True North (India Value Fund Advisors)

True North, previously known as India Value Fund Advisors, is one of India’s largest home-grown
private equity funds founded in 1999. The fund was conceptualized by Mr. Gary Wendt, then
Chairman, CEO of General Electric Capital who decided to set up a fund with a focus on investing
in multiple international markets.
The domestic fund has launched 5 funds with total corpus ~$2bn and invested in 30+ medium
sized, profitable companies and exited 13 investments. The firm is currently managing its ‘Indium
Fund V’ with corpus of $700mn. The fund looks to specialize in control-oriented transactions
where the fund buys >51% of the investee and exert control on the operations. 80% of the
investments made fall under this category.
The fund is headed by Mr. Vishal Nevatia since inception. Mr. Nevatia is a commerce graduate
and a Chartered Accountant and has worked with Andersen for 11 years before taking over at True
North. The investment team is led by experts from the Consumer, Financial Services, Generalist,
Healthcare and Technology sectors. The rebranding exercise undertaken in 2017 was to add
technology as a focus area in the firm’s investment sectors.
True North is a founding member of the Global PE Alliance, a network of the best mid-size PE
funds in the world.
Offices: The fund has 2 offices in India – Mumbai Office and Bangalore Office.
Current Investee Companies: Few marquee investments made by the fund over its history
include
• Meru Cabs;
• HiCare (Godrej Group);
• Syngene;
• NBHC;
• Magma Finance;
• DM Healthcare;
Some of the successful exits include:
1. Shringar Films;
2. Centiurion Bank of Punjab;
3. TTK Healthcare;
4. RadioCity;
Recent Events
• TrueNorth has recently concluded a deal to invest $200mn in KIMS for a 40% stake; KIMS
is a hospital chain with presence in Kerela and West Asia; It recently exited its investment
in Manipal Hospitals to Temasek
• True North has recently roped in senior ICICI banker Maninder Singh Juneja;
For more details http://www.truenorthco.in/