Onex Corporation (Onex) has raised USD7.15 billion for Onex Partners V, surpassing its USD6.5 billion target.
The fundraising was supported by both existing and new investors, including large public pension plans, sovereign wealth funds and other institutional investors globally.
“This is a terrific outcome,” says Emma Thompson, Onex’s Managing Director – Investor Relations. “We’re proud to have an enviable group of sophisticated investors supporting our team and our strategy. Many of our limited partners have been with us since 2003 when we raised Onex Partners I and invest across the Onex platforms, but we also have some great new investors and we look forward to deepening our relationships in the years to come.”
Onex is the largest investor in the Fund with a commitment of USD2 billion. In addition, the team has also made a significant investment, committing more than USD350 million.
“The response to Onex Partners V has been very gratifying. We have a great team that’s fully aligned with shareholders and limited partners toward a common goal of long-term value creation,” says Gerry Schwartz, Chairman and Chief Executive Officer of Onex. “We’ll continue our strategy of partnering with outstanding management teams to build great businesses.”
Over its 33-year history, Onex’ private equity investing has generated a gross multiple of capital invested of 2.8 times, resulting in a 28 per cent gross IRR on realised, substantially realised and publicly traded investments. Including this latest fundraise, Onex now has more than USD30 billion in assets under management.