New Delhi, July 6 -- Amid mounting pressure on private equity firms to return cash to investors rather than rely on paper gains, True North has stepped up exits from its older funds, returning nearly $2 billion to its limited partners (LPs) over the past three years, a senior executive told Mint.

"For the longest time, LPs have invested significantly in India and taken meaningful positions. But they have always been concerned about the exit environment in India," Satish Chander, partner at True North, told Mint. "So, DPI or distributed to paid-in capital has been a very strong area of focus for us across our firm."

DPI measures the actual cash returned to investors, or LPs, relative to the capital they have contributed, making it a more...