Secondary Investments

$4.0B+

Committed to Secondaries

135+

Completed Since Inception

2003

First Secondary Investment

20+ Years of Secondaries Investing

Over the past two decades, the secondary investment thesis has evolved from a purely opportunistic strategy – bringing liquidity to fund investors seeking to exit illiquid commitments – to a more constructive strategy, in which both general partners and limited partners can leverage secondaries to better manage their portfolios and generate strong returns.

Northleaf's secondaries investment strategy seeks to provide investors with attractive risk-adjusted returns by gaining access to high-quality assets, often at a discount to intrinsic value.

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Investment Approach

We construct differentiated private equity secondaries portfolios with a focus on:

  • Partnering with leading mid-market general partners

  • Acquiring high-quality, mature assets with embedded value and a clear path to exit

  • Leveraging our team’s expertise across the range of secondary investment types

LP-Led Secondaries

Investments in which existing limited partners in a private equity fund sell their fund interests to secondary investors  


GP-Led Secondaries

Investments organized by general partners to sell specific assets from a fund into new entities backed by secondary investors  

Secondaries provide investors with the potential to: 

Accelerate the pace of investment and return of capital 


Immediately diversify portfolios


Mitigate the “j-curve”


Enhance returns through re-pricing existing portfolio company investments


Deepen access and informational advantages when coupled with a primary fund investment strategy and co-investments

Our team focuses on negotiated acquisitions of mature fund and portfolio company interests. We look to work with existing investors seeking liquidity and GPs seeking capital for existing investments, in transactions where Northleaf has a competitive angle. 

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Representative Investments

News & Insights

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PRIVATE EQUITY INTERNATIONAL
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CANADIAN FAMILY OFFICES

Northleaf's Matthew Sparks spoke with Canadian Family Offices to discuss the growing interest in secondaries and how they can generate faster returns. 

In the Media
WSJ PRO

Northleaf's Matt Shafer was recently featured in WSJ Pro Private Equity's Special Report on the Secondary Market.

In the Media

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