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Onex manages investment platforms focused on private equity, real estate and credit strategies. In total, the Company manages approximately $22.5 billion, of which approximately $16.5 billion is other investors' 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 other investors’ capital provides two significant benefits to Onex: (i) the Company
earns management fees on $14.8 billion of assets under management and (ii) 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 $130 million for the next 12 months. Onex does not earn any management fees on the $4.4 billion of capital it has invested or committed to the Onex Partners and ONCAP 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.


Other Investors' Capital Under Management(1)

($ millions)

Total

Change

Fee Generating

Uncalled Commitments

Funds

Dec. 31, 2015(2)

Dec. 31, 2014(2)

in Total

Dec. 31, 2015

Dec. 31, 2014

Dec. 31, 2015(2)

Dec. 31, 2014(2)

Onex Partners(3)

$9,803

$9,598

2%

$8,249

$8,523

$3,233

$4,755

ONCAP

C$1,197

C$922

30%

C$1,006

C$785

C$148

C$291

Onex Credit(4)

$5,869

$4,342

35%

$5,869

$4,342

N/A

N/A


(1) Invested amounts included in other 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.
(4) Onex obtained a controlling interest in Onex Credit in January 2015. At December 31, 2014, Onex Credit was jointly controlled by Onex. Capital under management of Onex Credit at December 31, 2015 represents 100 percent of the other investors' capital managed by Onex Credit.