New Delhi: Asian Development Bank (ADB) on Tuesday said it has invested $50 million in True North VI LLP (True North VI) to provide equity capital to middle-market companies in India embarking on their next phase of growth.

True North was established in 1999 (as India Value Fund) with a view to investing in mid-sized, India-centric businesses. “Through its investment in True North VI, ADB will support market leading businesses in India that require sophisticated funding solutions to realise their growth plans," said Janette Hall, ADB’s director of the private sector investment funds and special initiatives division.

True North VI is a closed-end private equity fund that aims to make up to 10 equity investments between $50-150 million each in financial services, healthcare, and consumer sectors. True North may also target investments in technology products and services companies, Manila-headquartered ADB said in a statement.

Mumbai-based True North has launched five separate investment funds, with a combined corpus of approximately $2 billion.