History & Key Milestones

Northleaf became a management-owned firm in 2009 following the successful spin-out of TD Capital Private Equity Investors, the private equity fund, secondary and co-investment business of TD Bank Financial Group.  Northleaf expanded its private market capabilities with the launch of its direct infrastructure program in 2010 and its private credit program in 2016. 

Some of the key business milestones over our long history of private markets investing are set out below:

2017 Montreal, Quebec office opened

Northleaf’s Montreal office enhances our ability to serve our investors and their advisors in Quebec and Eastern Canada and provides the Northleaf team with a local base from which to continue our long-standing and successful investment activities. 

2017 Northleaf Private Equity Investors VII

A global private equity fund that is currently fundraising and has commenced investing, NPE VII is designed to provide investors with exposure to a diversified global portfolio of fund investments, secondary investments and direct co-investments.

2017 Northleaf Secondary Partners II

A specialist private equity secondaries fund that is currently fundraising, Northleaf Secondary Partners II (“NSP II”) is designed to take advantage of current market dynamics and deal flow to provide more focused exposure to private equity secondary transactions globally. 

2016 Northleaf Private Credit I

A global private credit fund that is currently investing, Northleaf Private Credit I is designed to provide diversified exposure to private credit investments including senior, unitranche, second lien, mezzanine and subordinated loans in North America, the UK, Western Europe and Australia, with a primary focus on private equity-backed companies.

2016 Northleaf private credit program launched

Northleaf launches its private credit program, which is focused on private credit investments globally, offering investors diversified exposure with a primary focus on senior secured loans to private equity-backed companies and offering flexible debt financing solutions to privately-held companies in the middle market.

2016 Chicago, Illinois office opened

Our Chicago office provides a local presence in a key North American centre for private markets activity.

2016 Northleaf Infrastructure Capital Partners II

An OECD focused infrastructure fund that is currently investing, Northleaf Infrastructure Capital Partners II is designed to provide direct access to mature infrastructure assets in OECD countries through an innovative cost structure with enhanced portfolio construction and liquidity features. NICP II reached its hard cap of C$950 million in January 2017.

2015 Northleaf Venture Catalyst Fund reaches $300 million hard cap

Northleaf Venture Catalyst Fund (NVCF), managed by Northleaf Capital Partners, is a joint initiative between major Canadian institutional investors and the governments of Canada and Ontario to invest primarily in Canada-based venture capital and growth equity funds and direct co-investments that support innovative, high-growth companies.  NVCF is the first Venture Capital Action Plan (VCAP) mandate to reach a final closing.

2015 Northleaf Mid-Market Infrastructure Partners (second tranche)

Northleaf Mid-Market Infrastructure Partners ("NMIP") is a C$1 billion custom infrastructure mandate focused on direct investments in small to mid-sized core and core-plus assets, predominantly in Canada and the US. The first C$400 million first tranche was launched in 2012 and the second C$600 million tranche was activated in July 2015.

2015 Northleaf awarded additional $330 million custom mandate by CPPIB

Northleaf is awarded an additional C$330 million for its longstanding Canadian fund-of-funds program with CPPIB, focused on Canadian private equity investments.  With this mandate, Northleaf now manages C$1.2 billion of capital on behalf of CPPIB. 

2014 Northleaf Secondary Partners I

A specialist private equity secondaries fund that is currently investing, Northleaf Secondary Partners I ("NSP I") is designed to capitalize on attractive opportunities in the current market, building on Northleaf’s extensive secondaries investment track record of more than ten years.

2014 Northleaf awarded Venture Capital Action Plan mandate and launches Northleaf Venture Catalyst Fund

Northleaf is selected as manager of Northleaf Venture Catalyst Fund, the first fund established by the Governments of Canada and Ontario under the Venture Capital Action Plan, and several leading private investors including Canada Pension Plan Investment Board, OpenText™ Corporation, BMO Financial Group, Canadian Imperial Bank of Commerce, National Bank of Canada, Ontario Pension Board, RBC, Scotiabank, Sunlife Financial and TD Bank Group.

2013 Northleaf Private Equity Investors VI

A global private equity fund that is currently investing, NPE VI is designed to provide investors with a focused global portfolio of fund investments, secondary investments and direct co-investments.

2012 Northleaf Infrastructure Capital Partners I

An OECD-focused infrastructure fund that is fully invested, Northleaf Infrastructure Capital Partners I ("NICP I") provides direct access to mature infrastructure assets in OECD countries through an innovative cost structure with enhanced portfolio construction and liquidity features.

