NORTHERN LAKES CAPITAL, L.P.

Thesis

Northern Lakes Capital, L.P. (NLC) is a private equity firm founded in 2020 or 2021, headquartered in Minneapolis, Minnesota. NLC focuses on control equity investments in lower to middle-market companies across North America, with revenues typically ranging from $15 million to $150 million and EBITDA between $3 million and $20 million. Their strategy involves acquiring leading private companies and driving growth through product, service, and geographic expansion, capital investment, and strategic add-on acquisitions. NLC employs two primary strategies: 'Buy and Build' to create industry-dominant companies by combining regional businesses, and 'Stand Alone, Platform Investments' in leading private companies with strong operational histories and management teams willing to stay and grow. They favor outsourced service sectors and businesses in the Midwestern US for stand-alone platforms, avoiding sectors like restaurants, retail, high tech, medical devices, oil and gas, and basic commodities. NLC utilizes conservative leverage. While total AUM is not disclosed, Northern Lakes Capital Fund IV LP sought $200 million in October 2021. The firm has managed at least one closed fund and has a fifth fund in the market with an open date of December 2025.

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• Series C+ investors based in Minneapolis, MN