The continuation fund extends Synova's ownership of specialist fund services provider DM Financial while delivering a 4.7x gross return on its original investment.
The transaction could bring Onex's 2016-vintage buyout fund above 1x DPI, with approximately $50 million in proceeds currently expected.
The transaction reportedly involves 24 loans from Ares Capital Europe IV, with existing investors receiving approximately 1.5x their initial investment.
The single-asset transaction allows the Italian manager to retain its investment in Valsa Group alongside new co-controlling shareholder PX3 Partners.
The deal provided Sumer with fresh acquisition capital and included a debt refinancing backed by Ares, BlackRock, Pemberton, and Investec.
The reported deal comes four years after IQ-EQ was transferred into a €1.3 billion CV and follows indications in January that Astorg was considering a sale.
The FTSE 250-listed private equity fund is selling partial interests in five Oakley funds at a 5.75% discount to their March 31 carrying value.
The deal allows Keyhaven to retain its investment in a luxury automotive components manufacturer following more than sevenfold EBITDA growth.
The firm's second continuation fund delivers a 9.1x gross MOIC for Equip Capital Fund I's investment.