2012 Northleaf Mid-Market Infrastructure Partners (first tranche)

Northleaf Mid-Market Infrastructure Partners ("NMIP") is a C$1 billion custom infrastructure mandate focused on direct investments in small to mid-sized core and core-plus assets, predominantly in Canada and the US. The first C$400 million first tranche was launched in 2012 and the second C$600 million tranche was activated in July 2015.

2010 Northleaf infrastructure program launched

Northleaf launches its infrastructure program, which is focused on direct investments in core assets in OECD countries, offering investors diversified exposure to mature, conservatively positioned infrastructure assets.

2010 Northleaf Private Equity Investors V

A global private equity fund which is fully committed and currently in the value creation phase of its investment program, NPE V is designed to provide investors with a focused global portfolio of fund investments, secondary investments and direct co-investments.

2010 CPPIB Mandate expanded and extended

CPPIB commits an additional $400 million to Northleaf as part of an expansion and extension of the customized Canadian fund of funds and co-investment program established by CPPIB and Northleaf in 2005. The program focuses on constructing a portfolio of top-tier Canadian small/mid-market buyout, venture capital and growth equity funds.

2009 TD Capital becomes Northleaf Capital Partners

Northleaf completes its collaborative spin-out from TD Bank, becoming an independent, management-owned global private markets investment firm.

2009 Menlo Park, California office opened

Headed by Melissa McJannet, our Menlo Park office provides a local presence in the world's most active venture capital and growth equity hub where we have many longstanding relationships with top-performing fund managers.

2008 Northleaf awarded OVCF mandate

Northleaf is selected to manage a C$205 million fund and co-investment program primarily focused on Ontario-based and Ontario-focused venture and growth capital investments. Lead investors include the Government of Ontario, TD Bank, OMERS Private Equity, RBC, the Business Development Bank of Canada, and Manulife Financial. For more information, visit www.ovcf.com

2008 Northleaf Private Equity Investors IV

A global private equity fund which is currently in the value creation phase of its investment program, NPE IV is designed to provide investors with a focused global portfolio of fund investments, secondary investments and direct co-investments.

2007 Northleaf Private Equity Investors III

A global private equity fund which is currently in the value creation phase of its investment program, NPE III is designed to provide investors with a focused global portfolio of fund investments, secondary investments and direct co-investments.

2006 Northleaf awarded $400 million custom mandate by CPPIB

Northleaf and CPPIB establish a C$400 million partnership focused on the Canadian small/mid-market buyout, venture and growth capital markets. This custom Northleaf mandate enables CPPIB's global private markets team to extend its reach into an attractive market segment with strong, risk-adjusted return prospects.

The partnership was extended and expanded in 2010 and again in 2015.

2006 London, UK office opened

Opened by Michael Flood and now headed by Daniel Dupont, our London office provides the Northleaf team with a local presence in Europe, a market in which we have had an active investment program for more than two decades.

2005 Northleaf Private Equity Investors II

A global private equity fund which is fully committed and is currently in the harvesting phase of its investment program, NPE II is designed to provide investors with a focused global portfolio of fund investments, secondary investments and direct co-investments.

2003 First secondary investment

Secondary investments comprise an integral part of Northleaf's private equity investment program, including single interests in private equity funds, portfolios of interests in several private equity funds and, on a more selective basis, portfolios of direct interests in private equity-backed companies.

2002 Northleaf Private Equity Investors I

A global private equity fund which is fully committed and in the final stages of the harvesting phase of its investment program, NPE I is designed to provide investors with a focused global portfolio of fund and secondary investments.

1996 First Asia fund investment

Northleaf's global investment program includes exposure to private markets investments around the world, providing diversification beyond North America and Europe. To date, we have made investments across China, India, Japan, Australia and New Zealand.

1993 First direct private equity co-investment

Direct co-investments are an integral part of Northleaf's private equity investment program, providing incremental exposure to select portfolio companies alongside our fund managers.

1987 First European buyout fund investment

As a long-term investor in the European market with a local UK presence, Northleaf has a deep knowledge of and relationships with top-tier small, mid- and large cap European fund managers and leading institutional investors.

1980 First US buyout fund investment

Northleaf's heritage in the North American buyout sector traces back to the earliest days of the industry. Northleaf has a well-established reputation as a long-term, knowledgeable and preferred investor.

1969 First venture capital fund investment

Northleaf's history of venture capital investing is one of the longest in the industry, providing us with longstanding relationships with, and access to, top-tier venture capital fund managers.

1969 Northleaf's predecessor firm, TD Capital, founded

TD Capital, Northleaf's predecessor firm, was founded as the private equity and merchant banking arm of TD Bank Financial Group.

TD Bank's proprietary fund investment program was launched in 1969.