Investment adviser · CRD 315975

NORTHERN LAKES CAPITAL, L.P.

Investment adviser filing (IA)

MINNEAPOLIS, MN, United States · Form ADV filed Sep 16, 2026

Regulatory AUM: $575M
Client accounts: 7
Employees: 11
Advisory professionals: 10

Who they report serving

Form ADV · Item 5.D

Client types and their share of reported regulatory assets.

Client type	Clients	Regulatory assets	Share of AUM
Pooled investment vehicles	7	$575,447,357	100.0%

Filing source

Form ADV 2132638 · Sep 16, 2026 · Item 5.D

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

Private funds & service providers

7 Private funds

The count excludes feeder funds. Funds in the latest filing appear first, ordered by reported gross assets. Earlier funds retain their last reported values.

NORTHERN LAKES CAPITAL FUND V, L.P.Private Equity Fund · Last reported Sep 16, 2026$275MGross asset value

Form D fundraising filings

Northern Lakes Capital Fund V, L.P.

Fund administrator CLIFTONLARSONALLEN LLP MINNEAPOLIS, Minnesota, United States Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor ERNST & YOUNG LLP MINNEAPOLIS, Minnesota, United States

Custodian BMO HARRIS BANK N.A. CHICAGO, Illinois, United States Related to adviser: No

Provider details

Annual audit: Yes
Prime brokers: No
Custodians: Yes
Administrator other than the adviser: Yes
External marketing: No

ERNST & YOUNG LLP
PCAOB 42

BMO HARRIS BANK N.A.
LEI 3Y4U8VZURTYWI1W2K376

Fund details & source

Fund ID: 805-3677152117
Reported beneficial owners: 106
Minimum commitment: $100K
Form D file number: 021-565946

Form ADV 2132638 · Sep 16, 2026 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

NORTHERN LAKES CAPITAL FUND IV, L.P.Private Equity Fund · Last reported Sep 16, 2026$254MGross asset value

Form D fundraising filings

Northern Lakes Capital Fund IV, L.P.

Fund administrator CLIFTONLARSONALLEN LLP MINNEAPOLIS, Minnesota, United States Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor ERNST & YOUNG LLP MINNEAPOLIS, Minnesota, United States

Custodian BMO HARRIS BANK N.A. CHICAGO, Illinois, United States Related to adviser: No

Provider details

Annual audit: Yes
Prime brokers: No
Custodians: Yes
Administrator other than the adviser: Yes
External marketing: No

ERNST & YOUNG LLP
PCAOB 42

BMO HARRIS BANK N.A.
LEI 3Y4U8VZURTYWI1W2K376

Fund details & source

Fund ID: 805-7230116503
Reported beneficial owners: 99
Minimum commitment: $100K
Form D file number: 021-415848

Form ADV 2132638 · Sep 16, 2026 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

NLC-PM CO-INVEST, L.P.Private Equity Fund · Last reported Sep 16, 2026$28.7MGross asset value

Form D fundraising filings

NLC-PM Co-Invest, L.P.

Fund administrator CLIFTONLARSONALLEN LLP MINNEAPOLIS, Minnesota, United States Investor statements: No (provided to no investors) Related to adviser: No

Auditor ERNST & YOUNG LLP MINNEAPOLIS, Minnesota, United States

Custodian BMO HARRIS BANK N.A. CHICAGO, Illinois, United States Related to adviser: No

Provider details

Annual audit: Yes
Prime brokers: No
Custodians: Yes
Administrator other than the adviser: Yes
External marketing: No

ERNST & YOUNG LLP
PCAOB 42

BMO HARRIS BANK N.A.
LEI 3Y4U8VZURTYWI1W2K376

Fund details & source

Fund ID: 805-4664532209
Reported beneficial owners: 5
Minimum commitment: $100K
Form D file number: 021-512612

Form ADV 2132638 · Sep 16, 2026 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

NORTHERN LAKES CAPITAL FUND IV-A, L.P.Private Equity Fund · Last reported Sep 16, 2026$7.36MGross asset value

Fund administrator CLIFTONLARSONALLEN LLP MINNEAPOLIS, Minnesota, United States Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor ERNST & YOUNG LLP MINNEAPOLIS, Minnesota, United States

