Living proposal

Confidential · For institutional investors only

Northbridge Capital Partners Fund IV, L.P.Fund Name
Source: Fund Documents
Path: LPA cover
Approved by: Head of IR · 2026-07-07

Operationally-driven private equity in the North American middle market

As of June 30, 2026As-of Date
Source: Investran (Fund Accounting)
File: source_fund_accounting_export.json
Path: report_date
Raw value: 2026-06-30
Approved by: Fund Controller · 2026-07-07 · Published Q2-2026

01 · The Firm

A quarter-century of operational ownership, one firm at a time.

Control buyouts of founder- and family-owned businesses in industrials, healthcare services, and business services, $50M-$500M enterprise value.Investment Strategy statement
Source: Approved boilerplate
Path: firm_profile.strategy
Approved by: Head of IR + Legal · 2026-07-07

$3.4BFirm AUM
Source: Investran + CRM
Path: sum(nav) + uncalled + co-invest
Approved by: CFO · 2026-07-07

Assets under management

$890MDry Powder
Source: Investran (Fund Accounting)
Path: committed − called + reserves
Approved by: CFO · 2026-07-07

Dry powder

41Platform Investments
Source: DealCloud (CRM)
Path: platform_investments_since_inception
Approved by: Head of IR · 2026-07-07

Platform investments

96Bolt-on Acquisitions
Source: DealCloud (CRM)
Path: bolt_on_acquisitions_since_inception
Approved by: Head of IR · 2026-07-07

Bolt-on acquisitions

Founded 2011Boston, MA · Chicago, IL · Dallas, TX47Firm Headcount
Source: BambooHR (People Ops)
File: source_headcount_summary.json
Path: firm.total
Raw value: 47
Approved by: Head of People Ops · 2026-07-07 professionals

02 · Leadership

The team behind the track record.

Margaret Ellison

Managing Partner & Co-Founder

15 years at Northbridge · previously Bain Capital, McKinsey & Co.

David Ruiz

Managing Partner & Co-Founder

15 years at Northbridge · previously Advent International, Goldman Sachs

Priya Nair

Partner, Head of Healthcare

9 years at Northbridge · previously Welsh Carson, Deloitte

Tom Becker

Partner, Head of Industrials

8 years at Northbridge · previously The Riverside Company, Honeywell

Angela Foster

Partner & Head of Investor Relations

7 years at Northbridge · previously Hamilton Lane, State Street

03 · Track Record

Three funds. One repeatable playbook.

