Northleaf closes co-investment fund on $520m

The co-investment fund will focus on infrastructure and beat its $300 million target

Canadian investment firm Northleaf Capital Partners has closed its infrastructure co-investment fund – Northleaf Infrastructure Co-Investment Partners (NCIP) – on $520 million, beating its $300 million target. With the final close of NICP, Northleaf’s infrastructure platform now has more than $900 million in capital commitments.

Northleaf has already made three investments from the fund an Australian wind farm, a UK solar rooftop portfolio, and a UK water utility, according to a source familiar with the transactions. The fund is approximately 15 percent invested.

The fund will invest in mature, yielding core infrastructure assets in OECD countries. With the final close of NICP, Northleaf’s infrastructure platform now has more than $900 million in capital commitments.

Northleaf also closed on a secondaries fund in May. Northleaf Secondary Partners raised $225 million, beating its $200 million target, PEI reported at the time.

Northleaf spun out of TD Capital Private Equity Investors, the private equity fund of funds and co-investment arm of Canda’s TD Bank Financial Group, in 2009. The firm is in market with its Northleaf Global Private Equity Investors VI, which launched earlier this year, according to PEI’s Research and Analytics division.