Northleaf announces final close of inaugural asset-based specialty finance fund (opens in a new tab)
Northleaf closed its first dedicated asset-based specialty finance fund at roughly US$450 million.
Private Equity · Private Credit
Toronto-headquartered global private markets manager focused on mid-market private equity, private credit and infrastructure.
Northleaf is a global private markets firm investing in mid-market companies and assets through private equity (primaries, secondaries, co-investments, venture and growth), private credit and infrastructure. It traces its roots to TD Capital, TD Bank's private equity arm, and became independent through a 2009 spin-out from TD. Since 2020, Mackenzie Investments and Great-West Lifeco have held a non-controlling minority voting stake, with the firm remaining operationally independent.
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Global mid-market private equity program spanning secondaries, primary fund commitments, direct co-investments, and venture and growth.
Corporate direct lending to mid-market companies; the private credit program launched in 2016.
Credit strategy investing in specialized collateral such as entertainment royalties, legal assets, healthcare receivables and factoring; raised its first dedicated fund in 2026.
Essential mid-market infrastructure assets, funded through the Northleaf Infrastructure Capital Partners fund series; program launched in 2010.
Separately managed mandates for large institutions, such as the long-running Canadian mid-market program run for CPP Investments since 2006.
| Toronto | ON | headquarters |
| Montreal | QC | office |
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Reasons that work in interviews
4 reasons for Northleaf Capital Partners
Private equity, private credit and infrastructure all in one Canadian firm, which almost no peer offers: you can see three private asset classes from one seat.
Secondaries and co-investment capability alongside primary fund commitments means you learn how the fund market itself works, not just how companies are valued.
Mid-market focus globally, so the underlying assets are businesses you can actually understand.
Independent and employee-owned, which shows up in how decisions get made.
Coming soon
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How juniors get in
Hires onto the Toronto investment team from investment banking, consulting or other investing roles, at Analyst through Director level; no student or new-graduate investment roles are posted.
Green: evidence it does. Struck through: evidence it doesn’t. Dashed: no public evidence either way.
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Berry Palmer & Lyle (BPL)
Specialty insurance broker for credit and political risk cover; co-investment alongside Preservation Capital Partners.
Direct Co-InvestmentSince 2025
Mopec
Supplier of products and solutions for the pathology market; co-investment alongside Waud Capital Partners.
Direct Co-InvestmentSince 2025
Shared Tower
Communications tower infrastructure platform in North America.
Communications InfrastructureSince 2025
WASH Multifamily Holdings Inc.
Contracted laundry services infrastructure for multifamily properties.
Other Contracted AssetsSince 2025
Active Day
Adult day health and home care provider for seniors and adults with developmental disabilities.
Structured CapitalSince 2024
CCM Hockey
Hockey equipment brand; co-investment alongside Altor Equity Partners.
Direct Co-InvestmentSince 2024
Chosen Foods
Maker of avocado-based foods such as oils, cooking sprays and mayonnaise.
Direct Co-InvestmentSince 2024
Combined Cargo Terminals
Cargo terminal operator in Europe.
Transportation & Other Contracted AssetsSince 2024
Evergent
Revenue management software and services for media and content providers.
Structured CapitalSince 2024
PHM Group
Residential property maintenance provider based in Finland with operations in Sweden.
Direct Co-InvestmentSince 2024
Flipp
Digital retail flyer and shopping technology company.
Venture / GrowthSince 2023
Provident Energy Management Inc.
Sub-metering and building automation services provider.
Energy Transition & Renewable EnergySince 2023
Tillman Fiber
Wholesale fiber-to-the-premise network provider.
Communications InfrastructureSince 2023
Fortysouth
Largest independent mobile tower platform in New Zealand.
Communications InfrastructureSince 2022
Thames Clippers
River bus service operating multiple stops on the Thames in London.
TransportationSince 2022
AMAROK
Perimeter security infrastructure provider for US commercial and industrial sites.
Security InfrastructureSince 2021
Quickline Communications
Ultrafast broadband provider in the UK.
Communications InfrastructureSince 2021
Bolthouse Farms
Producer of carrots and refrigerated premium beverages.
ConsumerSince 2019
Canadian Breaks
210 MW wind farm in northwest Texas.
Energy Transition & Renewable EnergySince 2019
CSV
Developer, owner and operator of contracted energy assets.
