The ONCAP funds focus on value-oriented, private equity opportunities in medium-sized businesses located in North America. Investments typically have an enterprise value of up to $500 million.
ONCAP I was launched in 1999 with $400 million of committed capital – $120 million from Onex – and invested in six platform operating companies and completed 16 add-on acquisitions. The fund achieved a 43% IRR and returned 4.1x its invested capital when it was fully realized in 2007.
ONCAP II was established in 2005 with $574 million of committed capital, $252 million of which came from Onex. To date, ONCAP II has invested $265 million in five platform operating companies and completed 15 add-on acquisitions.
The ONCAP team has 9 investment professionals who are led by Michael Lay. The ONCAP team is supported by Onex' tax, legal and finance professionals.