Onex Corp. closed Onex Partners V at $7.15 billion, exceeding its $6.5 billion fundraising target, the private equity manager announced Thursday.
The $7.15 billion raised includes a $2 billion commitment from Onex, making it the fund's largest investor. The investment team committed an additional approximately $350 million.
The buyout fund will focus on opportunities in North America.
There have not yet been any portfolio investments for Onex Partners V, said Emilie Blouin, director, investor relations, in an email.
Investors in Onex Partners V include the $342.5 billion California Public Employees' Retirement System, Sacramento; $27.7 billion Texas County & District Retirement System, Austin; $13.6 billion Maine Public Employees Retirement System, Augusta; and the New Jersey Division on Investment, on behalf of the $75.6 billion New Jersey Pension Fund, Trenton.
Predecessor fund Onex Partners IV initially closed at $5.15 billion in 2014. Onex then increased its commitment by about $500 million, bringing the fund size to approximately $5.65 billion.
