Northleaf Capital Partners has raised more than $500 million for its open-ended, evergreen senior credit fund.

The Toronto-based asset management firm announced last week that it is raising Northleaf Senior Private Credit fund (NSPC), which was launched in October, and currently has approximately $550 million in capital commitments.

The fund is meant to compliment the firm’s existing closed-ended fund, Northleaf Private Credit I, according to David Ross, Northleaf’s head of private credit and a managing director.

The fund will focus on supplying senior debt products, including first-lien and unitranche loans, for mid-market companies that have between $10 million and $150 million in EBITDA, he said. This strategy will complement Northleaf’s closed-ended vehicle which deploys across the capital structure. The firm aims to have two-thirds of the fund investments in senior debt and the remaining one-third in junior capital.

“Given the success in origination over the past three years, we felt confident we could build a more diversified vehicle,” Ross told Private Debt Investor. “It was important to offer investors a greater choice in accessing the asset class.”

The vehicle, because its operating as an open-ended structure, can cater to a larger investor pool and allow smaller investors to access private credit investment opportunities, Ross said.

The fund will accept new investors on a quarterly basis and looks to provide an investing option with more liquidity than the firm’s closed-ended vehicle, according to the release.

Northleaf Private Credit I closed in 2017 and is more than 90 percent deployed. That fund received capital commitments from both the Civil Service Superannuation Board of Manitoba and the Winnipeg Civic Employees’ Benefits Program.

Northleaf Capital Partners began its private credit program in 2016 and has more than $2.2 billion in assets under management for the strategy. The firm also operates private equity and infrastructure strategies. The overall firm has more than $12 billion in assets under management.