Custodian BMO HARRIS BANK N.A. CHICAGO, Illinois, United States Related to adviser: No

Provider details

Annual audit: Yes
Prime brokers: No
Custodians: Yes
Administrator other than the adviser: Yes
External marketing: No

ERNST & YOUNG LLP
PCAOB 42

BMO HARRIS BANK N.A.
LEI 3Y4U8VZURTYWI1W2K376

Fund details & source

Fund ID: 805-3850616480
Reported beneficial owners: 4
Minimum commitment: $100K

Form ADV 2132638 · Sep 16, 2026 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

NLC-CRS CO-INVEST, L.P.Private Equity Fund · Last reported Sep 16, 2026$5MGross asset value

Form D fundraising filings

NLC-CRS Co-Invest, L.P.

Fund administrator CLIFTONLARSONALLEN LLP MINNEAPOLIS, Minnesota, United States Investor statements: No (provided to no investors) Related to adviser: No

Auditor ERNST & YOUNG LLP MINNEAPOLIS, Minnesota, United States

Custodian BMO HARRIS BANK N.A. CHICAGO, Illinois, United States Related to adviser: No

Provider details

Annual audit: Yes
Prime brokers: No
Custodians: Yes
Administrator other than the adviser: Yes
External marketing: No

ERNST & YOUNG LLP
PCAOB 42

BMO HARRIS BANK N.A.
LEI 3Y4U8VZURTYWI1W2K376

Fund details & source

Fund ID: 805-3077402471
Reported beneficial owners: 3
Minimum commitment: $100K
Form D file number: 021-547532

Form ADV 2132638 · Sep 16, 2026 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

NLC-E.A. QUINN CO-INVEST, L.P.Private Equity Fund · Last reported Sep 16, 2026$3.02MGross asset value

Form D fundraising filings

NLC-E.A. Quinn Co-Invest, L.P.

Fund administrator CLIFTONLARSONALLEN LLP MINNEAPOLIS, Minnesota, United States Investor statements: No (provided to no investors) Related to adviser: No

Auditor ERNST & YOUNG LLP MINNEAPOLIS, Minnesota, United States

Custodian BMO HARRIS BANK N.A. CHICAGO, Illinois, United States Related to adviser: No

Provider details

Annual audit: Yes
Prime brokers: No
Custodians: Yes
Administrator other than the adviser: Yes
External marketing: No

ERNST & YOUNG LLP
PCAOB 42

BMO HARRIS BANK N.A.
LEI 3Y4U8VZURTYWI1W2K376

Fund details & source

Fund ID: 805-7590958124
Reported beneficial owners: 2
Minimum commitment: $100K
Form D file number: 021-476337

Form ADV 2132638 · Sep 16, 2026 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

NLC-BROADWAY CO-INVEST, L.P.Private Equity Fund · Last reported Sep 16, 2026$1.92MGross asset value

Form D fundraising filings

NLC-GFS Co-Invest, L.P.

Fund administrator CLIFTONLARSONALLEN LLP MINNEAPOLIS, Minnesota, United States Investor statements: No (provided to no investors) Related to adviser: No

Auditor ERNST & YOUNG LLP MINNEAPOLIS, Minnesota, United States

Custodian BMO HARRIS BANK N.A. CHICAGO, Illinois, United States Related to adviser: No

Provider details

Annual audit: Yes
Prime brokers: No
Custodians: Yes
Administrator other than the adviser: Yes
External marketing: No

ERNST & YOUNG LLP
PCAOB 42

BMO HARRIS BANK N.A.
LEI 3Y4U8VZURTYWI1W2K376

Fund details & source

Fund ID: 805-5798955733
Reported beneficial owners: 4
Minimum commitment: $100K
Form D file number: 021-458069

Form ADV 2132638 · Sep 16, 2026 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

Services & filing details

Most recent filing: Sep 16, 2026. View historical filings

Reported services

Pooled investment vehicle management

Compensation

Percentage of assets · Performance-based

Principal office

150 SOUTH 5TH STREET, SUITE 2600
MINNEAPOLIS, MN, 55402, United States

CRD 315975

Filing source

Form ADV 2132638 · Sep 16, 2026 · Items 1 & 5

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.