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(Bloomberg) — Onex Partners aims to raise $1 billion to extend its minority ownership of insurance brokerage and employer adviser OneDigital, as more private asset firms tap the booming secondaries market.
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Evercore Inc. is advising Onex on the single-asset continuation fund, according to people familiar with the matter, who asked not to be identified because the details are private.
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Onex acquired a majority stake of OneDigital in 2020, selling most of it last year to Stone Point Capital and Canada Pension Plan Investment Board in a deal that valued the firm at more than $7 billion.
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Representatives for Evercore and Onex didn’t respond to requests for comment.
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The secondaries market has boomed in recent years, as higher interest rates and economic uncertainty have kept private equity buyers on the sidelines. Last year, almost 90% of secondaries volume led by private asset managers involved continuation vehicles, which let firms roll prized or hard-to-sell assets into new funds, according to Jefferies Financial Group Inc.
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This strategy enables private asset firms to raise fresh capital from new investors and distribute cash to existing ones. While single-asset continuation vehicles accounted for the lion’s share of such transactions last year, some firms, including Onex, roll multiple holdings into new funds.
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Last month, Onex said it had raised $1.6 billion for a multi-asset continuation fund for three portfolio companies, including Fidelity Building Services Group, a major provider of HVAC and other building services, as well as claims management firm Sedgwick.
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Toronto-based Onex has been leaning into insurance as Chief Executive Officer Bobby Le Blanc works to reshape the firm’s image.
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