Onex Shoots for $750 Million With Launch of Transportation Fund

Canadian private equity firm is targeting 12% returns
Onex paused raising for flagship fund amid tough conditions

A Boeing Co. 737-800 WestJet Airlines plane sits at a gate at Toronto Pearson International Airport in 2019. Onex bought the airline that year.Photographer: Brent Lewin/Bloomberg

Provide news feedback or report an error

Confidential tip?

Send a tip to our reporters

Site feedback:

Take our Survey

By Layan Odeh

July 19, 2023 at 10:00 AM UTC

This article is for subscribers only.

Onex Corp. is seeking $750 million for a new fund dedicated to transportation investments, people familiar with the matter said, a test of its ability to raise money in a tough climate for private equity.

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% net internal rate of return, said one person, who asked to remain anonymous due to the confidentiality of the matter.