Northleaf Capital Partners has raised $2.6bn (€2.32bn) for its latest infrastructure fund, which targets mid-market investments, with a primary focus on North America.
The manager said the amount raised for Northleaf Infrastructure Capital Partners IV (NICP IV) at its close exceeded the fund’s $2.25bn fundraising target, to reach its hard cap.
As previously reported, New York State Common Retirement Fund committed $200m to the fund, and Teachers’ Retirement System of Louisiana also invested $50m.
Stuart Waugh, managing partner at Northleaf, said: “We are proud to have reached our hard cap for NICP IV. This milestone highlights the depth of support from both existing and new investors, and underscores the strong, consistent performance of our infrastructure programme.
“This achievement builds on the track record of our predecessor funds and reinforces our conviction in the mid-market as a compelling segment of the private markets landscape.”
Jessica Kennedy, managing director at Northleaf, said NICP IV which started investing in 2023, has already completed five investments, including Shared Tower and Provident Energy Management.
“Our early portfolio activity reflects our differentiated sourcing model—leveraging long-standing relationships to access proprietary, off-market opportunities— and our proven ability to drive value creation from the very beginning of the asset lifecycle.”
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