- 1The NMEF-Oaktree joint venture will initially fund $350M of FMV equipment lease originations.
- 2NMEF will originate and service every transaction and invest alongside Oaktree.
- 3Focus assets include construction, medical, logistics and manufacturing equipment.
North Mill Equipment Finance (NMEF), based in Norwalk, Connecticut, has formed a joint venture with funds managed by Oaktree Capital Management to grow its fair market value (FMV) equipment leasing platform. The companies announced the deal on June 10, 2025.
Deal terms
The combined capital commitment from Oaktree and NMEF will initially fund $350 million of FMV equipment lease originations, with additional capital capacity available to keep funding the venture. Oaktree is also investing in the venture.
NMEF will originate and service all transactions through its national network of independent originators and vendors, and it will invest alongside Oaktree. The venture targets FMV leases on essential-use equipment across construction, medical, logistics and manufacturing assets.
Why each side did it
The partnership pairs NMEF's origination network and servicing capabilities with Oaktree's institutional capital and investment team. NMEF Chairman and CEO David Lee called it a major step toward delivering flexible, value-driven leasing solutions. Lee Bergeron, Senior Vice President of Structured Products, said it brings the platform to a broader investor base, and Paul Cheslock, Vice President of Structured Products, said it gives the company capacity to do more of what it does best.
On Oaktree's side, Managing Director Rana Mitra said the firm wants to support the next phase of growth for NMEF's FMV platform. Portfolio Manager Brendan Beer of Oaktree's Asset-Backed Finance and Structured Credit strategy called NMEF an extremely high-quality originator and servicer and said the deal adds attractive asset-backed finance exposure for Oaktree's investors.
The companies
NMEF finances small to mid-ticket equipment leases and loans from $15,000 to $3 million, and up to $5 million for investment-grade opportunities, working with third-party referral sources. It is majority owned by an affiliate of InterVest Capital Partners and is headquartered in Norwalk with regional offices in Irvine, California; Voorhees, New Jersey; and Murray, Utah. Its affiliate BriteCap Financial provides small business working capital loans from Las Vegas. See nmef.com.
Oaktree reports $203 billion in assets under management as of March 31, 2025, more than 1,200 employees and offices in 25 cities. More at oaktreecapital.com.
Source reporting: deBanked.
