Onex Partners has completed a $1.6 billion multi-asset continuation vehicle (CV), transferring stakes in Fidelity Building Services Group, PowerSchool, and Sedgwick into a new fund co-led by Neuberger, GIC, Apollo S3, and StepStone. The move consolidates Onex’s prior investments from funds V, IV, and III into a single structure, signaling a strategic shift toward concentrated institutional partnerships.

The CV’s assets span industrial, education technology, and business services sectors. Fidelity Building Services operates commercial real estate portfolios, PowerSchool dominates K-12 education software, and Sedgwick specializes in claims management. By pooling these diverse holdings, Onex aims to streamline governance and unlock synergies for investors.

Global institutional investors now control the vehicle, reflecting growing demand for multi-asset strategies in volatile markets. The $1.6bn scale positions it as a key player in private equity’s 2024 landscape, where consolidation trends persist amid cautious liquidity. Analysts note the deal’s emphasis on long-term value over short-term exits.

Why this matters: The CV’s formation highlights institutional investors’ appetite for diversified, resilient portfolios. For Onex, it marks a pivot from solo fund management to collaborative structures, leveraging global capital for deeper market access. As one source stated, “This isn’t just about size—it’s about building a fortress fund for uncertain times.”