Northleaf easily beats target in $255m debut secondaries fund final close


canada dollarCanadian private equity firm Northleaf Capital Partners has held a $255m final close for its debut secondaries fund.

AltAssets revealed six months ago that the firm had trumped the $200m target it set itself for the vehicle, with a final close expected in December 2013.

The latest fundraise brings Northleaf’s capital available for secondary deals to $600m across its global private equity programme.
Northleaf managing director and secondaries co-head Michael Flood said, “Secondary investing has been a return enhancing component of our global private equity program since 2003.

“Given the prospect for strong returns and early cash distributions, secondaries are an important component of a well-diversified private equity program.

“NSP will continue our established strategy of proactively targeting traditional secondary market purchases of fund interests, as well as both structured and direct secondary transactions.

“Our secondaries team is able to transact quickly, leveraging a sourcing model that draws on Northleaf’s global network of relationships with leading institutional investors, fund managers, intermediaries and other secondary buyers.”

Fellow secondaries co-head Daniel Dupont added, “With $600m available for secondary investments, we target transactions where we have a competitive advantage and are pursuing deals that generally take place outside of the competitive auctions of large portfolios.

“While our strategy remains focused primarily on smaller mid-market transactions, we also have the ability to scale up to larger transaction sizes, allowing us to evaluate a wide range of opportunities globally.”

The firm currently manages six private equity funds, a specialist private equity secondary fund, an infrastructure co-investment fund and a number of customized private equity and infrastructure investment mandates.

Last year Northleaf strengthened its secondaries team by hiring Matthieu Ducharme as vice president in its London office.

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