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Peel and thinly slice your onions. In a large heavy-bottomed pot, add your onions along with 2 tbsp oil over medium-high heat. Stir your onions often for 5-10 minutes while the majority of the moisture escapes from your onions. Once the volume of your onions has reduced by about half, and your onions have softened, turn the heat on your pot down to low. Now you can stir every 5 minutes or so, for the next 45-60 minutes, until your onions are deep brown in colour.
While your onions are caramelizing, cut your mushrooms into equal size pieces. Nothing fancy - just roughly chopped. Pre-heat your oven to 425 degrees Fahrenheit. Pre-heat a large oven-proof sauté pan (or two, like I did) over high heat. Add your mushrooms along with 2 tbsp of neutral oil. Sauté for 1 minute, then transfer your pans to the oven. Stir your mushrooms every 5 minutes for the first 15 minutes, or until the mushrooms are nicely browned and all moisture has been released. Add your tomato paste to your mushrooms, toss to evenly coat, and roast for another 3-5 minutes, or until caramelized. Add your mushrooms to the pot along with your onions once they are ready. Deglaze your mushroom pan(s) with water and add the fond to your pot as well.