Northleaf Capital Partners raises C$370m to fund a new FoF


  • LPs includes the Government of Canada and Canada Pension Plan Investment Board as well as HNWIs, family offices, and other LPs

  • Fundraising started in July 2023

  • A new fund will invest in Canadian venture capital funds and high-growth businesses

Northleaf Capital Partners closed its fourth venture capital fund of funds, Northleaf Venture Catalyst Fund III at its hard cap C$370 million.

Northleaf stated in a press release that the fund’s mandate was to generate strong returns through a well-diversified investment portfolio. This included investments in Canada-based growth funds and venture capital funds, across stages and sectors, as well as direct investments in high-growth innovative companies in later stages.

Limited partners include the Canadian government, which invested via BDC Capital. Other limited partners include high-net worth individuals and family offices. The fundraising process took approximately 11 months.

Fundraising Data from affiliate Purchases (registration is required) shows that Northleaf has invested through previous vehicles in more than 50 venture capital funds, including Amplitude Ventures and Golden Venture Partners.

“NVCF III is a continued continuation of Northleaf’s proven, Canada focused venture capital strategy. We are using a disciplined approach to generate top-tier returns for investors,” said managing director and venture partner Ian Carew. “This is a good time to invest in new VCs and growth investments.”

Northleaf, based in Toronto, is a global investment firm in private markets. It has raised more than $25 billion to date in private equity, venture credit, private infrastructure and private credit commitments from public, corporate, and multi-employer plans, endowments and foundations, as well as financial institutions and family office.