Key Takeaways
- • Northleaf Capital Partners closed Northleaf Venture Catalyst Fund III (NVCF III) at its $370 million hard cap, its fourth Canadian venture capital fund.
- • The Government of Canada invested in NVCF III through BDC Capital, with the Fund forming part of the renewed Venture Capital Catalyst Initiative (VCCI).
- • Canada Pension Plan Investment Board (CPP Investments) is among the institutional investors that committed capital, alongside high-net-worth individuals and family offices.
- • NVCF III has made commitments to 11 venture capital funds and direct investments in three high-growth companies since its July 2023 launch.
- • Northleaf's total capital commitments raised to date exceed US$25 billion across private equity, venture capital, private credit and infrastructure.
Summary
Northleaf Capital Partners, a global private markets investment firm, announced the final close of Northleaf Venture Catalyst Fund III (NVCF III) at its $370 million hard cap, according to a Business Wire release dated June 13, 2024. The Fund is Northleaf's fourth Canadian venture capital fund and forms an integral part of the Government of Canada's renewed Venture Capital Catalyst Initiative (VCCI), which aims to increase the availability of capital for Canada's high-potential VC funds and early-stage companies.
The Fund's mandate is to generate strong returns from a diversified portfolio of Canada-based venture capital and growth funds, spanning stages and sectors, as well as direct investments in later-stage, high-growth companies. Northleaf reports that its Canada-focused program has included investments in more than 50 Canadian VC funds and more than 30 technology and health care companies. Northleaf Managing Director Lauren Harris cited past investments in Shopify, Verafin, BlueCat Networks, Chinook Therapeutics and Zymeworks.
Investors include the Government of Canada, which committed through BDC Capital, and several Canadian institutional investors, including Canada Pension Plan Investment Board (CPP Investments), as well as high-net-worth individuals and family offices. Caitlin Gubbels, Managing Director and Head of Funds at CPP Investments, described Northleaf as a key partner in Canadian private equity and venture capital for nearly 20 years. Jérôme Nycz, Executive Vice President at BDC Capital, said the commitment supports high-growth companies seeking to compete globally.
Since the Fund's launch in July 2023, Northleaf has committed capital to 11 venture capital funds, including both existing and new manager relationships, and made direct investments in three high-growth companies. Ian Carew, Managing Director and Venture Partner at Northleaf, said the firm sees the current market as an opportune time to deploy capital into new VC and growth investments. Northleaf also recently held a final close for its first direct growth equity fund, Northleaf Growth Fund, which surpassed its US$200 million target. The firm's total capital commitments to date exceed US$25 billion, according to the release.
The Fund's mandate is to generate strong returns from a diversified portfolio of Canada-based venture capital and growth funds, spanning stages and sectors, as well as direct investments in later-stage, high-growth companies. Northleaf reports that its Canada-focused program has included investments in more than 50 Canadian VC funds and more than 30 technology and health care companies. Northleaf Managing Director Lauren Harris cited past investments in Shopify, Verafin, BlueCat Networks, Chinook Therapeutics and Zymeworks.
Investors include the Government of Canada, which committed through BDC Capital, and several Canadian institutional investors, including Canada Pension Plan Investment Board (CPP Investments), as well as high-net-worth individuals and family offices. Caitlin Gubbels, Managing Director and Head of Funds at CPP Investments, described Northleaf as a key partner in Canadian private equity and venture capital for nearly 20 years. Jérôme Nycz, Executive Vice President at BDC Capital, said the commitment supports high-growth companies seeking to compete globally.
Since the Fund's launch in July 2023, Northleaf has committed capital to 11 venture capital funds, including both existing and new manager relationships, and made direct investments in three high-growth companies. Ian Carew, Managing Director and Venture Partner at Northleaf, said the firm sees the current market as an opportune time to deploy capital into new VC and growth investments. Northleaf also recently held a final close for its first direct growth equity fund, Northleaf Growth Fund, which surpassed its US$200 million target. The firm's total capital commitments to date exceed US$25 billion, according to the release.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.