Northleaf Capital Partners has raised more than $1bn (£0.79bn) at the final closing of its third credit fund, Northleaf Private Credit III (NPC III).
NPC III follows a global cross capital structure, and its strategy is to focus on mid-market private equity-backed lending and asset-based specialty finance investments, with flexibility to pursue relative value across senior and junior loans.
It has already invested more than 40 per cent of its capital into a diversified portfolio of investments with strong contractual cash yield, conservatively levered capital structures, and robust lender protections.
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“NPC III has a unique value proposition for investors with a focus on delivering strong risk-adjusted returns by investing across the capital structure in mid-market private equity-backed companies and asset-based specialty finance portfolios,” said David Ross, managing director and head of private credit at Northleaf.
“Our integrated, global private markets platform and longstanding private equity sponsor relationships provide informational advantages and differentiated access for our investors.”
The money was raised in capital commitments for the fund and separately managed accounts that invest alongside the fund. The closing also included a rated note that was structured to meet the needs of insurance companies investing in the fund.
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“This closing marks another significant milestone for our global private credit strategy, and we appreciate and value the support from both new and existing investors,” added Stuart Waugh, managing partner of Northleaf.
“We expect our investors to continue to benefit from the flexible, global strategy, differentiated deal sourcing, active portfolio construction and effective risk management that underpins our private credit program.”
To date, Northleaf has raised more than $6.5bn in capital commitments.
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