ONCAP IV LP

ONCAP IV LP is the fourth fund raised by ONCAP, Onex Corporation's dedicated lower mid-market private equity platform. The fund held a single closing on November 8, 2016, raising US$1.1 billion — approximately C$1.47 billion at the time — with Onex Corporation committing US$480 million as the largest limited partner. The fund was oversubscribed and raised in approximately two months, reflecting significant demand from both existing and new limited partners. ONCAP IV is approximately 40% larger than its predecessor ONCAP III (C$800 million, raised 2011). The fund targets equity investments of US$20 million to US$200 million in North American lower mid-market businesses across three core verticals: Consumer, Industrials, and Services, with emphasis on multi-location consumer services, automotive aftermarket, health and wellness, engineered products and materials, education, facility services, and tech-enabled services. The fund has made 13 platform investments and over 53 add-on acquisitions, with notable portfolio companies including Mavis Discount Tire, Ideal Dental Management Partners (invested July 2022), Merrithew (recreational fitness equipment), and Komar Industries. ONCAP IV's investment philosophy emphasizes partnering with management teams to drive revenue and EBITDA growth without relying on financial engineering or excessive leverage. At the time of the fund's close, the ONCAP platform had generated 43% gross IRR and 5.2x gross MOIC on realized and substantially realized investments across prior funds, underpinning strong LP confidence in the platform.