The asset manager earned a 3% return on its private equity portfolio in a year when the S&P 500 fell 18%
outperformed public markets in 2022, earning a 3-per-cent return on its private equity portfolio in a year when the benchmark S&P 500 index declined by 18 per cent.
On Friday, Toronto-based Onex reported a US$235-million profit in 2022, down from US$1.4-billion the previous year. In the final three months of the year, Onex earned US$435-million, compared to a US$235-million profit in the same period a year ago. In a press release, founder and chief executive Gerry Schwartz said: ““Onex made good progress in a very challenging year for the capital markets.”
Over the past decade, Onex expanded from its roots in private equity into credit markets and managing money for wealthy individuals. The company now has US$34.1-billion of assets under management, up 3 percent from 2021. Last year, Onex raised US$2.6 billion for its credit and private equity funds., with Mr. Schwartz expected to hand the CEO role to president Bobby Le Blanc at the company’s annual meeting in May, while Mr. Schwartz becomes executive chair of the company.
On Friday, Mr. Schwartz said: “We have more work ahead to deliver on our strategic goals, and the proposal to appoint Bobby Le Blanc as CEO will accelerate these plans.”
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