Onex Provides Fundraising Update in Q3 Earnings

Toronto-based investment manager Onex Partners reported surpassing $2B in capital commitments to date across two strategies for which it is actively fundraising, as well as returning $2.7B to LPs in the third quarter. 

While reporting third-quarter earnings on November 8, the firm said its upper-middle-market Onex Partners Opportunities Fund has raised nearly $1.2B in total commitments through the third quarter, inclusive of co-investments and the firm’s own $400M commitment. The fund took a majority interest in Fischbach in October and is set to acquire Farsound in a deal expected to close in the fourth quarter. 

Onex also said its 2023 vintage mid-market and small-cap buyout fund ONCAP V achieved over $1B in commitments to date, with $250M allotted from the firm, adding that it “continues to show positive fundraising momentum.” 

On the exits front, Onex said it completed the sales of ASM Global and Englobe in the quarter, with a partial closing on PowerSchool in October. That increased the return to investors to approximately $2.7B, including $910M returned to Onex, so far this year. Overall, the firm manages approximately $50B in AUM, including $8.5B of its own investing capital.

In the quarter, Onex generated $96M in net gains from its private equity investments, representing a 2% return, while its credit investments netted $29M in gains, representing a 3% return. Investments in the PE and credit strategies the same period last year generated net gains of $190M and $44M, respectively. 

Source: https://assets.ctfassets.net/7t3z0dozr3aq/1GRyutshaooGu23UUKX80r/477e0b331f4385bbc1fb11edfc1a0f0f/Onex_Q3_2024_Earnings_Release.pdf

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Written By: Dakota

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