(updated with correction)
Alternative investments firm Northleaf Capital Partners acquired a 16% stake in middle-market credit firm Antares Holdings from the credit unit of Canada Pension Plan Investment Board, confirmed Stuart Waugh, managing partner of Northleaf.
CPPIB, which manages the assets of the C$300.5 billion ($221.9 billion) Canada Pension Plan, Ottawa, will retain the remaining interest in Antares. Terms of the deal are not being disclosed.
Antares is the private equity financing arm of GE Capital that CPPIB bought last year. Antares has facilitated more than $120 billion in financings over the past five years.
Northleaf executives expect to gain access to Antares loan origination for global businesses. Northleaf will offer Antares access to Canadian money managers and institutional investors, Mr. Waugh said. The stake was acquired through the Northleaf Star Holdings fund.
CPPIB has been an investor with Northleaf for more than 10 years. The relationship dates back before Northleaf became a management-owned private equity firm in 2009, after spinning out of TD Bank Financial Group.
“For us, this was a highly strategic opportunity to invest alongside CPP and Antares” in middle-market private lending, Mr. Waugh said. “Antares is a market leader in their space. It’s a real win-win-win around the board.”
Northleaf has $9 billion in private equity, infrastructure and private credit assets under management.
