Skip to main content

Year Founded: 2009

AUM: $20.00B | Dry Powder: NA
79 Wellington Street West, Toronto, Ontario M5K 1N9, Canada
Northleaf is an independent global private equity and infrastructure manager and advisor, with commitments under management on behalf of the public, corporate, and multi-employer pension plans, university endowments, foundations, financial institutions, and family offices

Key Contacts

  • Jeff Lucassen
    Chief Financial Officer & Chief Operating Officer
  • James Fung
    Chief Technology Officer
  • Stuart Waugh
    Managing Director and Managing Partner

Investment Preferences

  • Preferred Industries
    N/A
  • Geographical Preference
    Asia, Australia, Canada, Europe, Oceania, US
  • Preferred Deal Types
    Buyout, Direct Lending, Fund of Funds, Growth/Expansion
  • Other Investment Preferences
    • Open to buying fund stakes (secondary market)
    • Seeks ESG investments

Investments By Year

Source: Pitchbook

Funds Closed

Infrastructure Capital Partners III
Vintage: 2019

Size:  $1.4B

Dry Powder: $692.9M

Details: The fund targets investments in energy service sector. Asset preference is power, renewable energy, waste management etc.

Venture Catalyst Fund II
Vintage: 2018

Size:  $222.8M

Dry Powder: $94.9M

Details: The fund targets information technology, oil and gas sectors

Secondary Partners II
Vintage: 2017

Size:  $801.0M

Dry Powder: NA

Details: It is a 2017 vintage secondaries fund that invests in energy sector

Investments By Industry

Investments By Region

Source: Pitchbook

Key Investments

In October 2022, Infrastructure funds managed by Northleaf have established Madison Street Renewables, a new platform to acquire lease income streams generated by renewable power projects across the US. Madison Street Renewables plans to invest $150 million in equity investments through 2025

In January 2020, Northleaf Capital Partners raised €65 million of debt from Credit Agricole CIB and ING to support its acquisition of a 90% stake in Belgium petroleum storage asset Douglas Terminals. The financial details of the acquisition was not disclosed

In July 2019, Northleaf Capital Partners acquired 100% of CSV Midstream including the 100 MMcf/day Resthaven gas processing facility and the 60 MMcf/day Pipestone South compressor station

In June 2019, Northleaf Capital Partners acquired 49% equity interest in Odfjell Holdings (US) Inc. Odfjell Holdings US is a portfolio of bulk liquid storage terminals. The remaining 51% is held by Odfjell SE, a global player for seaborne transportation and storage of chemicals and other speciality bulk liquid

In March 2019, Northleaf Capital Partners’s acquired 100% of Project Mula From Cobra Group. Project Mula is a 493.655MWp PV plant located in the region of Mula, Murcia (Spain). Clifford Chance was the advisor to Cobra Group on the sale of Project Mula

In November 2018, Palisade Investment Partners and Northleaf Capital Partners closed their A$140 million refinancing of the 131MW Waterloo wind farm, located in South Australia. Palisade manages 74% of the project with the remaining 26% managed by Northleaf Capital Partners

In June 2018, Northleaf acquired 40% equity stake in Lal Lal Wind Farms, two wind generation projects in Australia, from Macquarie Capital. The financial terms were not disclosed. The wind farm was scheduled to be operational by second half of 2019. Northleaf also opened an office in Melbourne, Australia

In December 2016, Northleaf Capital Partners acquired a 33.3% equity interest in Northwest Parkway, a toll-road located in the Denver metropolitan area of Colorado, US. Northleaf is part of a consortium alongside DIF Infrastructure IV and HICL Infrastructure Company Limited which conditionally acquired 100% equity interest in Northwest Parkway from Brisa

In July 2016, US-based renewable energy developer Apex Clean Energy divested a majority of its ownership stake in a 217MW renewable energy portfolio to Northleaf Capital Partners. The portfolio includes the 50.4MW Cotton Plains wind plant, the 151.2MW Old Settler facility in Texas, and the 15MWac Phantom Solar facility at in Killeen, Texas

Other Details

Northleaf is dedicated to generate attractive, long-term investment returns. Northleaf has US$22 billion of private equity, private credit and infrastructure commitments under management. The company’s team comprises more than 200 professionals across offices in Toronto, Chicago, London, Los Angeles, Menlo Park, Melbourne, Montreal, New York and Tokyo. Its clients include corporate, public and multi-employer employee pension and benefit plans, endowments, foundations, government agencies, financial institutions, family offices and high net worth individuals

One of the Evergreen fund managed by Northleaf is Northleaf Essential Infrastructure Fund. The fund’s current size is $800 million. It is an infrastructure debt fund. It targets mid-market infrastructure investments with stable, long-term cash flows and lower risk profiles

3i Group, 3K Limited Partnership, Abingworth Management, Advanced Equities, AGL New Energy Investments, AlpInvest Partners, Amazon Alexa Fund, AMP Capital Investors, Audax Group, Avalon Ventures, BCE Capital, BDC Capital, Blue Cloud Ventures Bristol Investment Group, C9 Partners are some of the institutional investors who invest along with Northleaf

Source: Company Website, NS Energy, Global Legal Chronicle, The PE Hub Network, Power Technology, Infrappp, inEnergy, SprakSpread