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$470 million in eight platform operating companies and completed 44 add-on acquisitions.
ONCAP III was established in 2011 with capital commitments of C$800 million, of which C$252 million came from Onex. To date, ONCAP III has invested C$174 million in three platform operating companies and completed one add-on acquisition.
The ONCAP team has 12 professionals who are led by Michael Lay. The ONCAP team is supported by Onex' financial, legal, IR and tax professionals.