the ex-Group CFO of the Tata Group.
Rajeev Kher
Advisor
Rajeev Kher is an Advisor to True North. He is a former IAS officer who served as Commerce Secretary to the Government of India.