Onex Corp., Canada’s largest buyout firm, said it had raised $7.15 billion for its fifth fund, surpassing its original target of $6.5 billion.

The Toronto-based private equity firm said in a statement Onex Partners VLP drew investments from some of the largest public pension plans, sovereign wealth funds, and other institutions. Onex is the largest investor in the fund with a commitment of $2 billion.

“We’re proud to have an enviable group of sophisticated investors supporting our team and our strategy,” Emma Thompson, Onex managing director, said in a statement. “Many of our limited partners have been with us since 2003 when we raised Onex Partners I and invest across the Onex platforms, but we also have some great new investors.”

The firm said its management team has also committed $350 million to the fund. The company raised $5.7 billion for its previous fund.

Onex said it had more than $30 billion in assets under management as of the end of September, up about 30 percent from a year ago.

Source: Bloomberg

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