True North hires former KKR exec for credit foray

 True North hires former KKR exec for credit foray

Indian alternative investment firm True North has named Kapil Singhal as the chief of its credit business in a move that expands its offerings and brings another private credit player into the market.

Singhal joins True North from US-based private equity firm KKR & Co where he had a short stint of just over a year heading its India non-banking finance unit.

Singhal had joined KKR in October 2019 from Mumbai-based financial services provider Edelweiss Group. He became head of KKR India Financial Services Ltd a year ago, taking over from BV Krishnan.

Krishnan quit as KKR India Financial chief as the firm was struggling with high levels of bad debts. KKR is now merging the unit with InCred Financial Services Ltd.

At True North, Singhal has been named as managing partner for credit.

At present, True North counts its founder Vishal Nevatia as the managing partner for the PE business. It has a large team under him, including three partners for fund management and four partners for business management.

The firm, which began operations in 1999, has thus far remained focused on building its PE business.

The move into private credit comes at a time when several peers have been eyeing a move into the asset class as banks are saddled with a mountain of bad debts.

The shadow banking sector, too, has been struggling for the past couple of years on concerns over bad debts as the business lockdown last year due to the coronavirus pandemic worsened asset quality.

Ankit Doshi

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