Vikram Nirula, the founding partner of homegrown private equity firm True North, has resigned to float a new venture, a person familiar with the development told VCCircle.
Nirula was part of the team that set up True North, earlier called India Value Fund Advisors, in 2000.
The IIM-Bangalore alumnus was also responsible for fundraising and investor relations in addition to overseeing investments across sectors including consumer, retail, financial services, and industrials segments.
True North declined to comment and Nirula could not be reached. However, in a report published earlier today in the Mint newspaper, Nirula confirmed his move and said that he would not be part of the firm’s ongoing fundraising effort.
True North is currently raising a $1-billion fund, which marked its first close last month, as VCCircle exclusively reported.
True North has also been recruiting. As VCCircle reported last week, it hired an executive from PE firm Siguler Guff to come on board as a partner.
Last year, another partner at True North quit the firm. In September 2017, Rajiv Sabharwal announced that he was leaving to head Tata Capital.
At least one former True North partner has found success after resigning. Sunil Vasudevan left in 2014 when the firm was still called India Value Fund Advisors to form Amicus Capital, which marked its first close in December 2016 at $90 million, or just under the mid-way mark.