Form D · Private Equity Fund

Northern Lakes Capital Fund V, L.P.

Minneapolis, MN · CIK 0002095953

Offering snapshot reported Dec 5, 2025 · SEC filing

Reported sold: Yet to sell
Investors reported: 0
Minimum accepted: $0
First sale: Yet to occur

What changed?

Latest filing versus its linked predecessor, where available.

No comparable changes in the displayed metrics.

Filing history

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Filed	Filing type	Reported sold	Change vs linked filing	Investors	Source
Dec 5, 2025	Initial	Yet to sell	No comparison	0	SEC filing

Offering details

Securities: Equity, Pooled investment fund
Exemptions: 06b, 3C, 3C.7
Duration over one year: No
Business combination: No

Sales commissions: $0
Finders' fees: $0
Form D file number: 021-565946

Source: Form D, filed Dec 5, 2025. Minimum accepted may differ from a standard advertised minimum.

Fund connections

The linked fund shows its most recently reported ADV details.

Matched by reported Form D file number

NORTHERN LAKES CAPITAL FUND V, L.P.

Investment adviser: NORTHERN LAKES CAPITAL, L.P.

Gross asset value: $275M
Beneficial owners: 106
ADV minimum commitment: $100K

Reported in Form ADV on Sep 16, 2026. Fund assets and beneficial owners measure different things from Form D sales and investors.

Service providers

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

Filing source

Form ADV 2132638 · Sep 16, 2026 · Schedule D 7.B.(1), fund 805-3677152117

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

Related funds

Funds whose names form a numbered series with this one and that share its city or the name of a related person. Form D does not state how these funds are related.

Fund	Latest Form D	Reported sold	Investors
Northern Lakes Capital Fund IV, L.P.	Oct 4, 2022	$162,325,000	84
Northern Lakes Capital Fund V, L.P. (this fund)	Dec 5, 2025	Yet to sell	0

People & organizations

Current and past Form D appearances. These existing records do not establish a person's current role or uniquely identify them across issuers.

People and organizations reported in Form D filings
Name	Reported role
Joel V. Grebenick	Executive
Northern Lakes Capital V Gp, Llc	Executive
Northern Lakes Capital V Gp, L.P.	Promoter
Kasey T. Sime	Executive

Issuer details

Industry: Pooled Investment Fund (See others in industry)

Address:

150 South Fifth Street, Suite 2600
Minneapolis, MN, 55402