The Globe and Mail reports in its Saturday edition that Onex has paused fundraising for its largest private equity fund, delayed the timeline for hitting a key financial target and is hunting for places to cut costs as new chief executive officer Bobby Le Blanc crafts a turnaround plan. The Globe's James Bradshaw writes that Onex swung to a first-quarter loss as it wrote down the value of its private wealth business, and also paused fundraising for Onex Partners VI, which aims to raise billions of dollars, as limited-partner investors sit on the sidelines. Mr. Le Blanc was named CEO of Onex on Thursday as founder Gerry Schwartz steps back but stays on as the company's chair. On Friday, Mr. Le Blanc said his management group is reviewing Onex's strategic plans after shareholders "sent a clear signal that we must do more, and we must do it at an accelerated pace." Mr. Le Blanc is resetting expectations for the business as it wrestles with "challenging market conditions." He said Onex no longer expects to meet a target to generate positive fee-related earnings -- a measure of revenue earned from managing third party capital, less costs -- by 2026. Onex plans to convene an investor day this fall to outline new targets.