Established in 2014, True North Associates (TNA) is a private equity and venture capital firm focused on companies with innovative business models that create new markets, introduce process improvements, and demonstrate high growth potential. TNA’s investment pipeline includes early- to growth-stage firms seeking capital and strategic management support. The company also offers consulting, fundraising, transaction advisory, and sell-side investment banking services. With 11 employees, TNA primarily work in Province 3, though investments extend to businesses in other provinces.

Contact: Website

Pathway to IPO for Medium-sized Agribusinesses in the Agriculture Sector  

Nepal’s agribusiness sector, a significant GDP contributor, faces challenges like market fragmentation, low productivity, quality issues, and limited access to finance, often relying on debt, grants, or concessional finance. Medium-sized agribusinesses connected to thousands of smallholders are hindered in scaling due to limited capital, management capacity, and reliance on collateral-based debt. Investors often view agriculture as high-risk, with concerns about technical expertise, corporate governance, and informality. Systemic partnerships between agribusinesses and investors, especially those sourcing from smallholder farmers, can address these gaps. Such partnerships can enhance internal capacities, attract investment, and ultimately enable these businesses to explore options like Initial Public Offerings (IPOs) for expanded capital access.

With a budget of £79,207 (£44,536 from CASA), TNA and CASA worked to prepare three medium-sized agribusinesses—Paicho Pasal, Nepal Dairy, and GJ Poultry—for IPO readiness while integrating a green growth agenda. This project, running from October 2023 to March 2025, supported these firms in exploring diverse financing options beyond traditional bank loans, such as blended finance, green finance, venture debt, concessional finance, bridge funding, and PE/VC investment, fostering expertise in wealth creation and economic impact.

At the end of the partnership all three agribusinesses were successfully positioned for debt and private equity investment and were introduced to the public market through roadshows. One MoU was signed between Paicho and NIC Capital to begin the IPO process. Also £741,935 in third-party investment was secured into GJ Poultry in the form of debt and equity financing and ESG policies were developed for all three businesses in line with the green growth agenda. 

The project also supported TNA to deepen their understanding of the agribusinesses’ models and as a scale-up after this pilot, TNA plans to invest in other agribusinesses with its new rounds of funds coming into the company.

Updated: August 2025