Onex is trying to raise US$750 million for a new transportation fund, testing its abilities in a tough climate for private equity Read on.
The Toronto-based firm has hired eight people for the fund, led by Wes Dick, a former senior executive at aircraft leasing firm BBAM LLC. Onex is targeting a 12 per cent net internal rate of return, said one person, who asked to remain anonymous due to the confidentiality of the matter.The fund size may change depending on investor demand, said another person. A spokesperson for Onex declined to comment.
The buyout industry is contending with the toughest funding environment since the 2008 financial crisis, partly because of the spike in interest rates and banks’ reluctance to lend. Apollo Global Management Inc. dialed back its fundraising goals for its flagship private equity fund, and Cinven Ltd. has extended the deadline for its eighth flagship fund, Bloomberg News previously reported.
The transportation fund gives the firm a chance to tout its long history in the sector. One of founder Gerry Schwartz’s most famous takeover plays came in 1999, when he tried to consolidate the country’s airline industry by forcing Air Canada together with financially struggling Canadian Airlines.
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