* To sell caravan holiday park firm to Onex Corporation
* Electra to receive around 405 mln stg from sale
* Internal rate of return on the deal around 46 pct (Adds details)
By Noor Zainab Hussain
Dec 19 (Reuters) - British buyout fund Electra Private Equity said its portfolio manager, Epiris, had agreed to sell Parkdean Resorts, an operator of caravan holiday parks, to private equity firm Onex Corporation for 1.35 billion pounds ($1.69 billion).
The deal is expected to close in the first quarter of 2017, Electra said on Monday, adding it would receive about 405 million pounds from the sale, taking its total proceeds from the investment to 515 million pounds.
This would result in a return of about 3.9 times cost, and an internal rate of return of about 46 percent.
Parkdean Resorts owns and operates 73 holiday parks across England, Scotland and Wales, selling more than 500,000 holidays and short breaks a year.
Electra is in the midst of separating from its investment management team, which renamed itself Epiris this month, as part of a major shake up. ($1 = 0.8011 pounds) (Reporting by Noor Zainab Hussain in Bengaluru; editing by Simon Jessop)