Onex

What Onex does

Onex Corporation (TSX:ONEX) is a Toronto-headquartered public alternative asset manager founded in 1984 and listed on the Toronto Stock Exchange since 1987. The firm invests and manages capital on behalf of its shareholders and institutional investors across five distinct platforms: Onex Partners (upper mid-market buyouts with equity investments of $200 million and above, focused on Aerospace & Aviation, Business Services, Financial Services and Packaging & Industrials); ONCAP (lower mid-market North American private equity with equity tickets of $20 million to $250 million in Consumer, Industrials and Services); Onex Credit (a credit strategies platform spanning CLOs, structured credit, opportunistic credit, tactical allocation and direct lending); Convex (a 63%-owned specialty property & casualty insurer and reinsurer acquired in February 2026 in partnership with AIG); and Onex Private Wealth (Canadian wealth management mutual funds and private fund strategies).

Onex generates revenue through three streams: recurring asset management fees on approximately $43 billion of fee-generating AUM within $56 billion of total AUM, performance fees and carried interest on private equity and credit fund investments when returns exceed specified thresholds, and insurance underwriting premiums and investment income from its Convex subsidiary (which wrote $6.0 billion in gross premiums on a Q1 2026 LTM basis at a 23% CAGR since 2022). The firm has completed 131 platform investments and over 900 add-on acquisitions totaling more than $120 billion in enterprise value since inception, generating a 2.5x average gross MOIC and 27% gross IRR on realized, substantially realized and publicly traded investments.

Onex sells its investment products through direct institutional sales and a dedicated Client & Product Solutions team, targeting public and corporate pension plans, sovereign wealth funds, banks, insurance companies, family offices and high-net-worth individuals. The firm employs approximately 114 investment professionals across offices in Toronto, New York, New Jersey and London, with average senior professional tenure of 21 years at Onex Partners. In October 2025, AIG acquired a 9.9% stake in Onex and committed $2 billion to Onex-managed strategies over three years, creating a strategic distribution and capital partnership.

Name

Onex

Legal name

Onex Corporation

Website

https://onex.com

Company type

Public

Founded year

1984

Operating status

Operating

Headcount range

251–500 employees

Short description

Onex Corporation is a Toronto-based public alternative asset manager operating five platforms — Onex Partners, ONCAP, Onex Credit, Convex insurance, and Onex Private Wealth — managing $56 billion in AUM for institutional investors through private equity, credit, and insurance strategies.

Ownership category

akta.pro rank

Product category

Alternative Asset Management

NAICS

Portfolio Management and Investment Advice (523940), Finance and Insurance (52), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)

SIC

Investment Advice (6282)

akta.pro primary industry

Managed Platforms & Wrap Programs for Private Clients (Model Portfolios, UMA/SMAs) (FSAAABAM)

Keywords

• Private equity
• Alternative asset management
• Credit strategies
• Specialty insurance
• Wealth management

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Asset Management Fees: Onex generates management fees from its approximately $56 billion in assets under management across private equity, credit, and wealth strategies platforms. Fees are charged to institutional clients including pension plans, sovereign wealth funds, and family offices.
2. Performance Fees and Carried Interest: The firm earns performance-based fees and carried interest from its private equity and credit fund investments when returns exceed specified thresholds, aligning manager and investor interests.
3. Insurance Underwriting (Convex): Through its 63% owned Convex subsidiary, Onex generates underwriting revenue from specialty property and casualty insurance and reinsurance operations in London, Bermuda, Europe and the United States.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Onex is an alternative asset management firm that invests and manages capital on behalf of shareholders and institutional investors across multiple platforms: Onex Partners (upper mid-market private equity), ONCAP (lower mid-market private equity), Onex Credit (CLOs, direct lending, opportunistic and structured credit), Convex (specialty property and casualty insurance and reinsurance), and Onex Private Wealth (Canadian mutual funds and private fund strategies).

