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Onex to float IPO on distressed-debt fund

Report On Business – Onex Corp. is offering retail investors a chance to put their cash beside its executives’ money in a distressed-debt fund that has recently delivered eye-popping returns.

The country’s largest private equity firm said yesterday that it plans an initial public offering of the OCP Credit Strategy Fund, which will offer individuals access to strategies that have returned 41 per cent so far this year.

The new fund is run by a team known as Onex Credit Partners, an 11-person group based in New Jersey that has managed an internal portfolio for Onex since 2001 that now holds $65-million. Backers of this fund include Onex founder and chief executive officer Gerry Schwartz and other senior Onex executives.

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