Onex promotes two amid fundraise

The firm has appointed a managing director in its London and Toronto offices.

Onex Corporation has promoted David Hirsch and Tawfiq Popatia to managing director.  

Hirsch joined Onex’s Toronto office in 2003 and relocated to London in 2012 to focus on European investment opportunities. He previously worked at JP Morgan Partners and CIBC World Markets. 

Popatia joined Onex in 2007 and recently led the firm’s $165 million investment in aircraft leasing company BBAM. He will continue to manage Onex’s activities in transportation-focused businesses from the firm’s Toronto office. Prior to joining Onex, Popatia worked at Hellman & Friedman and Morgan Stanley. 

The promotions come as Onex works towards a $4.5 billion target for its fourth fund. The firm has raised about $3.07 billion so far, according to documents filed with the US Securities and Exchange Commission last month. Onex itself will invest about $1.2 billion to the fund. It made an equal-size general partner commitment to its prior fund, which closed on $4.7 billion, well above its $3.5 billion target, in 2009. 

Onex has invested nearly $3.6 billion from its third fund, which has generated a 1.1x return multiple and a net IRR of 8 percent, according to the firm’s website. The fund’s nine large-scale portfolio companies include Tropicana Las Vegas Hotel and Casino and industrial products manufacturer Tomkins. 

Onex also manages three ONCAP funds, which target medium-size North American private equity companies. The firm also invests in real estate and credit securities and manages about $16 billion of assets, of which $11 billion is third-party capital.