Buyout PE
Northern Lakes Capital
Northern Lakes Capital acquires controlling stakes in established, profitable businesses, from Minneapolis, United States.
Stated investment criteria
What Northern Lakes Capital says it buys
Read from Northern Lakes Capital’s own website in August 2026. This is what the firm says it buys, not what anyone has recorded it buying, and figures are shown in the currency the firm itself used - nothing here is converted. Every line links to the page it was read from.
| Revenue it states | $15m to $150m2 |
| EBITDA it states | $3m to $20m1 |
| Transaction types | Buy-and-build, Platform, Add-on2 |
| People listed on its team page | 113 |
Sources
A stated mandate is a firm’s description of itself and was true of the page on the day it was read; firms widen and narrow what they will look at without updating the site. Northern Lakes Capital states that it takes majority or outright ownership. The team figure counts the people the firm shows on one team page, so it is a floor rather than a headcount: firms that split their team across tabs or load it in pages will read low. Nothing here is a commitment by Northern Lakes Capital to consider any particular business, and nothing on this page is represented as being for sale.
SEC filings
What Northern Lakes Capital has raised
From this firm's own Form D filings. A fund files one within fifteen days of its first sale, under penalty of perjury, which makes these the hardest numbers on the page.
| Vehicles filed | 3 |
| Total capital raised | $162m |
| Largest single vehicle | $162m |
| Filing history | 2021 to 2025 |
| Smallest accepted commitment | None stated |
| Filed from | MINNESOTA |
Form D covers US-domiciled vehicles raised from accredited investors. It will not capture a fund raised outside the United States, separately managed accounts, or capital deployed off balance sheet, so treat these as a floor rather than a total.
Regulatory record
How Northern Lakes Capital is registered
From this firm's Form ADV, the annual filing every registered and exempt investment adviser makes to the SEC.
| Adviser status | SEC registered |
| Regulatory assets under management | $575m |
| Employees | 11 |
| Private funds advised | 7 · $575m gross |
| SEC adviser number | CRD 315975 |
Portfolio
Disclosed holdings
Companies Northern Lakes Capital lists on its own website. No investment years are published.
| Company | Invested | Years held | Recorded transaction |
|---|---|---|---|
| LLC 150 South 5th Street | — | — | — |
| Suite 2600 Minneapolis | — | — | — |
Compiled from Northern Lakes Capital’s published portfolio page. Where a recorded transaction is shown, that company was the target of a reported deal and has most likely already been realised. Nothing here is represented as being for sale.
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