Onex, GIC lead investment in $1bn Convex

Convex's existing investors contributed to the round, as did several new investors led by GIC.

The capital raise includes more than $300m from Onex, including $200m from Onex Partners V. The fund closed on $7.15bn in November 2017 and was 29% deployed in August 2020.

GIC is the sovereign wealth fund of Singapore. The organisation has made several investments in 2020, including in payments company Klarna and Thyssenkrupp Elevator.

Previous funding
Convex launched in April 2019 with committed capital of $1.7bn, raised from the Convex management team, Onex Partners V, PSP Investments and a consortium of co-investors.

Company
Founded in 2019, with operations in London and Bermuda, Convex is an international speciality insurer and reinsurer.

People
GIC – Choo Yong Cheen (chief investment officer of private equity).
PSP Investments – Martin Longchamps (managing director, private equity).

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• Topics
• Expansion
• UK / Ireland
• Financials
• United Kingdom
• GIC
• Onex Partners