Canadian buyout heavyweight Onex Corp is reportedly looking to maintain fundraising consistency by targeting $4.5bn for its next private equity fund.
The firm last gathered $4.7bn for its Onex Partners III vehicle in 2009, and plans to stick to that fund’s strategy of large-cap North American investments according to Bloomberg.
It cited three people with knowledge of the matter, although investor relations vice president Emma Thompson subsequently declined to comment on fundraising.
The fund will target equity investments of between $125m and $750m according to one of the people.
Onex Partners III had an IRR of 6.45 per cent at the end of September last year according to CalSTRS, which has committed $175m to the vehicle.
The firm’s second fund had an IRR of 10.58 and its debut 38.95 according to the same LP’s data.
Last month Onex completed its $950m acquisition of business-to-business trade show operator Nielsen Expositions, providing about $350m in equity for the deal using Fund III.
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