Onex Capital Raises $1.1B for Fourth ONCAP PE Fund

Nov 10 2016 | 12:16am ET

Canadian private equity company Onex Corp has raised $1.1 billion in capital commitments for its fourth mid-market buyout fund. 

The new fund, named ONCAP IV, enjoyed significant demand from existing limited partners and new investors, the company said, and closed in just over two months. In addition to a meaningful commitment from the ONCAP and Onex teams, Onex is also the largest LP in the new fund, with a $480 million commitment.

“Our team-based approach to investing and our strategy to partner with outstanding management teams has enabled us to build great companies and generate attractive returns,” said Michael Lay, managing partner of ONCAP. “We look forward to continuing to pursue this strategy for ONCAP IV.”

In its 16-year history, Onex’s ONCAP platform has generated a gross IRR of 43% and a gross multiple of 5.2 times capital invested from realized and substantially realized investments, the company added.  The platform has made 21 investments and completed more than 110 add-on acquisitions.

Founded in 1983 by Gerry Schwartz, Onex is one of the oldest and most successful private equity firms in the world. Through its Onex Partners and ONCAP private equity funds, the company acquires and builds high-quality businesses, while Onex Credit manages and invests in leveraged loans, collateralized loan obligations and other credit securities. 

The company has approximately $23 billion of assets under management, including $6 billion of Onex proprietary capital, in private equity and credit securities. The firm invests alongside its fund investors and is the largest limited partner in each of its private equity funds.

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