Energy Transition & Renewable EnergyCalgary, ABSince 2019
Douglas Terminals
Liquid bulk storage terminal in the Port of Ghent, Belgium.
Energy Transition & Renewable EnergySince 2019
Material Sciences Corporation
Metal solutions provider for acoustic, light-weighting and coil-coated applications.
MaterialsSince 2019
Odfjell Terminals
Bulk liquid storage terminals in Texas and South Carolina.
Energy Transition & Renewable EnergySince 2019
Rimkus Consulting Group Inc.
Forensic engineering and consulting services firm.
IndustrialsSince 2019
Chief Financial Officer & Head of Corporate Development
Executive Committee
CFO and Head of Corporate Development from October 1, 2026, leading finance, capital markets, corporate development and strategic distribution. Joined Northleaf's private equity team in 2014 and previously headed Strategic Distribution & Marketing; earlier an Engagement Manager at McKinsey & Company.
Chief Operating Officer
Executive Committee
Chief Operating Officer and Executive Committee member since August 31, 2026, leading firm-wide operations including investor operations, technology and data, risk and business transformation. Joined from Ontario Teachers' Pension Plan, where she was Senior Managing Director, Product and Delivery, after senior roles at BMO and RBC Wealth Management.
Managing Director & Head of Private Equity
Private Equity
Leads Northleaf's global private equity program across secondaries, directs and primaries and sits on the Executive Committee. He joined TD Capital in 2001 after working at Harrowston Inc. and Royal Bank Capital Partners.
Managing Director & Head of Private Credit
Private Credit
London-based head of Northleaf's private credit program and Executive Committee member since joining in 2016. He previously spent more than a decade at Bain Capital Credit, including as Global Head of Sourcing, after starting in investment banking at Credit Suisse First Boston.
Managing Director & Co-Head of Infrastructure
Infrastructure
Co-head of Northleaf's infrastructure program and Executive Committee member, covering origination, execution and investor relations, and a member of the Infrastructure Investment Committee. Joined in 2010 from Macquarie Group, after earlier roles in London with Scotia Capital and Morgan Stanley.
Managing Director & Co-Head of Infrastructure
Infrastructure
Co-head of Northleaf's infrastructure program and Executive Committee member who also leads infrastructure investing in North America. Previously at ONCAP, Onex's mid-market private equity platform, and before that at Macquarie Group.
Managing Partner
Executive Committee
Toronto-based Managing Partner who chairs Northleaf's investment committees and directs the firm's private markets strategies. He joined predecessor TD Capital in 2002 after roles at McKinsey & Company and BPI Financial, and began his career as a corporate and securities lawyer at McCarthy Tetrault.
Professional information only, drawn from official biographies and published reporting. BSO never lists private contact details.
Oct 1, 2026
Nadim VasanjiPromotion
Chief Financial Officer & Head of Corporate Development
Northleaf Capital Partners → Northleaf Capital Partners
Appointed CFO and Head of Corporate Development, leading finance and capital markets teams.
Oct 1, 2026
Jeff LucassenAppointment
Vice Chair, Finance & Operations
— → Northleaf Capital Partners
Long-time CFO/COO (joined 2017) moved into a newly created Vice Chair role to support the leadership transition.
Aug 31, 2026
Michelle JoliatHire
Chief Operating Officer & Executive Committee Member
Ontario Teachers' Pension Plan → Northleaf Capital Partners
Named COO with responsibility for operations, technology, data and AI as part of an executive leadership reshuffle.
Jan 5, 2026
Kristin ShearerPromotion
Managing Director, Private Equity (Secondaries)
— → Northleaf Capital Partners
One of three new Managing Directors in Northleaf's annual promotions, alongside Kathleen Ffrench (Business Development, Montreal) and Griffin LeFrancois (Private Credit, Chicago).
Aug 18, 2026
Northleaf Asset-Based Specialty Finance (NASF)
Fund manager / sponsor · Private credit
Buyer Institutional, wealth and insurance investors
Final close of Northleaf's first dedicated asset-based specialty finance fund at about US$450 million including co-investment vehicles.
