The following is a summary of the Onex Corporation (ONEXF) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Onex reported a solid Q3 with positive financial results, highlighted by the return of investing capital per share of 3% for the quarter and 9% over the last 12 months.

• They ended the quarter with an increase in fee-generating AUM by 22%, totaling over $34 billion.

• Earnings from private equity generated a $96 million net gain, reflecting a 2% return for the quarter.

• The company also successfully completed significant realizations totaling $640 million in net proceeds to Onex from various transactions.

Business Progress:

• The company emphasized strategic capital allocation and executed substantial issuer and normal course issuer buybacks, enhancing shareholder value.

• Onex continued to achieve strong performance in its structured credit business, becoming a top global CLO issuer.

• They have made progress with new investments including Fischbach and Farsound, and notable exits like ASM and Englobe demonstrating robust investment and realization activities.

Opportunities:

• Onex's structured credit business continues to expand robustly, indicating a strong market demand and effective management.

• The firm's continued focus on priority sectors and targeted investments offers the potential for significant growth and value creation.

Risks:

• The private equity industry faces challenges in realizations, indicating potential hurdles in achieving liquidity from portfolio assets.

More details: ONEX CORP IR

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