Northleaf invests $200m in network access provider Tillman FiberCo

• Founded in 2021, Tillman FiberCo is part of the Tillman Global Holdings portfolio, a holding company founded by Sanjiv Ahuja
• The investment will enable Tillman FiberCo to accelerate its open-access network
• Northleaf is a private markets investment firm with more than $23 billion in private equity, private credit and infrastructure commitments raised to date

Northleaf Capital Partners has made an initial investment of $200 million in Tillman FiberCo, a New York-based developer and owner of symmetrical gigabit broadband.

The potential exists for Northleaf to increase the investment up to $300 million more as the company scales its operations.

Founded in 2021, Tillman FiberCo designs, builds, and owns high-speed internet infrastructure and aims to become a market leader in providing network access on a wholesale basis to enterprises and wholesale customers across all industries. It is part of the Tillman Global Holdings portfolio, a holding company founded by Sanjiv Ahuja.

The investment will enable Tillman FiberCo to accelerate its open-access network with future-forward technologies, systems and a next-generation network architecture that will deliver essential internet access to both residential and business customers.

“We’re delighted to partner with Tillman Global Holdings and the Tillman FiberCo management team, both of which have deep industry relationships and decades of operational expertise,” said Chris Rigobon, managing director at Northleaf, in a statement. “Tillman FiberCo’s wholesale business model, which is supported by a large anchor customer order, ensures the long-term revenue stability that our investors look for in our infrastructure portfolio. This investment is an excellent fit with Northleaf’s communications infrastructure strategy, providing our investors with exposure to an attractive sector while mitigating downside risk.”

Based in Toronto, Northleaf is a private markets investment firm with more than $23 billion in private equity, private credit and infrastructure commitments raised to date.

TD Securities served as financial advisor and Kirkland & Ellis served as legal counsel to Northleaf. TAP Advisors served as financial advisor and Sullivan & Cromwell acted as legal counsel to Tillman FiberCo.