Kirkland Advises Onex on Close of $1.6 Billion Multi-Asset Continuation Vehicle

Kirkland & Ellis advised Onex Partners on the successful closing of a $1.6 billion multi-asset continuation vehicle to acquire investments in Fidelity, a provider of HVAC, building automation, emergency power, and energy solutions for commercial, industrial, mission critical and institutional markets; PowerSchool, a provider of mission critical, system-of-record software to the K-12 education market globally; and Sedgwick, a global provider of technology-enabled risk, benefits and claims administration solutions. The transaction transferred interests in the three companies from Onex Partners V, IV and III, respectively, into a newly formed vehicle led by a group of global institutional investors, including Neuberger, GIC, Apollo S3 and StepStone. The transaction provided existing limited partners with the options to receive liquidity, roll their interests into the new vehicle or maintain their existing exposure, offering a flexible outcome tailored to investor preferences.

Read the transaction press release

The Kirkland team included corporate lawyers Mark Boyagi, Patrick Vinett, Jess Lepper, David Feirstein, Maggie Flores, Nick Carreri, Wes Gangi, Nathan Howe, Ben Levine, Josh Goldberg, Daniel Grove, Christian Schweitzer, Daisy An, Polina Liebling, Sean Atkinson, Tiffany Wang, AJ Meli, Michael Gauch, Noah Spicer, Zach Durst and Javi Piñeiro; tax lawyers Sehj Vather, Justin Barbosa, Christopher Worek, Keaton Bolton, Palmer Gunderson and Taddie Larson; debt finance lawyers Jocelyn Hirsch, Stewart Ross, Michael Pfennig, Jesica Rahman and Zack Stutler; investment funds regulatory lawyers Nabil Sabki, Jina Yun and Paige Tapp; investment funds ERISA lawyer Christine Matott; antitrust & competition lawyers Edward Sharon, Joe Krisko and Jack Coles; and international trade & security lawyer Luci Hague.