Acquisition of Convex
Onex has acquired a 63% stake in Convex, a leading insurance organization, reflecting a strategic move to enhance long-term shareholder value. The business has grown gross written premium by 22% annually since 2022, with profitability improving steadily.
Strategic Partnership with AIG
AIG's $2 billion commitment to Onex's private equity and credit funds is expected to contribute an incremental $15 million to $20 million of fee-related earnings, indicating strong endorsement and potential for future collaborations.
Credit Segment Outperformance
The credit segment exceeded expectations, pricing 22 CLO transactions and raising or extending $10.7 billion of fee-generating assets, with a strong FRE trajectory.
Successful Private Equity Realizations
Onex Partners announced a sale of 55% of its investment in OneDigital and a 40% premium sale of its 25% stake in WestJet, contributing to a strong DPI of 0.7x for Onex Partners V.