ONCAP II LP

ONCAP II LP is the second fund raised by ONCAP, the lower mid-market private equity platform of Onex Corporation (TSX: ONEX). Closed in May 2006 with C$574 million in total commitments, the fund invested in eight North American mid-market platform companies and completed 97 add-on acquisitions over its investment period. ONCAP II targeted equity investments of C$20 million to C$100 million in Canadian and U.S. businesses across sectors including financial education, automotive aftermarket, automotive services, sports goods distribution, and consumer services. The fund is fully realized and has returned capital to its limited partners. Notable realized investments include CSI Global Education, sold to Moody's Corporation in 2010 for total proceeds of $146 million (5.8x MOIC, 57% gross IRR), Mister Car Wash, acquired in 2007 and sold in 2014 generating net proceeds of $423 million against a $52 million original investment, and Caliber Collision Centers, sold to OMERS Private Equity in 2013. ONCAP's investment philosophy throughout this fund emphasized organic growth combined with M&A-led add-on acquisition strategies, partnering with management teams to build market-leading businesses without relying on financial engineering or excessive leverage. With 39 employees managing $3.5 billion in AUM across offices in Toronto and New York, ONCAP has built a 26-year track record of 38 platform investments and over 200 add-on acquisitions with no capital impairment on any realized investment. ONCAP II established the platform-building model at scale and built the track record that enabled subsequent larger fund raises, including ONCAP III (C$800M, 2011), ONCAP IV (US$1.1B, 2016), and ONCAP V (US$1.3B, 2025).