Product overview

Onex is an alternative asset management firm offering multiple distinct investment platforms rather than a unified software product. The company operates through five primary platforms: Onex Partners (upper mid-market private equity with $200M+ investments in Aerospace, Business Services, Financial Services, and Packaging sectors), ONCAP (lower mid-market private equity with $20M-$250M investments in Consumer, Industrials, and Services), Onex Credit (credit strategies including CLOs, direct lending, and opportunistic credit), Convex (63%-owned specialty insurance and reinsurance business), and Onex Private Wealth (wealth management strategies for Canadian investors including private funds and mutual funds). These platforms collectively manage approximately $56 billion in assets under management across private equity, credit, and wealth strategies.

Differentiator

Problem solved

Functional benefit

Products and services

• Onex Partners Upper mid-market private equity buyout platform focused on control equity investments of $200 million or more in North America and Europe, specializing in Aerospace & Aviation, Business Services, Financial Services, and Packaging & Industrials sectors. Targeted at institutional limited partners.
• ONCAP Lower mid-market private equity platform targeting equity investments from $20 million to $250 million in North American firms, specializing in Consumer, Industrials, and Services sectors.
• Onex Credit Credit investment platform providing complete, bespoke capital solutions including CLOs, Structured Credit, Opportunistic Credit, Tactical Allocation, and Direct Lending strategies, with a focus on downside protection and upside participation.
• Convex Specialty insurer and reinsurer focused on underwriting complex specialty risks across diverse business lines, with operations in London, Bermuda, Europe and managing general underwriter in the United States. Generates $6.0 billion in gross premiums written.
• Onex Private Wealth

Quantifiable outcome

• 2.5x average gross multiple of capital invested in private equity since inception
• +4 more outcomes

Named customers8 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Griffon CorporationmajorStrategic or Co-development Partner · 10 June 2026ONCAP and Griffon Corporation formed Veritage Brands joint venture combining hand tools, home organization and lawn/garden businesses. Venanpri (ONCAP portfolio) holds 57% and Griffon holds 43% equity in the combined entity.

Scale indicators12 records

Recent moves11 records

Expansion highlights6 records

Direct peers

• Brookfield Asset Management: Toronto-headquartered alternative asset manager with comparable multi-platform structure spanning private equity, credit, real assets and insurance. Closest geographic and strategic analog to Onex given shared Canadian domicile and broad alternatives mandate.
• Apollo Global Management: Alternative asset manager combining private equity, credit, and a large insurance balance sheet via Athene. Highly comparable to Onex's PE + Onex Credit + Convex structure, especially post-Onex's Convex/AIG insurance build-out.
• Carlyle Group: US-headquartered alternative asset manager offering private equity, credit and real assets across mid-market and large-cap. Closely comparable to Onex in fund structure, sector specialization, and LP base composition.
• Ares Management: Credit-led alternative asset manager with significant direct lending, CLO and private equity capabilities. Closely comparable to Onex Credit's structured/direct lending model and Onex Partners' lower-mid-market PE strategy.
• TPG Inc. Alternative asset manager with private equity, credit and capital solutions platforms. Comparable scale and strategy mix to Onex, including publicly listed structure (NASDAQ:TPG) and similar institutional LP focus.
• Bain Capital: Private alternative asset manager offering PE, credit, real estate and special situations. Closely comparable to Onex in mid-to-large market PE focus and sector-specialized investing approach.
• Stone Point Capital: Private equity firm specializing in financial services investments. Highly comparable as a co-investor with Onex Partners in OneDigital, and thematically aligned given Onex's recent Convex and Accredited (insurance) acquisitions.

Broad incumbents

• KKR & Co. Global alternatives platform spanning PE, credit, real estate, infrastructure and insurance (Global Atlantic). Operates at materially larger AUM scale than Onex but with a directly comparable multi-strategy alternatives model.
• Blackstone: Largest global alternative asset manager. Comparable multi-strategy structure (PE, credit, insurance via Corebridge/Resolution Life partnerships), but at several multiples of Onex's scale; relevant for benchmarking rather than direct head-to-head deal competition.

Regional players

• Power Corporation of Canada: Canadian diversified financial services holding company with wealth/asset management, insurance and investment operations. Relevant as a Canadian-headquartered peer for Onex's wealth strategies and Convex insurance exposure, though operating model differs.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/onex

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries13 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A63 records

Investments24 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Onex