Fund	Committed	Called	Distributed	NAV	DPI	RVPI	TVPI	Net IRR
Fund II 2016 vintage	$450MFund II Committed Capital Source: Investran (Fund Accounting) File: source_fund_accounting_export.json Path: records[fund=Fund II].committed Raw value: 450000000 Approved by: Fund Controller · 2026-07-07	$432MFund II Called Capital Source: Investran (Fund Accounting) File: source_fund_accounting_export.json Path: records[fund=Fund II].called_to_date Raw value: 432000000 Approved by: Fund Controller · 2026-07-07	$760MFund II Distributions Source: Investran (Fund Accounting) File: source_fund_accounting_export.json Path: records[fund=Fund II].distributions_to_date Raw value: 760000000 Approved by: Fund Controller · 2026-07-07	$145MFund II Residual NAV Source: Investran (Fund Accounting) File: source_fund_accounting_export.json Path: records[fund=Fund II].nav Raw value: 145000000 Approved by: Fund Controller · 2026-07-07	1.76xFund II DPI Source: Investran (Fund Accounting) File: source_fund_accounting_export.json Path: derived: 760000000 ÷ 432000000 Raw value: 760000000 Approved by: Fund Controller · 2026-07-07	0.34xFund II RVPI Source: Investran (Fund Accounting) File: source_fund_accounting_export.json Path: derived: 145000000 ÷ 432000000 Raw value: 145000000 Approved by: Fund Controller · 2026-07-07	2.10xFund II TVPI Source: Investran (Fund Accounting) File: source_fund_accounting_export.json Path: derived: dpi + rvpi Raw value: 1.759 + 0.336 Approved by: Fund Controller · 2026-07-07	19.2%Fund II Net IRR Source: Investran (Fund Accounting) File: source_fund_accounting_export.json Path: records[fund=Fund II].net_irr Raw value: 0.192 Approved by: Fund Controller · 2026-07-07
Fund III 2020 vintage	$850MFund III Committed Capital Source: Investran (Fund Accounting) File: source_fund_accounting_export.json Path: records[fund=Fund III].committed Raw value: 850000000 Approved by: Fund Controller · 2026-07-07	$680MFund III Called Capital Source: Investran (Fund Accounting) File: source_fund_accounting_export.json Path: records[fund=Fund III].called_to_date Raw value: 680000000 Approved by: Fund Controller · 2026-07-07	$210MFund III Distributions Source: Investran (Fund Accounting) File: source_fund_accounting_export.json Path: records[fund=Fund III].distributions_to_date Raw value: 210000000 Approved by: Fund Controller · 2026-07-07	$1.02BFund III Residual NAV Source: Investran (Fund Accounting) File: source_fund_accounting_export.json Path: records[fund=Fund III].nav Raw value: 1020000000 Approved by: Fund Controller · 2026-07-07	0.31xFund III DPI Source: Investran (Fund Accounting) File: source_fund_accounting_export.json Path: derived: 210000000 ÷ 680000000 Raw value: 210000000 Approved by: Fund Controller · 2026-07-07	1.50xFund III RVPI Source: Investran (Fund Accounting) File: source_fund_accounting_export.json Path: derived: 1020000000 ÷ 680000000 Raw value: 1020000000 Approved by: Fund Controller · 2026-07-07	1.81xFund III TVPI Source: Investran (Fund Accounting) File: source_fund_accounting_export.json Path: derived: dpi + rvpi Raw value: 0.309 + 1.5 Approved by: Fund Controller · 2026-07-07	21.5%Fund III Net IRR Source: Investran (Fund Accounting) File: source_fund_accounting_export.json Path: records[fund=Fund III].net_irr Raw value: 0.215 Approved by: Fund Controller · 2026-07-07
Fund IV 2024 vintage	$1.25BFund IV Committed Capital Source: Investran (Fund Accounting) File: source_fund_accounting_export.json Path: records[fund=Fund IV].committed Raw value: 1250000000 Approved by: Fund Controller · 2026-07-07	$375MFund IV Called Capital Source: Investran (Fund Accounting) File: source_fund_accounting_export.json Path: records[fund=Fund IV].called_to_date Raw value: 375000000 Approved by: Fund Controller · 2026-07-07	$0Fund IV Distributions Source: Investran (Fund Accounting) File: source_fund_accounting_export.json Path: records[fund=Fund IV].distributions_to_date Raw value: 0 Approved by: Fund Controller · 2026-07-07	$410MFund IV Residual NAV Source: Investran (Fund Accounting) File: source_fund_accounting_export.json Path: records[fund=Fund IV].nav Raw value: 410000000 Approved by: Fund Controller · 2026-07-07	0.00xFund IV DPI Source: Investran (Fund Accounting) File: source_fund_accounting_export.json Path: derived: 0 ÷ 375000000 Raw value: 0 Approved by: Fund Controller · 2026-07-07	1.09xFund IV RVPI Source: Investran (Fund Accounting) File: source_fund_accounting_export.json Path: derived: 410000000 ÷ 375000000 Raw value: 410000000 Approved by: Fund Controller · 2026-07-07	1.09xFund IV TVPI Source: Investran (Fund Accounting) File: source_fund_accounting_export.json Path: derived: dpi + rvpi Raw value: 0 + 1.093 Approved by: Fund Controller · 2026-07-07	14.0%Fund IV Net IRR Source: Investran (Fund Accounting) File: source_fund_accounting_export.json Path: records[fund=Fund IV].net_irr Raw value: 0.14 Approved by: Fund Controller · 2026-07-07

Net of fees and carried interest at the fund level. TVPI = DPI + RVPI; identities validated on every refresh.

