Onex surpasses $4.5bn target on Fund IV

The Toronto-based firm has raised $4.58bn and could seek as much as $5bn for its Fund IV.

Onex Corporation has raised about $4.85 billion for Onex Partners Fund IV according to documents filed with the US Securities and Exchange Commission. Fund IV has a target of $4.5 billion, although a recent investment memorandum reviewed by Private Equity International suggests the fund’s hard-cap is $5 billion.

According to Onex Corporation’s yearly numbers for 2013, released in February, the $4.5 billion figure includes a $1.2 billion commitment from the corporation itself.  Documents show that an additional 2 percent to 8 percent of the total comes from personal contributions of fund principals. Private Equity International previously reported that the fund had attracted commitments from The Texas County & District Retirement System, and The Public Employees Retirement Association of New Mexico.

Other limited partners in Fund IV include the Alaska Permanent Fund, the Los Angeles County Employees’ Retirement Association and the Massachusetts Pension Reserves Investment Management Board, according to PEI's Research and Analytics division.

2013 numbers show that distributions during 2013 from Onex Partners and ONCAP the private equity funds, totaled $2.9 billion – the second highest year in Onex's  history. Onex’s share of distributions was $1.1 billion, including $75 million of carried interest. Realisations included the recapitalisation of Carestream Health, the sale of shares of Allison Transmission in secondary offerings, and the sales of RSI Home Products, TMS International, BSN SPORTS and Caliber Collision Centers.

Onex was unavailable for comment at press time.