Private Equity Investments

Project Dorchester: Two-asset continuation vehicle comprising high-quality platforms with recurring revenues, strong margins, high cash conversion, and leading positions in their respective marketsInvestment Date: 2025
Geography: Europe
Northleaf 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.

Project Venzurro: 24 fund interests (180 underlying companies)Investment Date: 2025
Geography: Europe
Northleaf 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 industries
Description: 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 sectors
Relationship Since: 2016

NorvestorFocus: Nordic regional
Description: 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 sectors
Relationship Since: 2012

Project Century: Seven fund interests (53 underlying companies)Investment Date: 2025
Geography: North America
Northleaf 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.

Project Gatsby: Three fund interests (19 underlying companies)Investment Date: 2025
Geography: North America
Northleaf 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.

Project Hawk: Multi-asset continuation vehicle comprising four companies, each holding a leading or strong position within its respective marketInvestment Date: 2025
Geography: Europe
Northleaf 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.

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

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

Description: Provider of adult day health and home care services, serving seniors and adults with intellectual or developmental disabilities.