Secondaries Investor Northleaf Closes on $1.3 Billion

Northleaf Capital Partners has held an above target and final closing of Northleaf Secondary Partners III LP with $1.3 billion of committed capital.

Fund III was supported by both new and returning investors and is more than 60% larger than its earlier fund.

Northleaf’s secondaries fund invests in LP-led and GP-led secondary transactions alongside their mid-market sponsors.

“We are pleased by the strong support from new and existing investors, who value our consistent focus on mature, high-quality assets with strong growth potential and the opportunity for early liquidity as we seek to drive attractive near- and long-term returns,” said Shane Feeney, a managing director and global head of secondaries at Northleaf. “Northleaf is well-positioned to proactively identify, source and act on opportunities in the secondaries market today, as certain investors seek liquidity solutions and fund managers aim to retain their strongest assets through continuation vehicles.”

“We believe that the interest we have received in Northleaf’s secondaries platform reflects investors’ confidence in our consistent strategy and 20 years of experience in secondary investing,” added Mike Flood, a managing director and head of private equity at Northleaf. “Thank you to our investors for their continued support.”

With the closing of Fund III, Northleaf now has $22 billion in assets under management across private equity, private credit, and infrastructure strategies. In September 2022, Northleaf closed its first direct private equity fund with $385 million of capital commitments.

Northleaf has more than 200 professionals at its offices in Toronto, Chicago, London, Los Angeles, Melbourne, Menlo Park, Montreal, New York, and Tokyo.

© 2023 Private Equity Professional | February 21, 2023