ONCAP V LP

ONCAP V LP is the fifth and most recently closed fund raised by ONCAP, the dedicated lower mid-market private equity platform of Onex Corporation (TSX: ONEX). The fund held its final close on April 7, 2025, raising US$1.3 billion in total commitments including US$250 million from Onex Corporation as the largest limited partner. ONCAP V exceeded its predecessor ONCAP IV in both total commitments and third-party LP capital, with third-party investor commitments increasing by more than 50% versus ONCAP IV and welcoming many new investors to the platform. The fund held an initial close in December 2022 at approximately US$360 million. Latham & Watkins served as legal counsel for the fund formation. ONCAP V targets equity investments of US$20 million to US$250 million in North American lower mid-market businesses across three core verticals: Consumer, Industrials, and Services, with specific sector emphasis on multi-location consumer services, automotive aftermarket, health and wellness, engineered products and materials, education, facility services, and tech-enabled services. As of the final close announcement, the fund had completed six platform company acquisitions and two add-on acquisitions, with approximately 40% of capital deployed. The ONCAP platform manages US$3.5 billion in AUM across its fund family through 39 employees in Toronto and New York, with a 26-year track record of 38 platform investments and over 200 add-on acquisitions without a single capital impairment on any realized investment. In 2024 alone, ONCAP returned over US$530 million to LP investors across all funds, representing more than 20% of total ONCAP NAV at the time.