North Mill Equipment Finance has announced a strategic joint venture with Oaktree Capital Management to accelerate the growth of its fair market value equipment leasing platform.
The partnership combines North Mill’s origination and servicing capabilities with Oaktree’s institutional capital and investment expertise, according to a June 10 North Mill release. The joint venture will initially fund $350 million in fair market value (FMV) lease originations, with additional capital capacity available to support ongoing growth.
It will focus on essential-use assets across sectors, including construction, medical, logistics, and manufacturing, according to the release. North Mill will originate and service all transactions through its national network of independent originators and vendors, while also co-investing alongside Oaktree.
Company executives described the move as a major milestone in expanding access to flexible, value-driven leasing solutions. The joint venture represents a key opportunity for the company, North Mill Equipment Finance CEO David Lee said in the release.
“This marks a major step forward in our efforts to deliver flexible, value-driven leasing solutions to the market,” he said. “We’re excited to work with a partner like Oaktree who shares our long-term vision and brings deep understanding of asset-backed investing.”
North Mill is a national lender specializing in small to mid-ticket commercial equipment financing, serving A to C credit profiles across a broad range of asset categories, according to the release. The firm is majority-owned by an affiliate of InterVest Capital Partners and has offices in Connecticut, California, New Jersey, and Utah.