Feb 5, 2026
Vault Digital Infrastructure
Seller · Data centers
Buyer Igneo Infrastructure Partners · Seller CVC DIF, Northleaf Capital Partners, Landmark Dividend
Sale of a seven-site, 75 MW U.S. data center platform built since 2018; Northleaf held a 49% stake.
Jan 15, 2026
Northleaf Canadian Mid-Market Program (CPP Investments mandate)
Manager of custom mandate · Private equity
Buyer CPP Investments
CPP Investments added C$750 million to its custom Canadian mid-market mandate with Northleaf, taking cumulative commitments since 2006 above C$3 billion.
May 13, 2025
Northleaf Infrastructure Capital Partners IV
Fund manager / sponsor · Infrastructure
Buyer 70+ institutional investors
Final close at the US$2.6 billion hard cap, above a US$2.25 billion target, making it Northleaf's largest infrastructure fund.
Mar 12, 2025
Shared Tower Inc.
Acquirer · Telecommunications infrastructure
Buyer Northleaf Capital Partners · Seller 3i Group
Northleaf acquired 3i's stake in Shared Tower, a Canadian developer of carrier-neutral telecom towers and fibre.
Northleaf closed its first dedicated asset-based specialty finance fund at roughly US$450 million.
Northleaf named a new COO and CFO and created a Vice Chair, Finance & Operations role.
The two firms launched a platform to support Canadian emerging venture managers and early-stage founders.
Northleaf and CVC DIF sold their seven-site U.S. data center platform to Igneo Infrastructure Partners.
The Globe and Mail reported CPP Investments renewing its long-running Canadian mid-market partnership with Northleaf with a fresh C$750 million.
Largest infrastructure fund in Northleaf's history.
Northleaf opened in Seoul, its tenth office.
Mackenzie Investments and Great-West Lifeco acquired a 49.9% non-controlling voting interest and 70% economic interest in Northleaf via a vehicle split 80/20.
Northleaf completed its spin-out from TD Bank and opened a Menlo Park office.
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Northleaf Capital Partners · Aug 18, 2026 · northleafcapital.com
Northleaf Capital Partners · Aug 12, 2026 · northleafcapital.com
Northleaf Capital Partners · May 7, 2026 · northleafcapital.com
Northleaf Capital Partners · Feb 5, 2026 · northleafcapital.com
Northleaf Capital Partners · Jan 15, 2026 · northleafcapital.com
Northleaf Capital Partners · Jan 5, 2026 · northleafcapital.com
Northleaf Capital Partners · May 13, 2025 · northleafcapital.com
Northleaf Capital Partners · Date unavailable · northleafcapital.com
Northleaf Capital Partners · Date unavailable · northleafcapital.com
Northleaf Capital Partners · Date unavailable · northleafcapital.com
Northleaf Capital Partners · Date unavailable · northleafcapital.com
Northleaf Capital Partners · Date unavailable · northleafcapital.com
Northleaf Capital Partners · Date unavailable · northleafcapital.com
Northleaf Capital Partners · Date unavailable · northleafcapital.com
Northleaf Capital Partners · Date unavailable · northleafcapital.com
Northleaf Capital Partners · Date unavailable · northleafcapital.com
Northleaf Capital Partners · Date unavailable · northleafcapital.com
Northleaf Capital Partners · Date unavailable · northleafcapital.com
Northleaf Capital Partners · Date unavailable · northleafcapital.com
Northleaf Capital Partners (BambooHR) · Date unavailable · northleafcapitalpartners.bamboohr.com
Northleaf Capital Partners · Date unavailable · northleafcapital.com
Northleaf Capital Partners · Date unavailable · northleafcapital.com
Northleaf Capital Partners · Date unavailable · northleafcapital.com
Northleaf Capital Partners · Date unavailable · northleafcapital.com
The Globe and Mail (via Northleaf In the Media) · Jan 15, 2026 · northleafcapital.com
PE Hub · Mar 12, 2025 · pehub.com
Investment Executive · Sep 17, 2020 · investmentexecutive.com
Bay Street Oracle · Oct 8, 2026 · intelligence.baystreetoracle.ca
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Large-cap platforms and global multi-strategy funds
Upper mid-market PE, infrastructure, the Maple 8 and large managers
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Small-cap private equity, boutique managers and early-stage VC
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