Doing business 'The Right Way'
True North traces its origins back to 1999, when it was originally named India Value Fund Advisors (IVFA). The firm was founded with a vision towards investing in mid-sized, profitable, India-centric businesses, and transforming them into world-class industry leaders that are predicated on a strong value system. True North is one of the most experienced Private Equity firms in India and, since 2021, also runs a Private Credit strategy for middle-market companies. Its partner companies span consumer products and services, financial services, healthcare and pharmaceuticals, and technology products and services.
Kapil Singhal
Managing Partner, Private Credit
Kapil joined True North in 2021. He is responsible for establishing a best-in-class Credit platform for investing in private credit for True North. He has 25 years of investing experience in Credit in a variety of roles encompassing origination, structuring, trading and fund management. Prior to joining True North, he was the Head of India Credit at KKR. In his recent roles, he also co-headed the Edelweiss Special Opportunities Fund and ran the India trading desk at Goldman Sachs. In the early part of his career, he was also associated with ICICI Bank as VP, Corporate Credit, with GE Capital as the Regional Head and with Deutsche Bank as Director, Credit Trading. He holds an Electrical Engineering degree from IIT Delhi and an MBA from Faculty of Management Studies, Delhi.
Vishal Nevatia
CEO and Managing Partner
Chartered Accountant
Vishal has been at the helm of True North as its Managing Partner since its inception in 1999. For more than two decades spanning diverse economic cycles, the Firm has partnered with more than 60+ investments businesses in their journey towards realizing true potential. Hallmark of each of these journeys has been the focus on earning customers' trust, delighting them and in the process creating industry-leading value for all stakeholders. Under Vishal's leadership, the Firm's value-driven philosophy of only doing business "The Right Way" has become firmly rooted in its interactions. Prior to True North, Vishal was with the Indian practice of Arthur Andersen for 11 years. He was initially a part of their Tax & Business Advisory practice and then a member of the Corporate Finance division. Vishal holds a Bachelor of Commerce degree from the University of Mumbai and is a qualified Chartered Accountant.
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Registered 2015
Divya Sehgal
Partner
Divya joined True North and is responsible for investments in and scaling up of businesses in the financial services sector. Prior to joining True North, he was the Founder and Chief Operating Officer of Apollo Health Street, a leading healthcare outsourcing firm and one of the top five in its space globally. Before that, he worked as a consultant with McKinsey, with the corporate finance team at ANZ and as an entrepreneur at Emedlife, one of the first corporate healthcare advisory firms in India that eventually merged with the Apollo Group. Divya holds a Bachelor's degree in Electrical Engineering from IIT Delhi and a Post Graduate Diploma in Management from IIM, Bengaluru.
Rikhil Wadhwa
Managing Director, Private Credit
Rikhil joined True North as Managing Director, Private Credit in 2024. With over 20 years of experience in Financial Services, he brings a wealth of expertise in Credit, Corporate Finance, and Equity Capital Markets. Prior to True North, Rikhil worked with Investec Private Credit as a Senior Director for 7 years. His career also includes leadership roles at Edelweiss Investment Bank, Centrum Capital, Syntel Inc, and Bharti Airtel. He holds a Bachelors in Commerce degree from Mumbai University and an MBA from Wellingkar Institute of Management.
Maninder Singh Juneja
Partner
Maninder joined True North in 2016 and is involved in managing businesses in the financial services sector. With a total work experience of over three decades, he has worked in this sector for 26 years. He has set up and exponentially grown businesses in retail assets, deposit franchise, and third-party fees in his role of Retail Business Head at ICICI Bank. He has gained deep insights into digital transformation with customer-centricity at the core. He has overseen the evolution of retail financial services in India as a board member of CIBIL, NPCI, IARC, ICICI Home Finance Ltd., and ICICI Merchant Service Ltd. Maninder works with entrepreneurs and the management teams of partner companies to scale them to their full potential. He has completed his Bachelor's degree in Civil Engineering from MS University and his Post Graduate Diploma from IIM Lucknow.
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
Chartered Accountant
Nitin joined True North in 2012 and is involved in making investments in various sectors including financial services, healthcare services, and industrials, also developing the firm's internal systems and processes for industry research and investment evaluation. Nitin is also involved in working with True North's partner companies in their business planning, M&A and capital raising efforts. Prior to joining True North, he worked for JRE Partners in Mumbai, where he was actively involved in evaluating growth capital investments in a wide range of sectors, and before that at Merrill Lynch Investment Banking in Mumbai. Nitin holds a Bachelor of Commerce degree and is a qualified Chartered Accountant.
