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Assets Under Management (AUM)
Onex’ management of other investors' capital has grown significantly since 1999 when it raised its first ONCAP Fund for mid-market transactions.  In 2003, the first Onex Partners Fund was raised for larger transactions.  While Onex expects to be the largest investor in each acquisition in order to invest its own capital, the establishment of Onex Partners and ONCAP enabled Onex to efficiently pursue a larger acquisition program.  Through March 31, 2015, Onex had raised $11.8 billion of limited partners' capital through seven Onex Partners and ONCAP Funds. 

In 2007, Onex acquired a 50 percent interest in an investment advisor focused on credit investing which, at that time, managed $300 million. The business has grown considerably and Onex has increased its interest over the years.  In January 2015, Onex acquired control of the investment advisor and now has a 100 percent ownership interest for accounting purposes. Today, Onex Credit manages several investment strategies focused on a variety of event-driven, long/short, stressed and distressed opportunities including two closed-end funds listed on the Toronto Stock Exchange (TSX: OCS-UN and OSL-UN), as well as a collateralized loan obligation patform. Through March 31, 2015, Onex Credit had raised $5.1 billion of investor capital through its various strategies.

At March 31, 2015, Onex managed approximately $15.2 billion of other investors' capital, in addition to  $5.9 billion of Onex' capital. Included in the other investors' capital management by Onex is $3.3 billion of uncalled committed capital for Onex Partners IV. 

The management of other investors' capital provides two significant benefits to Onex: (i) Onex earns management fees on $13.6 billion of its other investors' assets under management and (ii) Onex has the opportunity to share in the profits of its other investors through the carried interest participation. This enables Onex to enhance the return on its investment.  In 2014, combined management fees and carried interest received more than offset ongoing operating expenses.  Onex Partners, ONCAP and Onex Credit earned a total of $99 million in management and transaction fees in 2014, and today Onex has run-rate management fees of approximately $135 million.


Other Investors' Capital Under Management(1)

($ millions)

Total

Change

Fee Generating

Uncalled Commitments

Funds

Mar. 31, 2015(2)

Dec. 31, 2014(2)

in Total

Mar. 31, 2015

Dec. 31, 2014

Mar. 31, 2015(2)

Dec. 31, 2014(2)

   Onex Partners

$10,080

$9,598

5% 

$8,606

$8,523

$4,043

$4,755

   ONCAP

C$992

C$922

8% 

C$841

C$785

C$278

C$291

   Onex Credit(3)

$4,342

$4,342

  $4,342

$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) 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 March 31, 2014 represents 100 percent of the other investors' capital managed by Onex Credit.