ADB Asian Development Bank : Invests $50 Million in True North's Fund VI to Support Mid-market Businesses in India

MANILA, PHILIPPINES (16 January 2018)- The Asian Development Bank (ADB) has signed an equity investment of up to $50 million with True North VI LLP (True North VI), a fund established by the True North group (True North) to provide equity capital to middle-market companies in India embarking on their next phase of growth. True North is one of India's most experienced and well-regarded private equity fund managers.

'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, ADB's Director of the Private Sector Investment Funds and Special Initiatives Division. '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 into enduring and socially responsible enterprises'.

True North VI is a closed-end private equity fund that aims to make up to 10 equity investments of between $50 million and $150 million each in the financial services, healthcare, and consumer sectors. True North may also target investments in technology products and services companies.

ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. Established in 1966, it is owned by 67 members-48 from the region.

True North was established in 1999 (as India Value Fund) with a view towards investing in mid-sized, India-centric businesses. Over the last two decades, True North has successfully launched f­ive separate investment funds, with a combined corpus of approximately $2 billion. True North is based in Mumbai, India, with a smaller office in Bengaluru.