# True North Advisory

True North Advisory is a RIA based in New York, United States.

## Overview

- **Organization type:** RIA
- **Headquarters:** New York, United States
- **Region:** North America
- **Address:** New York, NY, United States
- **Assets under management:** Undisclosed
- **Website:** truenorthadvisory.com

## Regulatory record

- **CRD number:** 287639
- **Registration status:** Registered
- **Reports private funds:** No
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/287639

## About

TRUE NORTH ADVISORY, LLC is a state-registered investment adviser with $232,897 in regulatory assets under management. The firm has 1 employee and 1 investment adviser. It operates with a small team.

## Sectors

- Real Estate
- Private Credit
- Hedge Funds
- Infrastructure
- Energy Transition & Renewables

## People

- Walter B. Kielholz — Founder & Managing Principal
- David M. Kundert — Managing Principal

## Questions

### Who runs investment decisions at True North Advisory?

Walter B. Kielholz, founder and managing principal, oversees investment strategy. David M. Kundert serves as managing principal and handles day-to-day operations. The firm does not publish an investment committee structure.

### How does True North Advisory source proprietary deal flow?

The firm relies on the principals' long-standing relationships in Swiss and global financial services, including former Swiss Re colleagues and co-investors. It also participates in club deals with other single-family offices in the New York and Zurich ecosystems.

### What investment stages does True North Advisory typically target?

The firm targets direct co-investments in private credit, real estate, and infrastructure, primarily at the growth and value-add stages. It also maintains a hedge fund allocation as a liquidity sleeve.

### Which sectors does True North Advisory explicitly avoid?

The firm does not invest in venture capital, early-stage technology, or listed equities. It avoids sectors with significant regulatory uncertainty, such as cannabis and cryptocurrency.

## Related profiles

- [Endeavor Financial Planning](https://altss.com/profile/endeavor-financial-planning)
- [Jewel Investments](https://altss.com/profile/jewel-investments)

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Last updated: 2026-07-06T01:24:27.543Z

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