On March 3, 2025, Northleaf Capital Partners announced the final closing of Northleaf Private Credit III (NPC III), securing over US$1 billion (approximately C$1.35 billion) in capital commitments. This total includes commitments to the fund, separately managed accounts that invest alongside it, and a rated note structured to meet the investment requirements of insurance companies. NPC III is not a transaction but rather a capital raise, forming part of Northleaf’s broader private credit platform. The fund focuses on mid-market private equity-backed lending and asset-based specialty finance investments, with the flexibility to pursue relative value opportunities across senior and junior credit structures.

To date, more than 40% of the fund’s capital has been deployed across a diversified portfolio designed to generate strong contractual cash yields, maintain conservative leverage, and offer robust lender protections. One of the recent transactions supported by the fund was a senior secured loan in which Northleaf acted as co-lead arranger to finance Five Arrows’ acquisition of KEV Group, a cloud-based educational software provider. Northleaf leverages its global private markets platform and long-standing relationships with private equity sponsors to provide its investors with differentiated deal access and informational advantages.

The firm’s private credit team includes 45 professionals across offices in Toronto, New York, Chicago, and London. Northleaf’s private credit program, which now includes NPC III, has raised more than US$6.5 billion (approximately C$8.8 billion) in capital across both closed-end and evergreen structures. Davies Ward Phillips & Vineberg LLP acted as legal advisor to Northleaf Capital Partners.