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Onex closes fourth fund on $5.15bn

13 May 2014

canada_lrgCanadian private equity firm Onex Corporation has beaten the $4.5bn target for its fourth fund in a speedy fundraise.

Onex Partners IV has held a final close on $5.15bn, making it the largest vehicle ever raised by the Toronto-based firm.

The firm noted that the fund was closed ahead of schedule and secured commitments from some of the largest public employee pension plans and sovereign wealth funds from around the world. Back in February AltAssets revealed that the fund had raised $3.656bn for the fund after tapping LPs for $1.1bn over the two previous months.

Onex has generated an IRR of 28 per cent and a cash multiple of three times. The firm currently has around $21bn of assets under management.

Head of the funds group for Onex Emma Thompson said, “We exceeded our expectations. In a highly competitive fundraising market, we are grateful for the strong support from both our existing limited partners and new investors, who have entrusted us with their capital. We look forward to partnering with them in the years to come.”

Onex Partners IV follows the firm’s third vehicle, which exceeded its $4bn target and was closed on $4.7bn including a $500m commitment from Onex in 2009.

The firm makes equity investments of between $125m and $750m in buyout deals across North America.

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