fbpx 51128-001: True North Fund VI LLP | Asian Development Bank

India: True North Fund VI LLP

Nonsovereign (Private) Project | 51128-001 Status: Approved

Project Details

Project Officer
Mahmud, Farshed Private Sector Operations Department Request for information
Country
  • India
Sector
  • Finance
 
Project Name True North Fund VI LLP
Project Number 51128-001
Borrower/Company True North Fund VI LLP
Country India
Location Nation-wide
Type or Modality of Assistance
7543 Equity Ordinary capital resources USD 50.00 million Approved
Strategic Agendas Inclusive economic growth
Drivers of Change Governance and capacity development
Partnerships
Private sector development
Sector / Subsector

Finance / Infrastructure finance and investment funds

Gender Equity and Mainstreaming No gender elements
Responsible ADB Department Private Sector Operations Department
Responsible ADB Division Private Sector Investment Funds & Special Initiatives Div
Responsible ADB Officer Mahmud, Farshed
Project Sponsor(s)
Description
Objectives and Scope True North Fund VI LLP, a targeted $900 million private equity fund to be managed by True North, aims to make up to 10 equity investments of $50-$150 million each. Focus sectors include financial services (non-banking finance companies, microfinance, affordable housing finance), healthcare (services, non-pharmaceutical), and consumer businesses. True North seeks to provide capital to middle market companies in India with significant growth prospects and/or the potential to gain significant market share in their respective industries. These companies typically are established businesses on the verge of entering the next phase of growth. True North will also target high-potential companies at an earlier stage of growth in need of more time to fully mature.
Linkage to Country/Regional Strategy This financing falls under ADBs nonsovereign operations and is aligned with the India country partnership strategy, 2013 - 2017, which calls for investments in financial infrastructure, including investment funds, as a priority area. The investment is also aligned with the Operational Plan for Health 2015-2020, which supports private sector approaches to address quality, efficiency, and financing issues in the health sector.
Safeguard Categories
Environment
Involuntary Resettlement
Indigenous Peoples
Summary of Environmental and Social Aspects
Environmental Aspects The Fund''s investments will cover various sectors (including financial services, healthcare, and consumer) across India. At the project processing stage, no specific location and type or nature of business/sectors are identified. The Fund will adopt an environment and social management system commensurate with the level of potential risks of its investments. This will include screening procedures for categorizing projects based on ADB Safeguards Policy Statement (2009) requirements to exclude investments having significant impacts on environment. ADB will retain the right to _opt out_ i.e. not to provide funding for any Category A project on environment supported by the Fund.
Involuntary Resettlement The Fund will adopt an environment and social management system commensurate with the level of potential risks of its investments. This will include screening procedures for categorizing projects based on ADB Safeguards Policy Statement (2009) requirements to exclude investments having significant impacts on involuntary resettlement.
Indigenous Peoples The Fund will adopt an environment and social management system commensurate with the level of potential risks of its investments. This will include screening procedures for categorizing projects based on ADB Safeguards Policy Statement (2009) requirements to exclude investments having significant impacts on indigenous peoples.
Stakeholder Communication, Participation, and Consultation The Fund will encourage portfolio companies to assess social impacts of its operations.
Timetable for assistance design, processing and implementation
Concept Clearance 11 Apr 2017
Credit Committee Meeting 06 Oct 2017
Approval 18 Dec 2017
Last PDS Update 12 Jun 2019

Project Data Sheets (PDS) contain summary information on the project or program. Because the PDS is a work in progress, some information may not be included in its initial version but will be added as it becomes available. Information about proposed projects is tentative and indicative.

The Access to Information Policy (AIP) recognizes that transparency and accountability are essential to development effectiveness. It establishes the disclosure requirements for documents and information ADB produces or requires to be produced.

The Accountability Mechanism provides a forum where people adversely affected by ADB-assisted projects can voice and seek solutions to their problems and report alleged noncompliance of ADB's operational policies and procedures.

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Title Document Type Document Date
True North Fund VI LLP: Report and Recommendation of the President Reports and Recommendations of the President Nov 2017
Equity Investment in True North Fund VI LLP: Initial Poverty and Social Analysis Initial Poverty and Social Analysis Oct 2017

Safeguard Documents See also: Safeguards

Safeguard documents provided at the time of project/facility approval may also be found in the list of linked documents provided with the Report and Recommendation of the President.

None currently available.

Evaluation Documents See also: Independent Evaluation

None currently available.

Related Publications

None currently available.


The Access to Information Policy (AIP) establishes the disclosure requirements for documents and information ADB produces or requires to be produced in its operations to facilitate stakeholder participation in ADB's decision-making. For more information, refer to the Safeguard Policy Statement, Operations Manual F1, and Operations Manual L3.

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