Northleaf Capital Partners closed its third private credit fund, raising over $1bn for Northleaf Private Credit III (NPC III) and related managed accounts. 

The milestone pushes Northleaf’s private credit platform past $6.5bn in total assets.

NPC III focuses on mid-market private equity-backed lending and asset-based specialty finance, targeting opportunities across the capital structure. The fund provides investors with exposure to both senior and junior private credit investments, emphasizing strong contractual cash yield, conservative leverage, and robust lender protections.

Northleaf has already deployed over 40% of the fund’s capital into a diversified portfolio. A notable recent transaction includes its co-lead role in financing Five Arrows’ acquisition of KEV Group, a cloud-based educational software provider.

With 45 private credit professionals across Chicago, London, New York, and Toronto, Northleaf continues expanding its footprint. The firm offers both closed-end and evergreen investment structures, providing investors with flexibility across different market cycles.