True North’s trustees are highly respected individuals from the worlds of finance, corporate law and financial econometrics. They have the responsibility of overseeing that the interests of investors are maintained at all times.

Presently Chairman of the Centre for Monitoring Indian Economy, one of India’s most well-known think-tanks, Dr Surendra Dave also serves on the Boards of several companies. He is a member of several government committees constituted to address various policy issues ranging from development of backward areas to stock market reforms.

Dr Dave is a veteran of the Indian Equity Markets, having been Chairman of UTI, India's pioneer mutual fund and Chairman of SEBI, the regulating authority for the Indian securities markets. He has also held key positions in a number of leading institutions, including that of Executive Director of IDBI, one of India's leading development finance institutions.

Mr Suresh Talwar is a leading corporate counsel and Partner of Talwar, Thakore & Associates, Mumbai, a firm that he set up in April 2007. Prior to that, he was a Senior Partner of Crawford Bayley & Company.

As a practicing lawyer with the Bombay High Court since 1966, Mr Talwar has vast experience and specializes in corporate law dealing specifically with M & As, corporate taxation, foreign exchange laws, international issues of Indian securities and real estate laws among others.

Mr Talwar is also a Director/Chairman on the Boards of many Indian companies.

Ms Susan Thomas is currently on the faculty of the Indira Gandhi Institute for Development Research, Mumbai and is a well-known expert in financial econometrics, including models of volatility of financial prices, and aspects of market microstructure. She holds a Ph.D.(Economics) from University of Southern California, Los Angeles, prior to which she graduated in Civil Engineering from IIT, Mumbai.

Ms Thomas serves on the Boards of SBI Pension Fund Management Company, IFMR Capital and Future Financial Services. She is on the Executive Committee for Futures and Options at the National Securities Clearing Corporation, India and a member of various policy committees including Risk Management Committee, Power Exchange of India, Risk Management Committee, IFMR Capital, Secondary Markets Advisory Committee, SEBI, and others.

Her work can be accessed at

Board of Directors:

True North’s Board of Directors is a largely independent body that comprises of leading figures from the worlds of finance and business.

Mr Ravi Gupta was a member of the prestigious Indian Administrative Service, which he joined in 1962. During his career, he held a number of challenging assignments in different states and was closely associated with various aspects relating to cooperatives as well as agriculture for many years.

Between 1991-98, Mr Gupta served as Additional Secretary and Secretary in the Government of India in the ministries of Fertilizer, Food and Finance. He played a key role in the economic reforms during this period and was associated with many key committees.

He was also Deputy Governor of the Reserve Bank of India for three years and chairman of Government of India committees relating to small savings in 1998 & 1999. He is on the Boards of several companies. Mr Gupta holds degrees from St Stephen’s College, Delhi and Cambridge University.

Founder of Ambit Corporate Finance, one of India's leading investment banks, Mr Ashok Wadhwa, currently CEO of Ambit Group is also a former President of Bombay Chambers of Commerce and Industry.

He is currently a Managing Committee member of Federation of Indian Chambers of Commerce and Industry (FICCI), Young Presidents’ Organisation (YPO).

Prior to setting up Ambit in 1997, Mr Wadhwa was part of Andersen, India and worked with the firm for 14 years since its inception. During 1989-1996, he headed the Tax & Business Advisory practice of Andersen, India, and thereafter served as its Managing Partner.

A Chartered Accountant from the Institute of Chartered Accountants of India, Mr Wadhwa is also a law graduate from the University of Mumbai.

Mr V Srinivasa Rangan is currently Executive Director of Housing Development Finance Corporation (HDFC) and has been part of the organization since 1986. He is responsible for the Treasury, Resources and Accounts functions of the Corporation and is also a member of the Investors’ Grievance Committee of Directors.

Mr Rangan earlier served in Delhi and was the Senior General Manager - Corporate Planning & Finance at the Head Office since 2000. He has been involved in various functions at HDFC including managing portfolio of equity investments, structured finance, retail & wholesale lending, branch operations, accounting, budgeting, management information systems.

He is on the Board of Directors of several other companies including Hindustan Oil Exploration Company, Rural Shores Business Services and Cholamandalam Investment and Finance Company.

Mr Rangan is a qualified Chartered Accountant and Cost and Works Accountant.

Mr Gaurav Dalmia hails from one of India’s leading business families and is a well-known private equity investor. He is Founder and Chairman of Landmark Holdings, a real estate development and financing company and Founder of First Capital, a boutique investment bank focused on private equity and M & A transactions. He also co-founded Infinity, India’s first and largest angel investment fund.

Mr Dalmia serves on the Boards of various companies and investment vehicles in India, Europe and the US. He was selected in 2000 by the World Economic Forum as a ‘Global Leader for Tomorrow’ and holds prestigious appointments in Indian industry forums.

Mr Dalmia is a Computer Science graduate from Salford University, UK and holds a Masters in Business Administration from Columbia Business School.

International Partners:

The International Partners are former GE Capital Executives, with over 80 years of global investing experience between them. Among the Partners, Mr Peter Keenoy and Mr Michael Borom work with the Indian Team to provide an international perspective on the investment strategy, with support from other Partners as and when required.

Mr Peter Keenoy co-manages Impala Partners in the US.

Prior to joining Impala Partners in 1999, he was with GE Capital for 14 years. He was a Vice President and Chief Credit Officer of its corporate lending business, responsible for a portfolio of over US$ 11 billion, and earlier head of the LBO Workout Group, where he oversaw over 15 bankruptcies, numerous restructurings and served on the Boards of five companies.

Prior to that, he worked at Andersen’s audit division for four years. He is a Certified Public Accountant and Masters of Business Administration from the University of Chicago.

To know more about Mr Keenoy visit

Mr Michael Borom heads the Operating Team at TH Lee. Prior to that, he co-managed Impala Partners, which he co-founded in 1996. Earlier he served as Chief Financial Officer of Aetna’s Property/Casualty Business, before which he spent 15 years with GE and GE Capital, working in a variety of positions.

Mr Borom was responsible for major initiatives (including turnaround and strategic refocusing) at GE’s Aircraft Engine, Aerospace, Lighting, Power Systems and Appliance Businesses. He began his career at GE’s Corporate Research & Development Center, eventually moving to the Aerospace and Advanced Energy businesses.

Mr Borom holds a degree in Mathematics from Colgate University.

Mr Paul Street co-manages Impala Partners, which he co-founded in 1996. Earlier, he was the head of strategy and business development for GE Capital between 1990–94, generally responsible for international business development. In 1990, Mr Street established the first dedicated Workout Group in GE Capital, which he headed for three years.

In 1994, Mr Street joined Lazard Freres as a General Partner and established and ran Mexico Partners Trust following the 1994-95 debt crisis. He was also on the Board of Lazard Asia.

Mr Street was a Partner of McKinsey, where he spent 10 years and in 1985 helped establish McKinsey’s first Asian office (outside Japan) in Hong Kong.

Mr Murry Stegelmann manages Kilimanjaro Advisors LLC, which he founded in April 2003. He is responsible for portfolio management, risk management, trading as well as general management and oversight.

Prior to that, Mr Stegelmann was a Managing Director and Corporate Officer of GE Capital. He created the Bank Loan Group in 1996 and managed it till he left, making it the most profitable segment of GE Capital’s Corporate Financial Services business. Earlier, he spent four years in the LBO Workout Group.

Mr Stegelmann is also a non-managing member of Impala Partners.

He graduated first in his class at the Columbia Business School, and earned his Bachelor of Arts from Hillsdale College.