Onex Corp
F:ONE
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Onex Corp
F:ONE
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Onex Corp
Onex Corp is an investment company that buys, builds, and manages businesses through two main activities: private equity and asset management. In its own portfolio, it uses its capital to acquire companies, improve them, and later sell them. Through its asset management arm, it raises money from outside investors and manages that money in private equity and credit strategies. Its customers are mainly institutional investors such as pension funds, insurance companies, endowments, and wealthy individuals who want access to private markets. Onex makes money in two ways: it earns management and performance fees from money it manages for clients, and it also tries to generate investment gains from the companies it owns directly. That mix gives it both a fee-based business and a principal investing business. What makes Onex different is that it is both an investor and a manager of other people’s capital. That means it can earn steady fee income while also taking ownership stakes in businesses across industries. For beginner investors, the key idea is that Onex sits in the middle of the private capital world, finding companies to own and running investment funds for clients who want exposure to private assets.
Onex Corp is an investment company that buys, builds, and manages businesses through two main activities: private equity and asset management. In its own portfolio, it uses its capital to acquire companies, improve them, and later sell them. Through its asset management arm, it raises money from outside investors and manages that money in private equity and credit strategies.
Its customers are mainly institutional investors such as pension funds, insurance companies, endowments, and wealthy individuals who want access to private markets. Onex makes money in two ways: it earns management and performance fees from money it manages for clients, and it also tries to generate investment gains from the companies it owns directly. That mix gives it both a fee-based business and a principal investing business.
What makes Onex different is that it is both an investor and a manager of other people’s capital. That means it can earn steady fee income while also taking ownership stakes in businesses across industries. For beginner investors, the key idea is that Onex sits in the middle of the private capital world, finding companies to own and running investment funds for clients who want exposure to private assets.
Solid quarter: Onex said it delivered a solid first quarter despite a challenging market backdrop, with Convex and asset management both showing positive momentum.
Convex strength: Convex posted stronger underwriting, profitability and ROE, with gross premiums written up 5% year over year, or 8% excluding unusually high reinstatement premiums in Q1 2025.
Market softness: Convex said insurance pricing softened, with year-to-date rates down 4%, concentrated in short-tail property lines, though some regions and casualty classes saw increases.
Asset management: Fee-generating AUM rose to $42.8 billion, but FRE was still near breakeven and management said improvement will be back-half weighted as fundraising ramps.
Capital return: Onex highlighted continued realizations in private equity, including a $1.6 billion continuation fund and the announced Emerald sale, and said more NAV loan paydown could bring buybacks back into the conversation.
AIG partnership: Management emphasized the strategic value of AIG’s 9.9% stake and $2 billion commitment to Onex asset management strategies, which it expects to support future FRE and shareholder value.
