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 $22 billion of assets under management, including $5.9 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 500 acquisitions with a total value of approximately $59 billion. Onex has 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 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.
Onex manages its capital as well as capital entrusted to it by other investors from around the world. These investors include public and private pension funds, sovereign wealth funds, banks and insurance companies.
Other Investors Capital
At June 30, 2015, Onex' $5.9 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 six months ended June 30, 2015, Onex' capital per share increased by one percent in U.S. dollars (nine percent in Canadian dollars). In the 12-month period ended June 30, 2015, Onex' capital per share increased by four percent in U.S. dollars (21 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 2014. Year-to-date through August 12, 2015, Onex invested approximately $900 million of its cash through its private equity and credit platforms. Close
Onex manages $16.0 billion of invested and committed capital on behalf of its investors, of which 71 percent relates to private equity and the balance to credit. One of Onex' long-term goals is to grow its fee-generating capital by 10 percent per year. For the six months ended June 30, 2015, fee-generating capital under management grew by five percent to of $14.3 billion. In the 12-month period ended June 30, 2015, fee-generating capital under managment decreased by four percent. The decrease in fee-generating capital under management was due to significant realizations in the second half of 2014 which were partially offset by the completion of two CLOs by Onex Credit. The management of other investors' capital provides two significant benefits. First, Onex is entitles to receive a committed stream of annual managment fees on $14.3 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. In 2014, combined managment fees and carried interest received more than offset ongoing operating expenses. Today, Onex has run-rate management fees of $132 million for the next 12 months. Close