# True North

True North is a Private Equity based in Dallas, India.

## Overview

- **Organization type:** Private Equity
- **Headquarters:** Dallas, India
- **Region:** Asia
- **Address:** Mumbai, India
- **Founded:** 1999
- **Assets under management:** Over $3 billion (Altss estimate)
- **Website:** www.truenorth.co.in
- **LinkedIn:** https://www.linkedin.com/company/tn-hr

## Regulatory record

- **CRD number:** 116048
- **SEC file number:** 801-66250
- **Registration status:** Registered
- **Reports private funds:** Yes
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/116048

## About

True North is an SEC-registered investment adviser in Dallas, TX, registered since 2006. The firm manages $5.4 billion in assets, $5.0 billion on a discretionary basis. It has 89 employees and 31 investment advisers.

## Sectors

- Financial Services
- Consumer
- Healthcare
- Infrastructure

## People

- Divya Sehgal — Managing Partner

## Questions

### Who runs investment decisions at True North?

Divya Sehgal leads the firm as Managing Partner and chairs the investment committee. He joined True North in the early 2000s and became the face of the firm during its scaling phase. Major investment decisions are made collectively by the senior partnership, a structure that has remained stable across multiple fund cycles.

### How is True North's deal sourcing model structured?

True North relies on direct, relationship-driven sourcing rather than auction processes. The firm's twenty-plus years in India have created a network among promoter families, corporate carve-outs, and intermediaries that generates proprietary deal flow. Its control-oriented strategy means many transactions are negotiated bilaterally, not through broad sell-side mandates.

### How does True North handle governance at portfolio companies?

True North takes controlling or significant minority stakes that include board representation and governance rights. The firm frequently installs professional management teams at its portfolio companies, transitioning founder-led businesses toward institutional operating structures. This control-oriented posture is central to its value-creation model.

### Which sectors does True North explicitly avoid?

True North has historically avoided large-scale infrastructure projects, pure-play technology startups, and commodity-driven industries. The firm's mandate focuses on demand-driven domestic sectors — financial services, branded consumer goods, healthcare delivery, and select industrial businesses — that benefit from India's formalization and consumption growth.

### Where does True North's investor base come from?

True North's limited partners are primarily global institutional investors, including development finance institutions, public pension funds, and endowments. The firm's original 1999 fund drew commitments from institutions backing Indian private equity at its inception. Recent vehicles, including Fund VII, saw re-ups from existing LPs alongside new commitments (per Bloomberg, February 2025).

## Related profiles

- [Truelink Capital](https://altss.com/profile/truelink-capital)
- [TrueSight Ventures](https://altss.com/profile/truesight-ventures)

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Last updated: 2026-06-03T20:00:00.000Z

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