Onex Seals $1.6 Billion Continuation Fund, Eyes Expansion

Onex Corp. collected $1.6 billion for a deal that will let it hold on to three assets for longer as the firm prepares for its next round of fundraising.

Neuberger Berman, Apollo Global Management’s S3, Singapore’s GIC Pte and StepStone Group are backing the so-called continuation fund, according to people with knowledge of the matter. The deal is being done by Onex Partners, one of the firm’s private equity strategies.