Canadian alternative asset manager Onex has reported total fee-generating assets under management (AUM) of approximately $43.2bn (£31.9bn) at the end of the second quarter, boosted by collateralised loan obligation (CLO) activity in its credit business.

Onex Credit fee-generating AUM reached $30.6bn in the second quarter of 2026, up from $29.8bn at the end of 2025.

In the three months to the end of June, the firm’s credit business raised or extended three CLO transactions, representing $1.4bn in fee-generating AUM.

Onex reported that structured credit delivered its highest-ever quarterly fee-related earnings of $19m in the second quarter. 

In July, Onex Credit completed fundraising for Onex Structured Credit Opportunities Fund II, including a commitment from AIG, bringing new committed capital to deploy in this strategy to more than $500m.

However, the Toronto-based manager revealed that credit market volatility during the quarter resulted in its credit investments generating a net loss of $5m, compared to a net gain of $33m a year earlier. 

Onex called its exposure to direct lending “low”, with less than 1 per cent of its investing capital invested in direct lending strategies.

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At the end of the second quarter, Onex had approximately $9.5bn of investing capital, compared with $8.7bn at year-end 2025 and $8.4bn in the same period a year earlier.

Since the acquisition of property and casualty insurance and reinsurance company Convex in February this year, Onex said it has begun to reshape its investing capital in line with its new strategy.

For the 12 months to the end of June this year, Convex generated adjusted net income of $719m, an increase from $520m in the prior year period.

“We have rapidly reshaped our investing capital by adding Convex, beginning to reduce the capital intensity of our asset management business, and improving the efficiency of our balance sheet,” said Bobby Le Blanc, chief executive of Onex. “Convex delivered strong results, our private equity businesses had significant realisations and extended fee-generating capital, and our credit platform had another active quarter for CLOs and held the final close of its second structured credit opportunities fund.”

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