Q1 2025 Onex Corp Earnings Call Transcript
Key Points
- Onex Corp (ONEXF) had a solid start to the year, with proactive navigation of current market challenges.
- The company successfully completed a 25% sale of its equity investment in WestJet at a premium, realizing the original cost while retaining 75% ownership.
- Onex Partners closed its Opportunities Fund with $1.2 billion in commitments, exceeding the initial target.
- ONCAP V achieved a successful final closing with $1.3 billion in commitments, increasing third-party capital by 54%.
- The Credit team executed 10 CLO transactions, raising $2.5 billion of new fee-generating AUM, and extended $1.8 billion of fee-generating AUM.
- The M&A environment has slowed, causing sale processes to pause, making capital return to LPs more difficult.
- Potential second and third-order impacts from tariff concerns, including lower GDP growth and supply chain disruptions, are a concern.
- Market volatility may impact publicly-traded investments, which constitute about 9% of the PE portfolio.
- Current market conditions are expected to slow US and European CLO activity in the near term.
- The transaction involving WestJet is not yet reflected in the Q1 report, leading to potential future adjustments.
Thank you for standing by, and welcome to Onex Corporation's first quarter 2025 earnings results. (Operator Instructions) As a reminder, today's program is being recorded. And now I'd like to introduce your host for today's program, Jill Homenuk, Shareholder Relations and Communications. Please go ahead.
Thank you. Good morning, everyone, and thanks for joining us. We're broadcasting this call on our website. Hosting the call today are Bobby Le Blanc, Onex's Chief Executive Officer; and Chris Govan, our Chief Financial Officer. Earlier this morning, we issued our first quarter 2025 press release, MD&A and consolidated financial statements, which are available on the Shareholders section of our website and have also been filed on SEDAR. Our supplemental information package is also on our website.
As a reminder, all references to dollar amounts on this call are in US, unless otherwise stated. I must also point everyone to our webcast presentation for our usual
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