Canadian private equity firm Onex Corp has closed an inaugural fund for opportunistic investing in collateralized loan obligations. Onex Structured Credit Opportunities Fund surpassed its $500 target, the firm said. CLO opportunities of interest will be backed principally by senior secured corporate loans in the secondary and primary markets.
TORONTO, May 05, 2022 (GLOBE NEWSWIRE) — Onex Corporation (“Onex”) (TSX: ONEX) today announced the successful fundraise of Onex Structured Credit Opportunities Fund (“OSCO”). In total, the inaugural Fund surpassed its $500 million target and received support from both existing Onex investors and new partners.
OSCO seeks to generate attractive risk-adjusted returns primarily through opportunistic investing in Collateralized Loan Obligations (CLOs), backed principally by senior secured corporate loans, in the secondary and primary markets.
“With OSCO, we continue to broaden our alternative and private credit offerings with a valuable complement to investor portfolios while leveraging our existing fundamental credit experience,” said Ronnie Jaber, Managing Director and Head of Loans & Structured Credit at Onex Credit. “We are thrilled by the support we’ve received from new and existing partners.”
Onex and its senior management team made significant commitments to the Fund, continuing the firm’s longstanding dedication to a strong alignment of interest with its investors.
Founded in 1984, Onex manages and invests capital on behalf of its shareholders, institutional investors and high net worth clients from around the world. Onex’ platforms include: Onex Partners, private equity funds focused on mid- to large-cap opportunities in North America and Western Europe; ONCAP, private equity funds focused on middle market and smaller opportunities in North America; Onex Credit, which manages primarily non-investment grade debt through tradeable, private and opportunistic credit strategies as well as actively managed public equity and public credit funds; and Gluskin Sheff’s wealth management services. In total, as of December 31, 2021, Onex has approximately $49 billion of assets under management, of which approximately $8.2 billion is its own investing capital. With offices in Toronto, New York, New Jersey, Boston and London, Onex and its experienced management teams are collectively the largest investors across Onex’ platforms.