Two-decade partnership now tops $3 billion in Canadian private equity exposure for the CPP fund
Canada Pension Plan Investment Board (CPP Investments) is adding $750m to its Canadian mid-market program with Northleaf Capital Partners, lifting its total commitments to the manager to more than $3bn since inception.
Under a customized mandate, Northleaf invests the capital across small and mid-market Canadian buyout funds, secondary deals, and direct co-investments in domestic private companies.
The strategy focuses on a diversified mix of primary fund commitments, secondary investments, and direct exposure to Canadian mid-market businesses.
Bruce Hogg, managing director and head of integrated strategies at CPP Investments, said the Canadian market offers “investment opportunities in homegrown businesses with patient, long‑term capital” through its partnership with Northleaf.
He said the program helps CPP Investments access Canadian private companies via external managers and expand that exposure as part of its broader global portfolio.
Since 2006, CPP Investments and Northleaf have built what they describe as one of the most active Canadian middle-market private equity programs, with investments in more than 100 Canadian buyout, venture and growth funds and exposure to approximately 900 Canadian companies.
CPP Investments has also completed a global secondary transaction with Northleaf, investing about $160m to acquire exposure to a diversified portfolio of mid-market funds and companies across Northleaf’s global private equity program, broadening its access to mid-market buyout opportunities in other regions.
Stuart Waugh, managing partner at Northleaf, said the firm has worked with CPP Investments “to build a scalable, diversified program to meet CPP Investments’ specific objectives.” He said the expansion reflects a long-standing partnership focused on the Canadian mid‑market.
