Canadian alternative asset manager Onex has raised $500m (£370.6m) for its second opportunistic structured credit fund at final close.

The capital was raised for the Onex Structured Credit Opportunities Fund II, which will invest globally in collateralised loan obligation (CLO) equity and debt tranches, the Toronto-based manager said.

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“We are thrilled by the strong global investor demand for our opportunistic structured credit strategy, which reflects our team’s performance and differentiated approach, while recognising the opportunities ahead in credit,” said Ronnie Jaber, head of Onex Credit, on LinkedIn.

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The structured credit opportunities platform forms part of Onex’s $32bn credit business, which spans strategies including direct lending and CLOs.

Overall, Onex manages $56bn in assets across both equity and credit strategies.

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