Toronto-based Northleaf Capital Partners has raised $670 million for its debut private credit fund. The limited partners of Northleaf Private Credit I include institutional investors. The fund will focus on private credit investments in North America and Europe, with an emphasis on private equity-backed companies.
TORONTO (December 7, 2017) – Northleaf Capital Partners (Northleaf) is pleased to announce the final closing of its global private credit fund, Northleaf Private Credit I (NPC I), with more than US$670 million in commitments from institutional investors. Including recent closings of its private equity and infrastructure funds, Northleaf now manages more than US$10 billion in commitments across its global private markets investment platform.
NPC I provides investors with diversified exposure to private credit investments in North America and Europe, with a primary focus on lending to private equity-backed companies. The fund’s flexible investment strategy enables it to invest across the capital structure, including senior, unitranche, second lien, mezzanine and subordinated loans. Northleaf’s private credit investment team has invested more than 30% of NPC I’s capital during its first year in ten loans to private equity-backed mid-market companies (six in North America and four in Europe).
“We are very pleased with the strong support we have received for our global private credit program from both new and existing investors,” said Stuart Waugh, Managing Partner of Northleaf. “As a $10 billion global mid-market investor with well-established private equity and infrastructure investment strategies, the insights, information flows and longstanding relationships across Northleaf’s broader platform enable us to offer a differentiated approach to private credit investing. This distinctive value proposition has resonated with investors.”
Northleaf also recently expanded its private credit investment team with the addition of two senior professionals in its Chicago office. Northleaf welcomed Robert Weiss as Managing Director, Senior Credit Officer, and Michael Morris as Director. Prior to joining Northleaf, Robert had recently retired from Bain Capital Credit where he had previously been Managing Director and Head of the Chicago Office. Prior to joining Northleaf, Michael was a Principal at H.I.G. Capital. Previously, Michael worked in Investment Banking at Moelis & Company and at Macquarie Capital in the Restructuring and Special Situations Group.
“We are delighted to welcome Rob and Mike to the Northleaf team. Their experience is highly complementary to that of our current team in Toronto, Chicago and London,” said David Ross, Managing Director and Head of Private Credit at Northleaf. “Rob and Mike will play key roles in the continued growth of our global private credit investment program, focused on offering attractive financing solutions to private equity firms and companies in the middle market.”
NPC I’s successful final closing builds on a strong year of continued growth across Northleaf’s global private markets platform. Earlier this year, Northleaf opened an office in Montreal, formalized a representative office in Melbourne and expanded its team to more than 100 professionals around the world. With recent successful fundraising across its three core strategies, Northleaf now manages more than US$10 billion in private markets commitments and serves more than 75 institutional investors. Northleaf is currently raising capital for the next generation of its global private equity funds.
About Northleaf Capital Partners
Northleaf Capital Partners is an independent global private markets fund manager with more than US$10 billion in private equity, infrastructure and private credit commitments under management on behalf of public, corporate and multi-employer pension plans, endowments, foundations, financial institutions and family offices.
Northleaf’s team, located in Toronto, Montreal, London, Chicago and Menlo Park, and a representative office in Melbourne, is focused exclusively on sourcing, evaluating and managing private markets investments globally. Northleaf’s global portfolio includes more than 250 active investments in 14 countries. Northleaf currently manages seven global private equity funds, two specialist global private equity secondary funds, two direct OECD-focused infrastructure funds, a global private credit fund and a series of customized investment mandates tailored to meet the specific needs of institutional investors and family offices. For more information on Northleaf, please visit www.northleafcapital.com.