Onex Partners wants to raise $1 billion to keep its grip on OneDigital for longer, underscoring how private capital firms now use the secondaries market to hold onto prized assets instead of selling them outright.

The plan centers on OneDigital, an insurance brokerage and employer adviser that still offers Onex a reason to stay invested. Reports indicate the firm aims to extend its minority ownership rather than pursue a full exit now. That strategy reflects a broader shift across private markets, where managers seek fresh capital structures that let them return money to some investors while preserving exposure to businesses they still back.

Private equity firms increasingly use secondaries not as an escape hatch, but as a way to keep winning assets on the books longer.

The timing matters. Secondaries have surged as dealmaking stays uneven and traditional exits remain harder to execute at attractive prices. In that environment, firms with coveted holdings can turn to continuation-style transactions and other secondary-market tools to buy time, manage investor liquidity, and avoid selling under pressure. Sources suggest Onex sees OneDigital as the kind of asset worth extending rather than monetizing immediately.

Key Facts

  • Onex Partners aims to raise $1 billion.
  • The capital would help extend Onex's minority ownership in OneDigital.
  • OneDigital operates as an insurance brokerage and employer adviser.
  • The move reflects rising use of the secondaries market by private asset firms.

The deal also highlights a deeper change in private equity playbooks. Firms once relied on a straightforward cycle: buy, improve, sell. Now they often face a more complicated market, where buyers hesitate, financing costs bite, and prized assets command patience. Secondaries give managers another route — one that can satisfy investors seeking liquidity without forcing a clean break from companies they still expect to grow.

What happens next will say a lot about the market's appetite for these structures. If Onex secures the capital, it will reinforce the idea that secondaries have become a core financing tool, not a niche workaround. For investors and dealmakers alike, the message is clear: in today's private markets, holding longer can be just as strategic as selling.