True North founding partner Nirula quits

MUMBAI: Vikram Nirula, a founding partner at private equity firm True North (formerly India Value Fund Advisors, or IVFA), which manages around $2 billion of assets, has resigned his post to pursue new career options, said two people aware of the development. Nirula, who has been with True North since March 2000, was instrumental in leading investments by the private equity firm. It is not known whether he will launch a new fund or join another PE firm. When contacted, Nirula confirmed the development. “I can confirm that I have put in my papers and will not be part of new fund of True North,” Nirula said, without disclosing his future plans.