The financing marks the initial close of the venture capital investor’s third secondaries fund. The firm didn’t disclose how much it ultimately wants to raise. The capital will give investors access to deals in private companies, as existing investors look to sell stakes in those ventures. (The Logic)

Talking point: Secondary deals offer investors an alternative way to generate liquidity from a company before it exits by going public or through an acquisition. It also gives buyers a way to land a stake in a company outside a traditional investment round. Secondaries have been rising in popularity, but with private deal-making slowing and the IPO market virtually frozen, some investors are predicting even greater demand this year. Outside its secondaries business, Northleaf is a limited partner in the federal government’s Venture Capital Catalyst Initiative. It’s posed to receive a tranche of the program’s $350 million to distribute to other venture capital firms across Canada, which will then allocate the capital to startups.