What Onex Credit does

Onex Credit is the credit investment platform of Onex Corporation (TSX: ONEX), a Toronto-headquartered publicly listed alternative asset manager founded in 1984. The credit platform focuses on non-investment grade credit markets, including leveraged loans and CLOs, and was established in the 2000s with its CLO issuance program launched in 2012. Onex Credit manages approximately $32 billion in credit AUM out of Onex Corporation's $56 billion total AUM and $43 billion of fee-generating AUM, supported by 114 investment professionals firm-wide (with 51 team members in the Credit platform) across offices in Toronto, New York, New Jersey, and London. The platform is led by Ronnie Jaber, formerly Co-Head of Carlyle Structured Credit and head of the structured loan business at Morgan Stanley.

The platform offers a full credit spectrum across CLOs, structured credit, opportunistic credit, a tactical allocation program, direct lending, high yield, and senior credit. It has issued 64 total U.S. and European CLOs since 2012, operates direct lending to middle-market companies primarily in North America, and serves 1,500+ borrowers across credit strategies. Products are distributed via institutional direct sales, the Onex Investor Portal, the Onex Private Wealth platform (partnering with wealth advisory firms and technology platforms), and co-investment with strategic partners. The most recent notable platform action was joining a Blackstone-led lender consortium (with Apollo, KKR, Antares, HPS, Monroe Capital) to take ownership of Medallia and inject $150 million of new capital in June 2026.

Revenue is generated through management fees on credit AUM, supplemented by performance fees and structuring economics on CLO and direct lending activity. Client segments include public and private pension plans, sovereign wealth funds, banks, insurance companies, family offices, and high-net-worth individuals, alongside middle-market and large-cap corporate borrowers. Strategic investors include AIG, which committed $2 billion to Onex's private equity and credit strategies and holds approximately 9.9% of Onex subordinate voting shares.

Name

Onex Credit

Legal name

Onex Corporation

Website

https://onex.com

Company type

Public

Founded year

1984

Operating status

Operating

Headcount range

11–50 employees

Short description

Onex Credit is the credit investment platform of Onex Corporation, managing $32 billion across CLOs, structured credit, direct lending, opportunistic credit, high yield, and senior credit strategies for institutional and accredited investors globally.

Ownership category

akta.pro rank

Product category

Credit Asset Management

NAICS

Credit Intermediation and Related Activities (522), Activities Related to Credit Intermediation (5223)

SIC

Asset-Backed Securities (6189)

akta.pro primary industry

Structured Credit (CDO/CLO Tranches, Credit Opportunities) (FSAAAHAH)

akta.pro secondary industry

Structured Credit Distressed (CLO/ABS/RMBS/CMBS) Funds (FSANAKAJ)

Keywords

• Credit asset management
• Collateralized loan obligations
• Private credit strategies
• Direct lending solutions
• Alternative credit funds

Headquarters

HQ city

Englewood

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Credit Asset Management Fees: Onex generates management fees on $32 billion of credit assets under management, with $43 billion of total fee-generating AUM across all platforms. Fees are charged to institutional and individual investors in credit funds and strategies.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Onex Credit is the credit investment platform of Onex Corporation, managing approximately $32 billion in credit assets through a multi-strategy approach. It offers CLOs, structured credit, opportunistic credit, direct lending, high yield, senior credit, and a tactical allocation program for institutional investors, qualified individuals, and middle-market borrowers.

Product overview

Onex Credit is the credit investment platform of Onex Corporation, offering a comprehensive suite of credit strategies designed for institutional and qualified investors. The platform operates as a multi-strategy credit manager providing both liquid and private credit solutions. The product portfolio includes CLOs (collateralized loan obligations), Structured Credit, Opportunistic Credit, Tactical Allocation Program, Direct Lending, High Yield, and Senior Credit strategies. These strategies span from middle-market to large-cap businesses and offer solutions across the credit quality spectrum, from investment grade to non-investment grade, with emphasis on downside protection and upside participation.

Differentiator

Problem solved

Functional benefit

Brands

• Onex Partners: Upper mid-market private equity focused on control equity investments of $200 million+ in North America and Europe, specializing in Aerospace & Aviation, Business Services, Financial Services, and Packaging & Industrials sectors
• ONCAP
• Onex Credit
• Convex
• Onex Private Wealth

Products and services

• CLOs (Collateralized Loan Obligations) Collateralized loan obligation vehicles backed by actively managed, diversified portfolios of senior secured corporate loans in the U.S. and Europe, offering different risk-reward profiles by rated tranche or via junior tranches and equity.
• Structured Credit A strategy that seeks attractive risk-adjusted total returns by investing in diversified portfolios of CLOs backed by senior secured corporate loans, focusing on equity and non-investment grade tranches in U.S. and European markets.
• Opportunistic Credit An unconstrained strategy that shifts between private and public secondary market opportunities, not limited by ratings, asset class or liquidity. Employs an active approach seeking downside protection, upside optionality, and identifiable value delivery paths.
• Tactical Allocation Program
• Direct Lending Provides access to private first lien senior secured loans made to middle-market companies primarily in North America. Seeks to deliver high current income while preserving principal through downside protections and high-quality credit selection.
• High Yield A long-only credit strategy focused primarily on below investment grade corporate bonds. Seeks to generate attractive risk-adjusted returns through a full credit cycle while preserving capital by avoiding credit defaults.
• Senior Credit A long-only senior secured debt strategy focused on broadly syndicated loans. Employs fundamental, bottom-up credit selection designed to deliver high income while minimizing credit default loss and interest rate risks.

Quantifiable outcome

• 2.5x average gross multiple of capital invested and 27% gross IRR from private equity activities since inception
• +2 more outcomes

Named customers1 record

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Three partnerships are on record, tiered major and core.

• Griffon CorporationmajorStrategic or Co-development Partner · 1 January 2026ONCAP and Griffon Corporation formed Veritage Brands through a joint venture of Bellota Tools, Corona, and Burgon & Ball (formerly Venanpri subsidiaries) and Griffon's AMES Companies businesses. ONCAP affiliates hold 57% equity interest, Griffon holds 43%.
• Venanpri GroupmajorStrategic or Co-development Partner · 1 January 2026Venanpri Group is majority-owned by ONCAP and holds 57% equity in Veritage Brands joint venture with Griffon Corporation. Includes leading professional and consumer brands including AMES, Bellota, Burgon & Ball, ClosetMaid, Corona, Garant, Razor-Back, and True Temper.
• ConvexcoreStrategic or Co-development Partner · 1 January 2019Convex is a specialty insurer and reinsurer founded in 2019 by Stephen Catlin and Paul Brand in partnership with Onex. Onex holds a 63% equity stake. Convex is a core growth platform for Onex with operations in London, Bermuda, Europe, and a managing general underwriter in the U.S.

Scale indicators16 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Ares Management: Ares is one of the largest credit-focused alternative asset managers globally with deep CLO, direct lending, and structured credit strategies. Highly comparable to Onex Credit as a multi-strategy credit platform competing for institutional capital and middle-market borrowers.

Broad incumbents

• Apollo Global Management: Apollo operates a massive credit franchise spanning CLOs, direct lending (Athene/MidCap), structured credit, and opportunistic credit, with significantly larger AUM than Onex Credit. Co-participated in the Medallia restructuring with Onex Credit.
• KKR:

Market position

Strengths5 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/onex-credit-partners

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

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

M&A1 record

Investments3 records

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

Frequently asked questions about Onex Credit