Northleaf Closes 3rd Private Credit Fund with More than $1B 

Northleaf Capital Partners has wrapped up its third closed-end private credit fund, Northleaf Private Credit III (NPC III), raising more than $1 billion across the fund itself and related separately managed accounts that invest alongside it.  

NPC III focuses on mid-market private equity-backed lending and asset-based specialty finance. The close also included a rated note tailored for insurance companies investing in the fund. The fund also has the flexibility to pursue relative value across senior and junior loans. 

Over 40% of the capital is already invested. Compared to NPC II, which closed at $900 million in 2021, this is a step up, building on a strategy that’s now pushed Northleaf’s private credit assets past $6.5 billion. Toronto-based Northleaf Capital Partners recently acted as co-lead arranger alongside Partners Group on a senior secured loan to back Five Arrows’, Rothschild & Co.’s alternative assets arm, acquisition of KEV Group, a cloud-based educational software company. 

“This closing marks another significant milestone for our global private credit strategy, and we appreciate and value the support from both new and existing investors,” said Stuart Waugh, managing partner of Northleaf.