Northleaf easily beats target with $520m fund

The Canadian asset manager has closed its co-investment infrastructure fund on $520m, exceeding its $300m target.

Northleaf Capital Partners has closed its pooled infrastructure fund with $520 million in commitments, surpassing its $300 million target, according to a statement.

With the final close of Northleaf Infrastructure Co-Investment Partners, the Canadian asset manager now has more than $900 million in capital commitments in total, it said in the statement.

“NICP is designed to provide direct access to mature infrastructure assets in OECD countries through an innovative cost structure with enhanced portfolio construction and liquidity features – an investment strategy and approach that have resonated with investors and leading asset consultants,” said Stuart Waugh, managing partner and managing director of Northleaf.

“With a substantial program to invest, it is important for us to continue to build a proprietary pipeline of compelling, on-strategy infrastructure opportunities. We have built a highly experienced investment team that is focused on proactively sourcing, evaluating and executing direct infrastructure investments,” commented George Zakem, managing director of Northleaf and co-head of the firm’s infrastructure group.

NICP is building a portfolio of mature, yielding assets in OECD countries and has already invested approximately 15 percent of the fund’s capital in three operating assets, according to Jamie Storrow, co-head of the infrastructure group and managing director of Northleaf.

Northleaf has more than $6 billion in commitments under management in private equity and infrastructure on behalf of public, corporate and multi-employer pension plans, university endowments, foundations, financial institutions and family offices. As well as its direct infrastructure fund, it has six private equity funds, a private equity secondary fund, and a series of customised private equity and infrastructure investment mandates on behalf of institutions and family offices.

The firm has a 65-strong team located in Toronto, Menlo Park and London.