Fundraising - JANUARY 24, 2017

Northleaf Capital infrastructure fund holds $950m final close

by Jody Barhanovich

Northleaf Capital Partners, an independent global private markets fund manager, has held a $950 million hard cap final close for its second OECD-focused pooled infrastructure fund, Northleaf Infrastructure Capital Partners II.

Northleaf’s $2.5 billion infrastructure program is focused on direct, long-term investments in OECD countries, providing investors with stable, consistent cash flow from assets that deliver essential services. The fund launched in late 2015 and builds on the success of its predecessor fund, employing the same investment strategy, experienced team and competitive cost structure to generate relative value.

The fund’s predecessor, Northleaf Infrastructure Capital Partners I, held a $1.5 billion final close in September 2015. The fund is fully committed to a portfolio of infrastructure assets well-diversified by geography, investment type and sector.

“Our successful track record and consistent focus on conservatively-positioned small to mid-sized infrastructure assets in developed markets clearly resonates with investors and asset consultants,” says Stuart Waugh, managing partner of Northleaf.

NICP II already has completed its first two investments: a portfolio of bulk liquid storage assets in the United Kingdom and a portfolio of wind and solar assets in the United States. More recently, NICP II committed to acquire a stake in Northwest Parkway, a highway that forms part of the ring road around Denver.

“Our established team, operating from Toronto and London, continues to successfully source, execute and manage on-strategy investments, with the goal of delivering attractive yield and long term returns to our investors,” says Jamie Storrow, managing director of Northleaf and co-head of infrastructure.

NICP II’s successful final closing builds on a very strong 2016 across Northleaf’s global private markets program. Northleaf now manages $9 billion in capital commitments on behalf of more than 70 institutional investors, and the firm’s global investment portfolios include more than 200 active investments in 14 countries.

During 2016, Northleaf opened a Chicago office to complement its existing offices in Toronto, London and Menlo Park, Calif., and expanded its team to 85 professionals. In November 2016, Northleaf announced the launch of its global private credit strategy, with more than $1.4 billion in capital raised to date.

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