ADB commits $50m to True North's India fund
The Asian Development Bank (ADB) has agreed to invest up to $50 million in the sixth fund of Indian private equity firm True North, formerly known as India Value Fund Advisors (IVFA).
True North VI launched last year with a hard cap of $1.1 billion, the firm’s first fund since its rebranding in early 2017. The vehicle, which is on course to be True North's largest to date, will back healthcare, financial services, consumer, and IT products and services businesses. It aims to make up to 10 equity investments of $50-150 million each.
“Through its investment in True North VI, ADB will support market-leading businesses in India that require sophisticated funding solutions to realize their growth plans,” said Janette Hall, director of ADB’s private sector investment funds and special initiatives division, in a statement. “With its dedicated business management team, True North is able to provide significant value to entrepreneurs and management teams seeking to transform and scale their businesses.”
True North seeks either controlling stakes or significant minority stakes in Indian midmarket companies, hoping to build them into market leaders.
Recent deals include a $200 million commitment to domestic hospital chain Kerala Institute of Medical Sciences and a $77 million investment, as part of a consortium including IDG Venture Partners and Wellington Management, an online financial services portal Policybazaar.
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