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 C$500 million.
ONCAP I was launched in 1999 with C$400 million of committed capital – C$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 C$574 million of committed capital, C$252 million of which came from Onex. To date, ONCAP II has invested C$495 million in eight platform operating companies and completed 31 add-on acquisitions.
ONCAP III completed fundraising during the third quarter of 2011 with capital commitments of C$800 million, of which C$252 million came from Onex. In June 2011, ONCAP III invested C$44 million in its first operating company.
The ONCAP team has 13 investment professionals who are led by Michael Lay. The ONCAP team is supported by Onex' tax, legal and finance professionals.