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 ("CLOs") and other credit securities. The Company has approximately $22.7 billion of assets under management, including $6.0 billion of Onex' capital. Onex is guided by an ownership culture focused on achieving strong absolute growth, with an emphasis on capital preservation.
We have built more than 85 operating businesses, completing about 525 acquisitions with a total value of approximately $61 billion. In private equity, Onex has generated a gross multiple of capital invested of 2.8 times since inception, resulting in a 28 percent gross IRR on realized, substantially realized and publicly traded investments. Our credit business has grown considerably since 2007, driven primarily by the success of 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.
Fund Investor Capital
At March 31, 2016, Onex' 6.0 billion of capital 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 year, and to have that growth reflected in its share price. For the three months ended March 31, 2016, Onex’ capital per share increased by 2 percent in U.S. dollars (decreased by 4 percent in Canadian dollars) and our share price fell by 1 percent in U.S. dollars (7 percent in Canadian dollars). For the 12 months ended March 31, 2016, Onex capital per share increased by 5 percent in U.S. dollars (8 percent in Canadian dollars) and our share price grew by 5 percent in U.S. dollars (8 percent in Canadian dollars) and our share price grew by 5 percent in U.S. dollars (8 percent in Canadian dollars). Over the past five years, Onex’ capital per share increased by 9 percent per year in U.S. dollars (16 percent per year in Canadian dollars). Close
Onex manages $16.7 billion of invested and committed capital on behalf of investors from around the world, including public and private pension funds, sovereign wealth funds, banks and insurance companies. One of Onex’ long-term goals is to grow its fee-generating capital by 10 percent per year. The management of fund investor capital provides two significant benefits to Onex. First, Onex is entitled to receive a committed stream of annual management fees on $15.0 billion of assets under management. Second, Onex has the opportunity to share in its investors’ profits through the carried interest participation. Carried interest, if realized, can significantly enhance Onex’ investment returns. For the three and 12 months ended March 31, 2016, fee-generating capital under management grew by 1 percent and 10 percent, respectively, to $15.0 billion. Over the past five years, fee-generating capital under management increased by 11 percent per year. In 2015, combined management fees and carried interest received more than offset ongoing operating expenses. Today, Onex has run-rate management fees of $131 million for the next 12 months, consisting of $95 million from its private equity platforms and $36 million from Onex Credit. Close