Northleaf Capital Advisors Ltd.
SEC-registered
Private Fund Manager · Small ($100M–$1B)
CRD 145014
· SEC file 801-68391
· Toronto, Ontario
· WWW.NORTHLEAFCAPITAL.COM
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ADV data as of Jul 31, 2026
- Regulatory AUM
- $585M
- Discretionary
- $585M
- Clients
- 4
- Avg AUM / client
- $146M
- Accounts
- 4
- Employees
- 156
AUM over time
$30.4M
$670M
Sep 2011
Jul 2026
Annual snapshots from Form ADV filings · as of Jul 31, 2026
Who they serve
| Client type | Clients | AUM | % of AUM |
|---|---|---|---|
| Pooled investment vehicles (non-investment companies) | 3 | $563M | 96.2% |
| Other | 1 | $22.1M | 3.77% |
Private funds (3)
Reported in Form ADV Section 7.B.(1), filing of Dec 2024 · $540M combined gross assets
| Fund | Type | Domicile | Gross assets | Owners |
|---|---|---|---|---|
| Northleaf Infrastructure Capital Partners (Us) Iii Lp | Other Private Fund | Canada | $450M | 11 |
| Northleaf Capital Opportunities (Us) Lp | Private Equity Fund | Canada | $85.5M | 1 |
| Northleaf Global Private Equity Investors (International) Iii Lp | Private Equity Fund | Cayman Islands | $5.2M | 2 |
People (10)
| Name | Role / title | Credentials | With firm since | Ownership |
|---|---|---|---|---|
| Flood, Michael, William | Managing Director/Director | Aug 2007 (19y) | Less than 5% | |
| Gurney, Katherine, Mary | General Counsel, Chief Compliance Officer & Secretary | Dec 2008 (18y) | Less than 5% | |
| Pentland, Jeffrey, Edward George | Managing Director/Director | Dec 2008 (18y) | Less than 5% | |
| Waugh, Stuart, Douglas | Managing Director And Managing Partner/Director | Nov 2009 (17y) | Less than 5% | |
| Desmarais, Andre, Roger | Trustee | Oct 2013 (13y) | GP / trustee / elected manager of The Desmarais Family Residuary Trust (indirect) | |
| Desmarais, Paul, Guy | Trustee | Oct 2013 (13y) | GP / trustee / elected manager of The Desmarais Family Residuary Trust (indirect) | |
| Lucassen, Jeffrey, Theodorus | Chief Financial Officer | Nov 2017 (9y) | Less than 5% | |
| Desmarais, Sophie, Caroline | Trustee | Mar 2018 (8y) | GP / trustee / elected manager of The Desmarais Family Residuary Trust (indirect) | |
| Doer, Gary, Albert | Trustee | May 2023 (3y) | GP / trustee / elected manager of The Desmarais Family Residuary Trust (indirect) | |
| Fleming, Gregory, James | Trustee | Feb 2024 (3y) | GP / trustee / elected manager of The Desmarais Family Residuary Trust (indirect) |
Entity owners (Schedule A/B)
| Entity | Title / status | Since | Sch. | Ownership |
|---|---|---|---|---|
| Northleaf Capital Partners Ltd. | Direct Owner | Nov 2009 | A | 75% or more |
| Northleaf Capital Group Ltd. | Shareholder Voting Special Shares | Jan 2016 | B | ≈ 56.25% – 100% via Northleaf Capital Partners Ltd. |
| Mackenzie Investments | Partner | Sep 2020 | B | ≈ 10.55% – 50% via Armstrong L.P. |
| Mackenzie Inc. | Shareholder | Jan 2003 | B | ≈ 7.91% – 50% via Mackenzie Investments |
| Igm Financial Inc. | Shareholder | Aug 1978 | B | ≈ 5.93% – 50% via Mackenzie Inc. |
| Power Corporation Of Canada | Shareholder | Apr 1940 | B | ≈ 2.22% – 37.5% via Power Financial Corp. |
| Power Financial Corp. | Shareholder | Dec 2008 | B | ≈ 2.97% – 37.5% via Igm Financial Inc. |
| The Desmarais Family Residuary Trust | Shareholder | Oct 2013 | B | ≈ 1.11% – 28.13% via Power Corporation Of Canada |
| Armstrong L.P. | Shareholder | Oct 2020 | B | ≈ 14.06% – 50% via Northleaf Capital Group Ltd. |
Undisclosed: 0% – 25% of the firm is not attributable from the filed Schedule A bands.
