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:
A private credit, closed-end fund that is currently investing, Northleaf Private Credit II (NPC II) is designed to provide exposure to a diversified portfolio of loans to private equity-backed and mid-market companies globally. The fund’s flexible investment strategy enables it to invest across the capital structure, from senior secured loans to junior debt and equity investments.
An OECD-focused, closed-end infrastructure fund that is currently investing, Northleaf Infrastructure Capital Partners III (NICP III) is designed to provide direct access to mature infrastructure assets in OECD countries. The fund seeks to provide investors with stable, consistent cash flow from assets that deliver essential services. NICP III raised more than US$1.4 billion of commitments, exceeding the original target of US$1.25 billion.
Northleaf has established a strategic partnership with Mackenzie Financial Corporation, an IGM Financial Inc. (IGM) subsidiary, and Great-West Lifeco Inc. (Lifeco), members of the Power Corporation of Canada group of companies. Mackenzie and Lifeco jointly acquired a strategic minority ownership position in Northleaf.
November 2019 marked the 10-year anniversary since Northleaf’s spin-out from TD Bank Group. Northleaf has continued to grow as a global firm, leveraging the proprietary insights and deal flow generated by its integrated private markets platform.
Northleaf Venture Catalyst Fund II (NVCF II) builds on Northleaf’s successful 10+ year Canadian venture capital track record. The returns-oriented program also aims to bolster Canadian venture capital ecosystem and promote diversity and inclusion.
Northleaf supports the recommendations of the Financial Stability Board’s Task Force on Climate-Related Financial Disclosures (TCFD) with respect to developing voluntary, consistent climate-related risk disclosures.
Northleaf is selected as a manager under the Government of Canada's Venture Capital Catalyst Initiative (VCCI) and launches Northleaf Venture Catalyst Fund II (NVCF II). In addition to the Government of Canada, a number of leading Canadian institutional investors who were also investors in OVCF and NVCF I participated in the Fund’s initial closing. These first close investors include Canada Pension Plan Investment Board (CPPIB), Sun Life and TD Bank Group, as well as a number of high net worth and family office investors.
Establishing the Melbourne office reflects Northleaf's ongoing commitment to private markets opportunities in Australia and New Zealand and provides a local base from which to continue our successful, long-standing investment activities in the region.
Northleaf's New York office extends its global office network in a key North American financial centre. With an initial focus on Northleaf's private equity program, the benefits of a local presence in New York extend across Northleaf's global private markets platform.
Northleaf’s Montreal office enhances its ability to serve 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.
A global private equity fund that is currently investing, Northleaf Private Equity Investors VII (NPE VII) is designed to provide investors with exposure to a diversified global portfolio of fund investments, secondary investments and direct co-investments.
A specialist private equity secondaries fund that is currently investing, 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.
A global private credit, closed-end fund that is fully invested, Northleaf Private Credit I (NPC 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.
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.
Northleaf's Chicago office provides a local presence in a key North American centre for private debt activity, enhancing our ability to provide our investors with access to highly differentiated private markets investments.
As a signatory to the Principles of Responsible Investment (PRI), Northleaf is committed to upholding the values of PRI and applying its principles across all of its investment activities firm-wide.
An OECD-focused, closed-end infrastructure fund that is fully invested, Northleaf Infrastructure Capital Partners II (NICP 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.
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.
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.
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.
A specialist private equity secondaries fund that is fully committed, 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.
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.
A global private equity fund that is fully committed, NPE VI is designed to provide investors with a focused global portfolio of fund investments, secondary investments and direct co-investments.
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.
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.
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.
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.
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.
Northleaf completes its collaborative spin-out from TD Bank, becoming an independent, management-owned global private markets investment firm.
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.
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
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.