ONCAP Management Partners L.P. has reportedly held second close for its fifth flagship fund, ONCAP V.
ONCAP is the middle market private equity platform of Onex Corporation (TSX: ONEX).
Formed in October 2022, ONCAP reportedly held an initial close in December 2022 with US $360 million commitments, including US $250 million from Onex.
ONCAP V is reportedly seeking US $1.5 billion for the fund. ONCAP IV, a 2016-vintage fund, final closed at US $1.09 billion in November 2016.
ONCAP V will be led by ONCAP Managing Partner Michael Lay and David Copeland who is Managing Director of Finance at Onex.
In partnership with operating company management teams, ONCAP invests in and builds value in North American headquartered small and medium-sized businesses with scalable, sustainable competitive positions.
photo credit: ONCAP, Michael Lay