Onex Partners is seeking to raise $1 billion to extend its minority stake in OneDigital, the insurance brokerage and employer services provider. The move reflects growing activity in the private equity secondaries market as firms reposition portfolios amid changing market conditions.

OneDigital operates as an insurance brokerage and adviser to employers, representing a valuable asset in the insurance services sector. By extending ownership, Onex aims to preserve its stake in what appears to be a profitable holding despite pressures that might typically force earlier exits from such investments.

The fundraising effort underscores how private equity firms are adapting to market dynamics by extending holding periods and maintaining strategic positions. This approach allows Onex to potentially realize greater value from OneDigital as the insurance services sector continues its evolution.