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Deliver superior risk-adjusted returns by offering flexible, capital solutions

The Private Credit strategy of True North provides diversification, scale and strong synergies, in line with the firm’s investment philosophy

We partner with businesses who share our value system and entrepreneurs whose principles align with ours.

Our focus is on supporting middle-market companies which require bespoke financing solutions

₹ 1000 cr +

currently raised

AIF Cat II fund

Final close Dec 31, 2023

8 investments made

One full exit and one part exit

Vision

To be the preferred provider of private credit to middle market companies in India.

Mission

Create a business built on respect, research, relationships, diverse & inclusive culture and deliver risk-adjusted returns to our investors along with providing value to our partner companies.



Respect for our investee companies, our investors, our service providers, our employees & our regulators.

Relationships to build a business on strong and lasting relationships with a focus on long-term alignment rather than short-term gains.

Deep Research focussed on industries, companies, credit markets to provide agile and bespoke financing solutions to our partner companies

Cultivate a diverse, inclusive and creative culture We encourage constructive conflict where personal expression is encouraged and potential is nurtured.

Returns complete the cycle. At True North, we consistently strive to earn the best risk-adjusted returns to our investors.

Stakeholder
Philosophy

We believe that it takes passion and hard work to build a high-performing business.

We remain committed to achieving win-win deal terms, with early deal certainty and a swift conclusion. We also understand that we are a “Solution Capital” provider with a cost significantly above the traditional providers of Credit. We therefore allow timely exits if the Issuers/Borrowers so desire with the overall constraints of fund’s min holding requirements and MOIC.

We empower our CEOs to realise their full potential as an entrepreneur

We understand that Limited Partners repose a tremendous amount of trust when they commit capital into any of our funds. Our team is one of the most experienced Private Credit teams in India and takes its fiduciary responsibility very seriously. Above all, we strive to deliver consistent and top-quartile returns in a socially responsible manner.


For the first time, True North has raised domestic capital in a significant manner from close to 400+ distinct investors with participation from domestic financial institutions, family offices and HNIs. Being transparent and fair in our dealing with Limited Partners is sacrosanct for us and we will endeavour to apply the same yardstick to our wide array of domestic investors irrespective of the size of commitment they make in our fund.

Our ethos enables multinationals to expand their portfolio

We treat our teams with respect at True North and align “individual goals” with “organisation goals”. We encourage our team members to spend time for their professional and personal growth.

We take our fiduciary responsibility very seriously

We work very closely with our wealth distribution partners. We respect our relationships with them and the trust that they bestow in us by introducing their investors to our fund.

We take our fiduciary responsibility very seriously

Regulator landscape is fast changing as the AIF category continues to grow. We follow regulations in spirit and in form. If we were to err, we will promptly report the oversight to regulators.

Investment Philosophy

We are overly cautious about losing principal in any deal & we aim to deliver consistent promised returns with minimum volatility.

We believe in five principles of uncorrelated risk management

We support businesses whose founders’ values align with ours. We understand that businesses go through cycles, and hitting a rough patch is a part of the process. Regardless of business upheavals, what matters to us is the founder’s approach towards treating their stakeholders.

Earnings quality and fair accounting practises rank above any other parameters.

We are a provider of ‘solution capital’ for our partner companies for tenor of around 3 years. Our fund focuses on collecting regular coupons and amortisations to the extent that is permitted by the borrowers cash flows without losing the appeal of flexible financing.

We strive to keep EV/debt >2 at all times basis a conservative EV estimation. This combined with strong hard collateral wherever possible helps us contain losses when things don’t go as per plan.

Diversification in our portfolio and maintaining strict, single position limits is a core to our risk management.