Mid-market private equity firm True North has recruited Kapil Singhal, a former KKR managing director, to head its credit platform, the firm said on Tuesday.
“Kapil brings with him over 25 years of investing in credit across economic cycles,” the firm’s note on Linkedin said.
Singhal will be the firm’s managing partner for True North Credit, the note said.
“We will seek to deliver superior risk-adjusted returns with capital preservation and current income through the cycles by offering flexible capital solutions to well-governed, underserved companies,” Singhal said on the social media platform.
True North, which has been in the private equity business for over two decades, has been thinking about a credit vertical, VCCircle reported in June last year.
In December, VCCircle had reported that Singhal may join True North to helm its credit vertical.
Singhal’s departure from KKR India Financial Services came as the credit arm of KKR was preparing to merge itself with InCred Financial Services this quarter. The deal is expected to close this financial year.
Before his stint at KKR, Singhal was the co-head of Edelweiss Special Opportunities Fund.
Many global alternative asset managers such as Bain Capital, Carlyle, Baring PE Asia and KKR as well as Indian financial services firms UTI Capital, Edelweiss, Everstone Capital and Avendus dabble in the private credit market.
In February last year, Canadian pension fund CDPQ and India’s Piramal Asset Management Pvt. Ltd jointly floated a private credit platform.