Altas, former Onex exec’s shop, raises $2 bln-plus for next long-life PE fund

Altas Partners, a pioneer of long-life investing, has raised close to its US$2.5 billion target and could hold a final close this quarter, a person with knowledge of the firm told Buyouts.

Whether Fund II has a cap is unclear. A spokesperson for Toronto-based Altas declined comment.

Park Hill Group is placement agent on the fundraising.

Andrew Sheiner, a former senior Onex Corp executive, formed Altas in 2012. The firm invested deal by deal before raising its first fund, which closed on US$1 billion in 2016.

Altas makes control investments of US$250 million to US$1 billion of equity. It can hold investments longer than the typical three-to-five years of a traditional private equity fund, but it can also choose to sell in that time frame.

Altas was an early adopter of the long-life philosophy in PE. Other firms that followed include funds raised by Blackstone Group, Carlyle Group and KKR.

In December, PE Hub Canada interviewed Sheiner about Altas’ market strategy and deal activity in 2018.

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