Wow. Sad situation. Onex Partners just paused fundraising on new flagship fund. Anyone have details? Heard rumors of bleeding talent at all levels and a recent wave of cuts (to both investment and ops team).
Announced target was $8 billion and they didn’t even get to $1 billion of external capital. I know PE fundraising has been tough, but this seems really bad…
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That sounds extraordinarily bad - while this is absolutely a tough climate for fundraising, I'd have to imagine their current vintage must be doing very poorly in order to only raise < 1/8 of their target...
There's going to be a lot more of this (but likely not nearly as bad as this).
Jeez that's a rough one... hold on to your jobs tightly boys and girls, the next year or two are gonna hurt!
Been hearing rumours on the street for a few months now but did not think it was this bad. Did some reading and apparently they only raised ~$500M external capital out of the target ~$8B. Crazy stuff
Their returns are all public. Haven’t had a 1st/2nd quartile fund since 2003
Funny that at the same time, Bruce Flatt came out and said 2023 is going to be a strong year for fundraising. Man likes to project a bit but also delivers.
Curious if Onex has had any home runs lately? Don't see why you couldn't raise unless you have unhappy LPs.
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