True North, one of the oldest private equity (PE) firms in India, has acquired a minority stake in digital transformation solutions firm iLink Digital for $75 million.

The investment has been facilitated through True North’s Fund VI, marking the fund’s third investment in the technology services sector, according to a press release.

iLink Digital is a digital transformation service company that aids organisations in utilising technology to enhance commercial outcomes. The company plans to use the investment to drive its M&A agenda to enhance its deep domain and technology expertise.

“We want to invest in fast-growing, highly differentiated, innovation-led, globally present and platform-focused digital engineering companies. iLink Digital perfectly reflects our fundamental approach to investing in digital product engineering companies.” said Prasad Thrikutam, partner at True North.

True North agreed to sell a significant part of its stake in health insurance company Niva Bupa last week to its joint venture partner, Bupa, for around $329.27 million.

The PE giant recently made headlines for raising nearly $78 million (Rs 650 crore) for its new private credit fund, which sources told DealStreetAsia, will be eyeing investments in traditional manufacturing, established consumer, financial services, technology and healthcare businesses.

In the equity segment, True North is on the road to raising its seventh fund. While DealStreetAsia had last year reported that the corpus could be well over $600 million, the firm is now understood to be considering lowering the target corpus amid the current gloom in the world economy.

Its six separate investment funds have a combined corpus of $3 billion, including co-investments across sectors such as consumer, financial services, healthcare, and technology. The firm counts Fedbank Financial Services (Fedfina), Homefirst Finance, Cloudnine, and Infinity Fincorp, among its portfolio companies.