ICG has again backed Onex’s Ryan in a CV-on-CV process involving a tax services provider. This marks the second time ICG supports the continuation vehicle led by Onex.

The process follows a similar transaction three years prior, when Onex moved the tax services provider into a single‑asset continuation fund. That earlier deal set the precedent for the current CV‑on‑CV structure.

In a CV‑on‑CV deal, the general partner rolls an existing portfolio company into a new continuation vehicle, often attracting fresh LP capital while maintaining existing ownership. ICG’s renewed commitment signals confidence in the asset’s performance and the GP’s strategy.

Industry observers note that such repeat backing highlights the growing appetite for continuation vehicles in the secondaries market, especially for stable cash‑flow businesses like tax services. The deal underscores how GPs and LPs collaborate to extend investment horizons beyond traditional fund lives.