WEST PALM BEACH, FL (HEDGECO.NET) – The Canadian based Onex Corporation released a statement announcing the closing of its hedge fund, the Onex PartnersLLP, as assets in the fund reached US$165billion. Investors in the Onex fund include public and private pension funds, banks, insurance establishments, and other investors from around the world.
Onex Corporation also committed US$400 million of its assets into the portfolio as a limited partner. The release further stated that Onex principals have made a 1% ($22 million) capital commitment to the Fund and may also provide up to an additional 3% of the total capital invested by the Fund.
According to the released statement, the Onex hedge fund was established to sponsor future Onex endeavors and is anticipated that the fund would typically invest an estimated US$125-350 million in new established companies, such as the Magellan Health Services fund which was closed to outside investors Jan. 15, 2004.
The new Onex Partners LLP would have an investment period of about 6 years according to the released statements; third party investors would be charged a management fee of 2%. General partners of the Onex hedge fund would also be charged an additional 20% performance fee subject to an 8% compound annual preferred return to such limited partners on all amounts contributed to the Fund the statement added.
Gerald W. Schwartz, Chairman and CEO of Onex Corporation said, �We are delighted by the enthusiastic response we received for the Fund; we look forward to putting this committed capital to work to build significant value for both Onex shareholders and Fund investors�
Onex Corporation is one of the largest Corporations in Canada, with annual consolidated revenues of about US$12 billion and consolidated assets of about US$9 billion according to company statements.
Paul Oranika
Editor-in-Chief
Hedgeco.Net
Email: [email protected]
