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Onex manages investment platforms focused on private equity, real estate and credit strategies. In total, the Company manages approximately $22.7 billion, of which approximately $16.7 billion is Fund investor capital. As well, Onex invests its own capital directly through its investing platforms and as a substantial limited partner in its private equity Funds.

The management of Fund investor capital provides two significant benefits to Onex. First Onex is entitles to receive a committed stream of annyal management fees on $15.0 billion of assets under management.  Second, Onex has the opportunity to share in the profits of its investors through the carried interest and incentive fee participation. This enables Onex to enhance the return from its investment activities. In 2015, combined management fees, carried interest and incentive fees received more than offset ongoing operating expenses. Onex Partners, ONCAP and Onex Credit earned a total of $141 million in management and transaction fees in 2015, and today Onex has run-rate management fees of approximately $131 million for the next 12 months. Onex does not earn any management fees on the $4.5 billion of capital it has invested or committed to its private equity Funds. The additional run-rate fees that would be earned on this capital if it were subject to the same management fees as other investors is $35 million.


Fund Investor Capital Under Management(1)

($ millions)

Total

Change

Fee Generating

Uncalled Commitments

Funds

Mar. 31, 2016(2)

Dec. 31, 2015(2)

in Total

Mar. 31, 2016

Dec. 31, 2015

Mar. 31, 2016(2)

Dec. 31, 2015(2)

Onex Partners(3)

$9,958

$9,803

2%

$8,360

$8,249

$3,284

$3,233

ONCAP

C$1,183

C$1,197

(1)%

C$991

C$1,006

C$148

C$148

Onex Credit(4)

$5,833

$5,869

(1)%

$5,833

$5,869

N/A

N/A


(1) Invested amounts included in Fund investors capital under management are presented at fair value.
(2) Includes committed amounts from the management of Onex and ONCAP and directors based on the assumption that all of the remaining limited partners’ commitments are invested.
(3) The principal repayments of the promissory note by Jack’s increased the uncalled commitments for Onex Partners Funds.