Brief Profile

I've spent 30 years in Indian financial markets. Started in banking, moved through trading desks, built credit businesses, and eventually ended up where I probably always should have been - running a private credit fund focused on India's mid-market.

The career took me through ICICI Bank, GE Capital, Goldman Sachs, Deutsche Bank, Edelweiss, and KKR. Different institutions, different cycles, different lessons. The common thread was credit - how it gets structured, how it performs, and how it fails.

In 2021, I founded True North Private Credit inside True North, one of India's established private equity firms. The mandate was to build a direct lending platform for India's mid-market from scratch. That work continues.

What we do

Direct lending to founder-led, cash flow-driven companies in India's mid-market. Ticket sizes of $10-50 million. Non-real estate, non-venture, non-distress. Short tenor, regular amortisation, cash yield.

The mid-market is where India's real economy lives - manufacturing companies, services businesses, Rs 200-2000 crore in revenue, genuine growth capital needs, and limited access to institutional debt. Banks are constrained. Bond markets don't reach here. Private credit, done with discipline, fills that gap.

What I write about

Private credit - the mechanics, the misconceptions, and the structural differences that matter. Indian market primarily, with occasional reference to global structures where the comparison is useful.

Not investment advice. Not fund marketing. Just an attempt to write clearly about a market that is often described loosely.

Thirty years in this business teaches you more about what can go wrong than what goes right. That's mostly what I write about.

Find me on LinkedIn or on X @kapilagam

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