Private Equity Investments

Two-asset continuation vehicle comprising high-quality platforms with recurring revenues, strong margins, high cash conversion, and leading positions in their respective marketsInvestment Date: 2025Geography: EuropeNorthleaf Angle: Northleaf leveraged its long-standing relationship with the general partner, having invested across six funds through primary and secondary transactions. As an existing investor, Northleaf closely tracked the continuation vehicle assets over time, which supported its underwriting of the investment.

24 fund interests (180 underlying companies)Investment Date: 2025Geography: EuropeNorthleaf Angle: Northleaf had strong information access and coverage across the portfolio and, as an existing secondary buyer with the seller, was well positioned as an efficient counterparty.

Arlington CapitalFocus: Regulated industriesDescription: Arlington Capital focuses exclusively on mid-market government-regulated and adjacent businesses. Arlington Capital has developed deep domain expertise and a differentiated network in the aerospace & defence, health care, software, and government services sectorsRelationship Since: 2016

NorvestorFocus: Nordic regionalDescription: Norvestor is a Nordic mid-market private equity manager focused on control buyout investments in the business services, technology-enabled services, consumer services and industrial solutions and services sectorsRelationship Since: 2012

Seven fund interests (53 underlying companies)Investment Date: 2025Geography: North AmericaNorthleaf Angle: Northleaf was an existing investor with two of the fund managers and had a prior relationship with all six, providing a differentiated angle and access.

Three fund interests (19 underlying companies)Investment Date: 2025Geography: North AmericaNorthleaf Angle: Northleaf had a strong due diligence angle through a longstanding relationship with the general partner and was an existing investor in all three funds as well as a co-investor in 7 of the 19 underlying companies.

Multi-asset continuation vehicle comprising four companies, each holding a leading or strong position within its respective marketInvestment Date: 2025Geography: EuropeNorthleaf Angle: Northleaf has maintained a core relationship with the general partner since 2010, providing access to a small, exclusive syndication process. Northleaf is already an investor in all four assets.

Nine fund interests (124 underlying companies)Investment Date: 2025Geography: North AmericaNorthleaf Angle: Northleaf had existing exposure to 5 out of 6 fund managers through its primary or secondary investments.

Single LP stake in an existing a multi-asset continuation vehicleInvestment Date: 2025Geography: EuropeNorthleaf Angle: Northleaf was an existing investor in the continuation vehicle and a long-term primary backer of the general partner.

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