Prasad Thrikutam
Partner
Prasad joined True North as a Senior Advisor in 2017 and is now a Partner at the Firm. He is involved in building and managing businesses primarily in the technology sector. He has over 25 years of experience in the IT industry and worked with Infosys between 1995 and 2014, holding many senior positions. He was part of the C-suite, heading multiple global business units, including Head of Americas and Global Head of Strategic Sales, Marketing and Alliances. He was also the President and Global Head - Applications and Digital Business at Dell Services, from 2014 to 2017. In 2017, he founded Mol.ai.cule, a consulting firm advising tech companies to transform and scale in the digital era. He was also, until recently, an independent board member at Birlasoft. He is a graduate in Mechanical Engineering from UVCE, Bangalore and holds an MBA from IIM Bangalore.
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
Chartered Accountant
Raj joined True North in 2008. He heads the Finance Centre of Excellence for the Firm and partners with both True North's and portfolio teams' CXO leadership on matters related to the entire spectrum of finance, governance and risk functions. He also heads the Debt Management Office at True North and in this capacity, helps build sustainable relationships for portfolio companies with various lender partners. He guides the fund management team in structuring investments and exits in a way that is tax-efficient and compliant with applicable regulations. Prior to joining True North, he had nearly 18 years of operational experience in accounting, finance and treasury management, having last worked as the CFO of Monsanto India businesses and previously with ITC Ltd in various finance functional capacities. He has completed his Bachelor's degree in Commerce and is a qualified Chartered Accountant.
Satish Chander
Co-Managing Partner, Private Equity
Satish joined True North in 2005. Initially he was part of the business management team and has worked with companies across healthcare, media, retail, and industrial sectors. He leads investments in the healthcare and life sciences sector. Prior to joining True North, Satish was part of JP Morgan's equity research team covering Indian companies in the oil & gas sector. Before that, he was a management consultant at Accenture, India and where he worked across pharma, FMCG, auto ancillary sectors, handling projects in strategy, post-merger integration, supply chain restructuring and procurement optimisation. He holds a Mechanical Engineering degree from IIT Chennai and a Post Graduate Diploma in Management from IIM, Kolkata.
Srikrishna Dwaram
Co-Managing Partner, Private Equity
Sri joined True North in 2006 and is responsible for investments in primarily consumer products and services and technology products and services. He also supports the fundraising and investor relations teams. Prior to joining True North, Sri was part of the founding team at Yes Bank and also worked in the planning & strategy team at ICICI Bank. Sri graduated from IIM Ahmedabad after completing his B.Tech in Mechanical Engineering from National Institute of Technology. Outside of work, Sri is happy spending time with family at home and dreaming of breaking new ground in long-distance running while listening to Indian classical music.
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, Private Credit
Ojas Acharya is a Director at True North, part of the investment team.
Joylyn Largo-Afonso
Managing 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, ESG
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
Vice President
Mukund Maheshwari is a Senior Associate at True North, part of the investment team.
Sumeet Khanna
Assistant Vice President, Private Credit
Sumeet Khanna is an Associate at True North.
Varun Nabar
Assistant Vice President
Varun Nabar is an Associate at True North.
Aashna Parmar
Analyst, Private Equity
Aashna Parmar is an Analyst at True North.
Chirag Mistry
Corporate Communications Lead
Nishit Kesaria
Senior Manager - Operations and Compliance
Nikita Sharma
Compliance Officer, GIFT City
Rahul Mehta
Financial Controller
Rohan CM
Senior Associate
Tanisha Kulkarni
Analyst, ESG
Vivek Kumar
Director, Private Equity, Investments
Vishruta Kathuria
Analyst, Private Equity
Gaurav Dalmia
BoardBoard 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
BoardBoard Member
R. Laxminarayan is a Board Member at True North.
Vinay Baijal
BoardBoard Member
A N Roy
AdvisorAdvisor
A N Roy is an Advisor to True North.
Diwakar Gupta
AdvisorAdvisor
Diwakar Gupta is an Advisor to True North. He is a former Managing Director and CFO of State Bank of India.
Murry Stegelmann
AdvisorAdvisor
Murry Stegelmann is an Advisor to True North.
Peter Keenoy
AdvisorAdvisor
Peter Keenoy is an Advisor to True North.
Pramod Kabra
AdvisorAdvisor
Pramod Kabra is an Advisor to True North. He is the ex-Group CFO of the Tata Group.
Rajeev Kher
AdvisorAdvisor
Rajeev Kher is an Advisor to True North. He is a former IAS officer who served as Commerce Secretary to the Government of India.
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