<article>Almost three years after it closed its fifth fund, one of India&#8217;s oldest private equity players<a href="http://dealstreetasia.com/tag/true-north" target="_blank" rel="noopener"> True North</a>, formerly <a href="http://dealstreetasia.com/tag/india-value-fund" target="_blank" rel="noopener">India Value Fund</a>, is on the road to raise $1 billion in a new fund- its biggest yet.</article>

Almost three years after it closed its fifth fund, one of India&#8217;s oldest private equity players<a href="http://dealstreetasia.com/tag/true-north" target="_blank" rel="noopener"> True North</a>, formerly <a href="http://dealstreetasia.com/tag/india-value-fund" target="_blank" rel="noopener">India Value Fund</a>, is on the road to raise $1 billion in a new fund- its biggest yet.
According to a Times of India <a href="https://timesofindia.indiatimes.com/business/india-business/true-north-to-raise-1bn-new-fund/articleshow/61350248.cms" target="_blank" rel="noopener">report</a> quoting sources, the new fund is likely to take True North&#8217;s assets under management to over $3 billion.
In 2015, the private equity firm had raised $700 million &#8211;  it had also raised a separate $500-million in co-investment commitments from sponsors, which included global pension funds, university endowments, sovereign wealth funds and family offices.
According to the news report, True North&#8217;s sixth fund will also have a co-investment pool of $500 million, an amount set aside by the global sponsors to invest directly along with the investment firm.
The news comes close on the heels of another prominent private equity firm <a href="http://dealstreetasia.com/tag/kedaara" target="_blank" rel="noopener">Kedaara Capital</a> closing its second fund crossing its hard cap of $750 million. As per the Times of India report, Kedaara raised  $795-million second fund in record time in August. It attracted new investors such as Canadian pension fund <a href="http://dealstreetasia.com/tag/cdpq" target="_blank" rel="noopener">CDPQ</a> and insurance major <a href="http://dealstreetasia.com/tag/allianz" target="_blank" rel="noopener">Allianz</a>, while Ontario Teachers again participated in the fund.
Earlier this year, India-focussed private equity firm, <a href="http://dealstreetasia.com/tag/chryscapital" target="_blank" rel="noopener">ChrysCapital</a>, also made the final close of its seventh fund at over $600 million from investors such as Singapore’s<a href="http://dealstreetasia.com/tag/gic" target="_blank" rel="noopener"> GIC</a> and <a href="http://dealstreetasia.com/tag/harvard-management" target="_blank" rel="noopener">Harvard Management Company</a>. They are expected to hit the market again next year to start on a new fund.
Another domestic private equity major <a href="http://dealstreetasia.com/tag/multiples" target="_blank" rel="noopener">Multiples Alternate Asset Management</a>, headed by Renuka Ramnath, is expected to enter the market to raise a $750-million new fund early next year.
In the first six months of 2017, total PE/VC investments, buoyed by strong PE activity, jumped to a record $11.34 billion, beating the previous high of $10 billion in H2 of 2007. However, with exits coming through for investors both through IPOs and M&amp;A activity, the global investors interest in India has shown strong growth. According to a report, private equity firms in India returned more than $10 billion to their investors in exits in 2016.
True North has lately been involved in large deals including a $500-million investment into Bengaluru-based broadband company ACT and $300-million buyout of <a href="http://dealstreetasia.com/tag/religare-health" target="_blank" rel="noopener">Religare Health Insurance</a> as well as $275-million acquisition of <a href="http://dealstreetasia.com/tag/KIMS-Hospital" target="_blank" rel="noopener">KIMS Hospital</a>.
It also took controlling interest in <a href="http://dealstreetasia.com/tag/home-first" target="_blank" rel="noopener">Home First Finance Company</a>, a provider of affordable housing loans, for $100 million.
Also Read:
<a class="tinymce-colortext" style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/india-cdpq-allianz-invest-kedaara-capitals-750m-fund-82155/" target="_blank" rel="noopener">India: CDPQ, Allianz invest in Kedaara Capital’s $750m fund</a>
<a class="tinymce-colortext" style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/65568-65568/" target="_blank" rel="noopener">India-focussed PE firm ChrysCapital closes seventh fund at over $600m</a>
<a class="tinymce-colortext" style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/dsa-summit-despite-its-challenges-india-is-on-global-investors-must-have-list-83207/" target="_blank" rel="noopener">DSA Summit: Despite challenges, India is on global PE investors’ must-have list</a>

One of India's oldest private equity players True North, formerly India Value Fund, is on the road to raise $1 billion in a new fund.

India: PE major True North plans to raise $1b new fund-its largest yet

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India: PE major True North plans to raise $1b new fund-its largest yet

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