Northleaf secondaries fund closes on $255m

The Toronto-based private equity firm’s specialist secondaries fund has beaten its $200m fundraising target, according to managing director Jeff Pentland.

Canadian private equity firm Northleaf Capital Partners has closed its first specialist private equity secondaries fund Northleaf Secondary Partners, according to an email from managing director Jeff Pentland.

The fund raised $255 million in capital commitments, exceeding its initial target by $55 million.

Secondaries Investor reported last November that the firm had passed its target of $200 million, having raised $206 million at that time.

“The fund will continue to build on Northleaf’s existing private equity secondary program by proactively targeting traditional secondary market purchases of fund interests as well as both structured and direct secondary transactions,” wrote Northleaf managing director and co-head of secondaries Daniel Dupont at the time of the fund’s launch.

Northleaf said it was adding to its secondaries team, with Brad Blowes joining as an associate from CommonWealth, the hedge fund service provider.

Northleaf Capital Partners has more than $5 billion in commitments under management and invests in private equity funds that have limited partnership structures, according to PEI data.

Northleaf has invested $60m in XPV Capital’s Water Fund II and Georgian Partners’ Growth Fund II, and in January it announced the first close of its Venture Catalyst Fund on $217.45 million – short of its $300 million target.