The four largest PE funds raised by a Canadian PE firm all belong to Onex:
Founded in 1984 by CEO Gerry Schwartz, the firm traditionally makes buyout investments through its flagship vehicles in the B2B and financial services sectors.
The firm had an especially eventful 2Q, as it sold USI Insurance Services to KKR and Caisse de Depot et Placement du Quebec at an enterprise value of $4.3 billion in March, realizing a 3.4x multiple on the exit and earning a 34% IRR to go along with $563 million in net sale proceeds. The same month, the firm bought Parkdean Resorts, a UK operator of caravan vacation parks, for $1.65 billion.
In addition, Onex earned $135 million in net proceeds when it sold 15.7 million shares of window and door manufacturer JELD-WEN (NYSE: JELD) at $30.75 per share—up considerably from the company’s $23 per-share IPO price.
And to top it off, Onex also hired Laurence Goldberg as a managing director in the firm's New York office to lead technology investments, a sector it's made just two deals in since 2006, per the PitchBook Platform.
Interested in reading more about PE fundraising? Check out our previous coverage.