Confidential · For institutional investors only

Northbridge Capital Partners Fund IV, L.P.

Operationally-driven private equity in the North American middle market

As of September 30, 2026 · Published Q3-2026

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.

$3.45B
Assets under management
$810M
Dry powder
41
Platform investments
96
Bolt-on acquisitions
Founded 2011Boston, MA · Chicago, IL · Dallas, TX47 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.

FundCommittedCalledDistributedNAVDPIRVPITVPINet IRR
Fund II
2016 vintage
$450M$432M$772M$128M1.79x0.30x2.08x19.4%
Fund III
2020 vintage
$850M$697M$245M$1.07B0.35x1.54x1.89x22.3%
Fund IV
2024 vintage
$1.25B$438M$0$505M0.00x1.15x1.15x15.2%

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.
3.80x
Realized MOIC
Revenue at entry$85M
Revenue at exit$240M
Case Study · Active

Cardinal Health Systems

Healthcare services · RCM SaaS · Fund III · Acquired 2021
Cardinal Health Systems' ARR grew to $135M in the third quarter of 2026, up from $118M at the end of Q2, driven by two enterprise hospital-system wins in the Southeast and continued expansion of the payer-analytics module acquired in the 2024 tuck-ins. Gross retention held at 94%, with net revenue retention of 117%. The AI-assisted coding module is now live at 41 customer sites and is contributing roughly a third of new-logo pipeline. Headcount reached 560 to support the enterprise wins, and EBITDA margin held steady at 22% despite the hiring ramp. Reflecting the ARR outperformance and improved retention, the position is marked at 2.7x invested capital, up from 2.6x.
2.60x
Current MOIC
ARR$135M
Headcount540
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
$1.25B
GP commitment
2.5% of aggregate commitments
Management fee
2.0% on committed capital during the investment period; 1.5% on invested capital thereafter
Carried interest
20% carried interest over an 8% preferred return, with full GP catch-up
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.

Northbridge Capital PartnersPublished Q3-2026
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