Onex Corp has closed fundraising for its fifth private equity flagship fund, bringing in US$7.15 billion in committed capital.
Onex Partners V, the largest fund raised by the Toronto investor in its 33-year history, exceeded its US$6.5 billion target by 10 percent. It is also 25 percent larger than Onex Partners IV, which raised US$5.7 billion in 2014.
Fund V secured commitments from both new and existing limited partners, including pension plans, sovereign wealth funds, and other institutional investors, as well as a US$2 billion commitment from Onex.
With the fund’s close, the firm now has more than US$30 billion in assets under management.
Onex Partners’ funds make large-cap buyouts of operating companies in North America and Europe. Active in more than 15 sectors, they have traditionally focused on carve-outs, growth platforms, restructurings and other opportunities.
Onex was founded in 1984 by CEO Gerry Schwartz. He leads a team that includes Senior Managing Directors Ewout Heersink, Robert Le Blanc, Seth Mersky and Anthony Munk.
Since inception, the firm’s private equity deal-making has generated a gross 2.8x of invested capital, which translates into a gross IRR of 28 percent on realized, substantially realized, and publicly traded investments.
Photo courtesy of eshkova/iStock/Getty Images
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