Case Study · Realized

Apex Logistics Group

Industrials · 3PL & supply chain · Fund II · Exited 2023

Northbridge acquired Apex Logistics in 2017 as a regional third-party logistics platform with $85M of revenue and a founder-led team. Over a six-and-a-half-year hold, the firm executed five bolt-on acquisitions across the Southeast, installed a new CFO and COO, and deployed a modern TMS platform with network optimization — expanding EBITDA margins roughly 500 basis points. Apex was sold to a Fortune 500 strategic acquirer in 2023 at 3.8x invested capital, a 34% gross IRR.Apex Logistics case-study narrative
Source: Deal team memo (approved Q1 2026)
Path: apex exit memo
Approved by: Deal Partner (Industrials) · 2026-07-07

3.80xApex Logistics Realized MOIC
Source: Investran (Deal-level)
Path: deal[apex].realized_moic
Raw value: 3.8
Approved by: Deal Partner (Industrials) · 2026-07-07

Realized MOIC

Revenue at entry$85MApex Entry Revenue
Source: Portfolio Monitoring
Path: deal[apex].entry.revenue
Approved by: Deal Partner (Industrials) · 2026-07-07

Revenue at exit$240MApex Exit Revenue
Source: Portfolio Monitoring
Path: deal[apex].current.revenue
Approved by: Deal Partner (Industrials) · 2026-07-07

Case Study · Active

Cardinal Health Systems

Healthcare services · RCM SaaS · Fund III · Acquired 2021

Cardinal Health Systems, acquired in 2021, is a revenue-cycle-management software and services provider for mid-sized hospital systems. Northbridge’s thesis — shift the business from services to recurring SaaS — is playing out: ARR has grown from $40M at entry to $118M, gross retention has improved to 94%, and three tuck-in acquisitions added payer analytics capabilities. The company launched an AI-assisted coding module and now runs at a 22% EBITDA margin, up from negative at entry. The position is marked at 2.6x.Cardinal Health case-study narrative
Source: Deal team memo (approved Q1 2026)
Path: cardinal q2 board summary
Approved by: Deal Partner (Healthcare) · 2026-07-07

2.60xCardinal Current MOIC
Source: Investran (Deal-level)
Path: deal[cardinal].current_moic
Raw value: 2.6
Approved by: Deal Partner (Healthcare) · 2026-07-07

Current MOIC

ARR$118MCardinal ARR
Source: Portfolio Monitoring
Path: deal[cardinal].current.arr
Raw value: 118000000
Approved by: Deal Partner (Healthcare) · 2026-07-07

Headcount540Cardinal Health Systems Headcount
Source: BambooHR (People Ops)
File: source_headcount_summary.json
Path: portfolio_companies[Cardinal].headcount
Raw value: 540
Approved by: Head of People Ops · 2026-07-07

Investor Base

Backed by institutions that return, fund after fund.

Public Pension · 11 investors$720M · 32%

Endowment & Foundation · 18 investors$540M · 24%

Fund of Funds · 9 investors$430M · 19%

Family Office / HNW · 34 investors$310M · 14%

Insurance · 6 investors$250M · 11%

Fund IV · Summary of Terms

Aligned from the first dollar.

Target size

$1.25BFund IV Target Size
Source: LPA / Fund Documents
Path: LPA §2.1
Approved by: CFO · 2026-07-07

GP commitment

2.5% of aggregate commitmentsGP Commitment
Source: LPA / Fund Documents
Path: LPA §3.4
Approved by: CFO · 2026-07-07

Management fee

2.0% on committed capital during the investment period; 1.5% on invested capital thereafterManagement Fee
Source: LPA / Fund Documents
Path: LPA §6.1
Approved by: CFO · 2026-07-07

Carried interest

20% carried interest over an 8% preferred return, with full GP catch-upCarried Interest
Source: LPA / Fund Documents
Path: LPA §7.2
Approved by: CFO · 2026-07-07

Disclosures

This presentation is provided on a confidential basis to a limited number of sophisticated investors and may not be reproduced or distributed. Past performance is not indicative of future results. Net IRR and multiples are presented net of management fees, expenses, and carried interest at the fund level unless noted. Figures as of the date indicated and subject to the fund’s valuation policy. This material does not constitute an offer to sell or a solicitation of an offer to buy any security; any such offer will be made only by definitive offering documents.Disclosures
Source: Legal (approved boilerplate)
Path: compliance library v7
Approved by: Legal · 2026-07-07

Northbridge Capital PartnersPublished Q2-2026

Northbridge Capital Partners Fund IV, L.P.Fund NameSource: Fund DocumentsPath: LPA coverApproved by: Head of IR · 2026-07-07