True North Fund VI LLP (ADB-51128-001)

Countries
  • India
Where the impacts of the investment may be experienced.
Financial Institutions
  • Asian Development Bank (ADB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Bank Risk Rating
FI
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Dec 18, 2017
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
True North Fund VI LLP
The holder of the loan, grant, or other investment.
Sectors
  • Finance
  • Infrastructure
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 50.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ ADB website

Updated in EWS Jan 17, 2019

Disclosed by Bank Oct 13, 2017


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Project Description

According to the bank website, "True North is one of India's leading and well-regarded private equity fund managers. The manager of True North Fund I, True North Ventures Private Limited, was established in 1999 with Mr. Vishal Nevatia as chief executive officer and managing partner. Over the years Mr. Nevatia has built a stable, cohesive investment team of 20 seasoned professionals who have worked on the various True North funds that include up to seven investment managers who focus on deal origination and structuring, relationship management and exits, and up to 13 business managers who focus on due diligence of new investment opportunities and operational engagement with portfolio companies. Since 2000, True North has raised more than $1.9 billion through five fund vehicles and co-investment opportunities. It is one of the few private equity fund managers in India with expertise in executing control-oriented, expansion capital transactions in the middle market segment."

Investment Description
  • Asian Development Bank (ADB)
Private Actors
Contact Information

Responsible ADB Department Private Sector Operations Department
Responsible ADB Division Private Sector Investment Funds & Special Initiatives Div
Responsible ADB Officer Mahmud, Farshed

ACCOUNTABILITY MECHANISM OF ADB

The Accountability Mechanism is an independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an Asian Development Bank-financed project. If you submit a complaint to the Accountability Mechanism, they may investigate to assess whether the Asian Development Bank is following its own policies and procedures for preventing harm to people or the environment. You can learn more about the Accountability Mechanism and how to file a complaint at: http://www.adb.org/site/accountability-mechanism/main