Northleaf Capital Partners Ltd. has held an initial close for Northleaf Growth Fund.
Northleaf Capital Partners has yet to make any announcement on the new fund, its focus and fundraising target.
The General Partner for the Growth Fund will be managed and led by Michael Flood, Managing Director & Head of Private Equity, Jeffrey Pentland, Managing Director & Head of Asia-Pacific, and Stuart Waugh, Managing Director & Managing Partner.
Toronto based Northleaf Capital Partners is a global private markets investment firm with US $22 billion under management in private equity (global private equity, private equity secondaries), private credit, infrastructure, and customized investment programs.
Northleaf Growth Fund represents a brand new private equity investment program.
IGM Financial Inc. (TSX: IGM), through Mackenzie Financial Corporation, has an indirect ownership in Northleaf Capital Group Ltd. through an 80% voting and participating interest in a limited partnership (Great-West Lifeco Inc. owns the remaining 20%) that has a 70% participating interest and 49.9% voting interest in Northleaf Capital Group Ltd.
On October 28, 2020, IGM Financial and Lifeco acquired the non-controlling interest in Northleaf for cash consideration of $241 million and up to an additional $245 million in consideration at the end of five years from the acquisition date subject to the business “achieving exceptional growth in certain performance measures over the period.”
IGM Financial and Lifeco are Power Corporation of Canada (TSX: POW) companies.
photo credit: Northleaf