Onex Raises US$1.6B Continuation Fund for PowerSchool

Onex has sealed a US$1.6 billion continuation fund backed by Singapore’s GIC, Neuberger Berman, Apollo Global Management’s S3, and StepStone Group. The vehicle is designed to let Onex hold three assets for longer by moving them out of older Onex funds.

The fund shifts education technology company PowerSchool, insurance claims administrator Sedgwick, and Fidelity Building Services Group into the new vehicle. Onex received limited-partner approvals for the continuation move, and Jefferies Financial Group advised the transaction.

Onex is also refocusing on aerospace, insurance, and business services after attempts to expand into other industries weighed on performance.