Northleaf Capital Partners has closed Northleaf Venture Catalyst Fund II, a fund of funds earmarked for investments in Canadian venture capital funds and technology companies, raising C$300 million. NVCF II, backed by Ottawa’s Venture Capital Catalyst Initiative, closed at its hard cap with the help of institutional, high-net-worth and family office investors. They included BDC Capital, Canada Pension Plan Investment Board, Sun Life and TD Bank Group, which joined the fund’s initial close in December. New money came from Manulife, BMO Capital Partners, clients of BMO Private Bank Asia and others. NVCF II has so far made commitments to Inovia Capital, StandUp Ventures and Versant Ventures. Toronto-based Northleaf is a global private equity, private credit and infrastructure manager.
TORONTO (June 4, 2019) – Northleaf Capital Partners (Northleaf), a leading global private markets investment firm, is pleased to announce that Northleaf Venture Catalyst Fund II (“NVCF II” or the “Fund”) recently held its final closing at its hard cap of $300 million. NVCF II is Northleaf’s third Canadian venture capital fund and forms part of the Government of Canada’s Venture Capital Catalyst Initiative. In addition to initial capital commitments received in December 2018 from BDC Capital, the investment arm of the Business Development Bank of Canada (BDC), Canada Pension Plan Investment Board (CPPIB), Sun Life and TD Bank Group, NVCF II received new commitments from Manulife, BMO Capital Partners, clients of BMO Private Bank Asia and other high net worth and family office investors.
“We are thrilled that our government’s Venture Capital Catalyst Initiative is being recognized not only by Canadian investors, but by international investors as well,” said Minister Mary Ng. “We congratulate Northleaf on achieving its $300 million hard cap and welcome the opportunity to continue to work with them to strengthen and broaden the Canadian venture capital ecosystem. The Fund will provide innovative Canadian companies with access to late-stage capital ensuring they can compete globally, creating jobs and opportunities across the knowledge economy.”
“We are grateful for the strong support from both new and existing investors and the confidence they have placed in our team and investment program,” said Ian Carew, Director at Northleaf. “We look forward to continuing our proven strategy and long-standing track record of investing in the Canadian venture capital ecosystem, building upon the success of our two prior Canada-focused venture capital funds over the past decade.”
Launched in December 2018, NVCF II has begun to construct an attractive and well-diversified portfolio of investments, having committed to three venture capital fund managers, iNovia Capital, StandUp Ventures and Versant Ventures, to date. Northleaf’s investment team continues to proactively source additional promising opportunities for the Fund.
“NVCF II’s primary objective is to generate attractive, long-term returns for its investors and by doing so, clearly demonstrate the significant earnings potential available to investors in Canadian venture capital and growth equity funds and companies,” explained Lauren Harris, Director at Northleaf. “We are excited to continue to support the development and evolution of the Canadian venture capital ecosystem, including our ongoing commitment to the promotion of gender balance, diversity and inclusion in Canada’s venture capital community.”
NVCF II will benefit from Northleaf’s experienced venture capital and private equity investment team and successful long-term track record, as well as from the synergies, deal flow and investment insights produced by the firm’s US$12 billion global private markets platform.
About Northleaf Capital Partners
Northleaf Capital Partners is an independent global private markets fund manager with more than US$12 billion in venture capital, private equity, private credit and infrastructure commitments under management on behalf of public, corporate and multi-employer pension plans, endowments, foundations, financial institutions and family offices.
Northleaf’s 130-person team, located in Toronto, Montreal, London, New York, Chicago, Menlo Park and Melbourne, is focused exclusively on sourcing, evaluating and managing private markets investments globally. Northleaf’s portfolio includes more than 350 active investments in 34 countries, with a focus on mid-market companies and assets. Northleaf currently manages seven global private equity funds, two specialist global private equity secondaries funds, three Canadian venture capital funds, three global private credit funds, three direct OECD-focused infrastructure funds 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.