Northleaf Capital Partners launched its global private credit program with more than $1.4 billion in capital raised from a core group of Canadian pension plans. The program offers flexible debt financing solutions to privately held companies.

As part of the launch, the Canada Pension Plan Investment Board (CPPIB) announced that a Northleaf-managed investment fund has acquired a 16% equity stake in Chicago-based Antares Holdings from an affiliate of CPPIB Credit Investments.

Northleaf’s global private credit fund, Northleaf Private Credit I, held a successful first closing and will provide investors with diversified exposure to private credit investments including senior, unitranche, second lien, mezzanine and subordinated loans in North America, the UK, Western Europe and Australia with a primary focus on private equity-backed companies.

“Today’s launch represents a unique and compelling opportunity for Northleaf’s investors,” said Stuart Waugh, managing partner of Northleaf. “Our private credit strategy complements and extends the principal investment strategies in private equity and infrastructure that we have developed successfully over the past 15 years. CPPIB has been one of our largest investment partners for more than 10 years. We are very pleased that our investment in Antares alongside CPPIB Credit Investments and Antares management will further strengthen that partnership while providing Northleaf with an opportunity to create significant value for our investors.”

Northleaf’s global private credit team is led by David Ross, a private credit investor who joined Northleaf in 2016 as managing director and head of Private Credit. Ross was previously with Sankaty Advisors (now Bain Capital Credit).

Northleaf Capital Partners is an independent, employee-owned global private markets fund manager with $9 billion of private equity, infrastructure and private credit commitments under management on behalf of public, corporate and multi-employer pension plans, university endowments, financial institutions and family offices.

CPPIB Credit Investments is comprised of CPPIB’s Principal Credit Investments group and its Private Real Estate Debt group.

Canada Pension Plan Investment Board is a professional investment management organization that invests the funds not needed by the Canada Pension Plan to pay current benefits on behalf of 19 million contributors and beneficiaries.

Antares is a provider of financing solutions for middle-market, private equity-backed transactions. Antares and its affiliates have offices in Atlanta, Chicago, Los Angeles, New York, Norwalk, CT and Toronto.