More than 30 Years of Successful Investing
Founded in 1984, Onex is one of the oldest and most successful private equity firms. Through its Onex Partners and ONCAP private equity funds, Onex acquires and builds high-quality businesses in partnership with talented management teams. At Onex Credit, Onex manages and invests in leveraged loans, collateralized loan obligations and other credit securities. The Company has approximately $20.7 billion of assets under management, including $6.0 billion of Onex capital. The Company is guided by an ownership culture focused on achieving strong absolute growth, with an emphasis on capital preservation.
In private equity, Onex has built more than 80 operating businesses, completing approximately 480 acquisitions with a total value of approximately $53 billion. Onex' investment returns have generated a gross multiple of capital invested of 3.0 times from its core private equity activities since inception, resulting in a 28 percent gross compound IRR on realized, substantially realized and publicly traded investments. Our credit business has grown considerably since 2007, driven primarily by our success with our CLO platform. With an experienced management team, significant financial resources and no debt at the parent company, Onex is well-positioned to continue building our businesses.
Onex manages its capital as well as capital entrusted to it by other investors from around the world. These include public and private pension funds, sovereign wealth funds, banks and insurance companies.
Other Investors Capital
Onex' capital of $6.0 billion at December 31, 2014 was primarily invested in or committed to its two private equity platforms -- Onex Partners (for larger transactions) and ONCAP (for mid-market transactions) -- and its credit platform, Onex Credit. One of Onex' long-term goals is to grow its capital per share by 15 percent per annum, and to have that growth reflected in its share price. In the year ended December 31, 2014, Onex' capital per share grew by 6 percent in U.S. dollars (16 percent in Canadian dollars) and our share price grew by 8 percent in U.S. dollars (18 percent in Canadian dollars) The growth in Onex' capital was impacted by a significant portion of Onex' capital being held in cash and near-cash items due to significant realizations in the past 12 months. Close
In addition to the management of Onex’ capital, Onex is entrusted with capital from institutional investors around the world. The Company currently manages $14.7 billion of invested and committed capital on behalf of its investors, of which 71 percent relates to its private equity platforms and the balance to Onex Credit. One of Onex' long-term goals is to grow its fee-generating capital by 10 percent per annum. In the year ended December 31, 2014, fee-generating capital under management grew by 13 percent driven by our success in raising Onex Partners IV and several CLO issuances. The management of this capital provides two significant benefits to Onex. First, Onex is entitled to receive a committed stream of annual management fees on $13.5 billion of other investors’ assets under management. Second, Onex has the opportunity to share in the profits of its investors through the carried interest participation. Carried interest, if realized, can significantly enhance Onex’ investment returns. In 2014, combined management fees and carried interest received more than offset ongoing operating expenses. Close