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Onex, Canada’s largest buyout firm, is planning a new credit platform its CEO, Gerry Schwartz (pictured), hopes will reach as much as $10B. That’s the size Onex’s collateralized loan obligation (CLO) business targets for the end of next year, but the new platform will be a direct lending credit fund and is expected to launch in Q2, Bloomberg reports.
Onex’s credit portfolio currently has $6.6B in assets under management among total assets of $22B. The company also just completed its 10th CLO offering for $512M in October. But future offerings may be more limited. Onex says the credit market essentially shut down after the fall in energy prices. [Bloomberg]
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