Estimated effective ownership (look-through of filed bands):
- Northleaf Capital Group Ltd.: 75% – 100% of Northleaf Capital Partners Ltd. × 75% – 100% direct ≈ 56.25% – 100% of the firm
- Mackenzie Investments: 75% – 100% of Armstrong L.P. × 25% – 50% of Northleaf Capital Group Ltd. × 75% – 100% of Northleaf Capital Partners Ltd. × 75% – 100% direct ≈ 10.55% – 50% of the firm
- Mackenzie Inc.: 75% – 100% of Mackenzie Investments × 75% – 100% of Armstrong L.P. × 25% – 50% of Northleaf Capital Group Ltd. × 75% – 100% of Northleaf Capital Partners Ltd. × 75% – 100% direct ≈ 7.91% – 50% of the firm
- Igm Financial Inc.: 75% – 100% of Mackenzie Inc. × 75% – 100% of Mackenzie Investments × 75% – 100% of Armstrong L.P. × 25% – 50% of Northleaf Capital Group Ltd. × 75% – 100% of Northleaf Capital Partners Ltd. × 75% – 100% direct ≈ 5.93% – 50% of the firm
- Power Corporation Of Canada: 75% – 100% of Power Financial Corp. × 50% – 75% of Igm Financial Inc. × 75% – 100% of Mackenzie Inc. × 75% – 100% of Mackenzie Investments × 75% – 100% of Armstrong L.P. × 25% – 50% of Northleaf Capital Group Ltd. × 75% – 100% of Northleaf Capital Partners Ltd. × 75% – 100% direct ≈ 2.22% – 37.5% of the firm
- Power Financial Corp.: 50% – 75% of Igm Financial Inc. × 75% – 100% of Mackenzie Inc. × 75% – 100% of Mackenzie Investments × 75% – 100% of Armstrong L.P. × 25% – 50% of Northleaf Capital Group Ltd. × 75% – 100% of Northleaf Capital Partners Ltd. × 75% – 100% direct ≈ 2.97% – 37.5% of the firm
- The Desmarais Family Residuary Trust: 50% – 75% of Power Corporation Of Canada × 75% – 100% of Power Financial Corp. × 50% – 75% of Igm Financial Inc. × 75% – 100% of Mackenzie Inc. × 75% – 100% of Mackenzie Investments × 75% – 100% of Armstrong L.P. × 25% – 50% of Northleaf Capital Group Ltd. × 75% – 100% of Northleaf Capital Partners Ltd. × 75% – 100% direct ≈ 1.11% – 28.13% of the firm
- Armstrong L.P.: 25% – 50% of Northleaf Capital Group Ltd. × 75% – 100% of Northleaf Capital Partners Ltd. × 75% – 100% direct ≈ 14.06% – 50% of the firm
Roster from the IAPD representatives feed; ownership and acquisition dates from Form ADV Schedule A/B. "Since" is the earliest filed registration or acquisition date.
Private funds (3, $540M gross assets)
| Fund | Type | Gross assets | Min. investment | Owners |
|---|---|---|---|---|
| Northleaf Infrastructure Capital Partners (Us) Iii Lp | Other Private Fund | $450M | $10.0M | 11 |
| Northleaf Capital Opportunities (Us) Lp | Private Equity Fund | $85.5M | $5.0M | 1 |
| Northleaf Global Private Equity Investors (International) Iii Lp | Private Equity Fund | $5.2M | $5.0M | 2 |
From Form ADV Section 7.B private fund reporting.
Documents (1 archived)
| Form | Period | Size | |
|---|---|---|---|
| Form ADV (full filing) | 12/23/2025 | 3.21 MB | View · PDF · Source ↗ |
Archived copies of the firm's regulatory filings, versioned by content hash.
Disciplinary disclosures
No disciplinary events reported on the firm's latest Form ADV filing.
How they charge
- • Percentage of assets under management
- • Performance-based fees
Services
- • Portfolio management for pooled investment vehicles
- • Portfolio management for businesses/institutional clients
Custody
Reported custodians
- Northleaf Strategic Capital Gp Ltd. $89.3M (13% of AUM) Dec 2025
- Northleaf Capital Partners (Canada) Ltd. $21.6M (3% of AUM) Dec 2025
- The Toronto Dominion Bank $480K (0% of AUM) Dec 2025
Amounts as reported in ADV Item 5.K.(3) (custodians holding 10%+ of SMA assets).
Firm reports having custody of client funds or securities (Item 9.A).
Source
All data on this page comes from this firm's Form ADV filings, reproduced without modification. Latest filing: Jul 31, 2026.
View current Form ADV (SEC/IAPD) ↗