Onex collects US$735 million for small buyout fund
BNN Bloomberg
Onex Corp. has gathered US$735 million for a new short-term buyout fund, the latest move by the Canadian private equity firm to restart growth under a new chief executive officer.
Onex Partners Opportunities Fund will give its investment teams some capital to work with while the company gears up for a larger fundraising push for the next vintage of its flagship Onex Partners fund.
The new vehicle will invest mostly in “upper middle market” companies in North America and Europe, and is expected to be deployed relatively quickly — likely over 12 to 18 months, CEO Bobby Le Blanc told analysts on Friday.
A majority of the money committed so far — $400 million — is from Onex itself. The fund will have a final close in the next three to four months, Le Blanc said.
