Onex Credit Partners, LLC is an investment adviser with its principal place of business in Englewood
Cliffs, New Jersey. Onex Credit Partners, LLC was registered under the Investment Advisers Act of
1940, as amended (the “Advisers Act”) on January 30, 2006 and commenced operations as an investment
adviser on January 1, 2006. Onex Credit Partners, LLC’s affiliates, Onex Credit Partners Europe LLP
and Onex Credit Management LLC d/b/a Onex Credit (“OCM”), act as relying advisers and operate with
Onex Credit Partners, LLC as a single advisory business. Onex Credit Partners, LLC, Onex Credit
Partners Europe LLP and OCM are jointly referred to herein as “Onex Credit”.
Onex Credit is a subsidiary of Onex Corporation, a public company based in Canada, which has been
acquiring and building businesses as a private equity investor since its inception in 1984. Starting in
1999, Onex Corporation began to develop a broader asset management business with the sponsorship of a
series of private equity funds and the establishment of Onex Credit. Onex Corporation is listed on the
Toronto Stock Exchange, and Gerald W. Schwartz, its founder and Chairman, is the company’s
controlling shareholder.
Onex Credit serves as an investment manager of and offers advisory services on a discretionary basis to
its clients, which are pooled investment vehicles and managed accounts intended for sophisticated
investors and institutional investors and structured debt vehicles consisting of collateralized loan
obligations (“CLOs”), including the following: OCP AEGIS CLO 2023-29, LTD., OCP CLO 2013-4,
LTD, OCP CLO 2014-5, LTD, OCP CLO 2014-6, LTD, OCP CLO 2014-7, LTD, OCP CLO 2015-9,
LTD, OCP CLO 2015-10, LTD, OCP CLO 2016-11, LTD, OCP CLO 2016-12, LTD, OCP CLO 2017-
13, LTD, OCP CLO 2017-14, LTD, OCP CLO 2018-15, LTD, OCP CLO 2019-16, LTD, OCP CLO
2019-17, LTD, OCP CLO 2020-18, LTD, OCP CLO 2020-19, LTD, OCP CLO 2020-20, LTD, OCP
CLO 2020-8R, LTD, OCP CLO 2021-21, LTD, OCP CLO 2021-22, LTD, OCP CLO 2022-24, LTD,
OCP CLO 2022-25, LTD, OCP CLO 2023-26, LTD., OCP CLO 2023-28, LTD., OCP EURO CLO 2017-
1 DESIGNATED ACTIVITY COMPANY, OCP EURO CLO 2017-2 DESIGNATED ACTIVITY
COMPANY, OCP EURO CLO 2019-3 DESIGNATED ACTIVITY COMPANY, OCP EURO CLO
2020-4 DESIGNATED ACTIVITY COMPANY, OCP EURO CLO 2022-5 DESIGNATED ACTIVITY
COMPANY, OCP EURO CLO 2022-6 DESIGNATED ACTIVITY COMPANY, OCP EURO CLO
2023-8 DESIGNATED ACTIVITY COMPANY, OCPE CLO 2023-7 DESIGNATED ACTIVITY
COMPANY, OCS Dynacast, LP, Onex Capital Solutions (Luxembourg), SCSp, Onex Capital Solutions
(Luxembourg) Feeder, SCSp, Onex Capital Solutions, LP, Onex Credit Lending Partners I, LP, Onex
Senior Credit Fund, L.P., Onex Senior Credit Partners, LP, Onex Senior Credit Fund International, LTD,
Onex Senior Credit II, LP, Onex Credit High Yield Bond Fund, LP, Onex Credit High Yield Bond Fund
(Offshore Feeder), LLC, Onex Credit High Yield Bond Fund (Onshore Feeder), LP, Onex Credit HY, LP,
Onex Credit Proprietary Fund, Onex Evergreen Credit Master Fund, L.P. – Onex MPD SMA Series 2022-
1, Onex Evergreen Credit Feeder Fund, L.P. – Onex MPD SMA Series 2022-1, Onex Structured Credit
Opportunities Fund I, LP, Onex Structured Credit Opportunities International Fund I, LLC, Onex
Structured Credit Opportunities Partners I, LP, OSD CLO 2021-23, LTD, OSD CLO 2023-27, LTD.
(each a “Fund” and collectively, together with any future funds to which Onex Credit and/or its affiliates
provide investment advisory services, the “Funds”). A related person of Onex Credit generally acts as
general partner or manager of each Fund, and Onex Credit generally acts as investment adviser to each
Fund. The following general partner and managing member entities are affiliated with Onex Credit: Onex
Capital Solutions GP, LP, Onex Credit High Yield GP, LP, Onex Credit Lending Finance I Ltd, Onex
Credit Partners GP, LLC, Onex Credit Solutions GP, L.P., Onex Credit Solutions Luxembourg GP, Onex
Debt Opportunity Fund GP, LLC, Onex Evergreen Credit GP, L.P., Onex Senior Credit GP, LLC, and
Onex Structured Credit Opportunities I GP, LP.
Current and prospective investors in the Funds advised by Onex Credit should refer to the applicable
confidential offering or private placement memorandum, limited partnership agreement or similar
constitutional documents, investment management agreement, as well was any side letters or similar
agreements entered into between certain Fund investors and the applicable Funds (the “Governing
Documents”) of each Fund for complete information on the investment objectives, investment restrictions
and risks applicable to such Fund. Onex Corporation and Onex Credit investment professionals and other
executives invest in or alongside the Funds.
Onex Credit provides advice to Fund accounts based on specific investment objectives and strategies. In
connection with any potential managed accounts and pooled investment vehicles having a limited number
of investors, Onex Credit may agree to tailor advisory services to the individual needs of clients.
Onex Credit’s advisory services to the Funds are detailed in the Governing Documents and are further
described below. Investors in the Funds (generally referred to herein as “investors” or “limited partners”)
participate in such Fund’s overall investment program, but in certain circumstances are permitted to be
excused from a particular investment due to legal, regulatory, or other applicable constraints; such
arrangements generally do not and will not create an adviser-client relationship between Onex Credit and
any investor. Onex Credit has entered into and could, in the future, enter into side letters or other writings
with specific investors in our Funds which have the effect of establishing rights under, or altering or
supplementing, the terms of the Governing Documents of the Funds or an investor’s subscription
agreement in respect of the investor to whom such
letter or writing is addressed. Such rights or alterations
could be regarding economic terms, fee structures, excuse rights, information rights, investment
limitations, priority co-investment rights or targeted co-investment amounts, ability to transfer interests in
a Fund, or compliance with specified laws or regulations. Generally, any rights established, or any terms
altered or supplemented, will govern only that investor and not a Fund as a whole. Certain such additional
rights but not all rights, terms or conditions may be elected by certain sizeable investors with “most
favored nations” rights pursuant to a Fund’s Governing Documents. Such side letters may also impose
restrictions on participation in certain investments or types of investments made by the Funds. Subject to
applicable law and regulation, such agreements will be disclosed only to those actual or potential
investors in a Fund that have separately negotiated with the general partner of such Fund for the right to
review such agreements.
Additionally, as permitted by the Governing Documents, Onex Credit expects to provide (or agree to
provide) investment or co-investment opportunities (including the opportunity to participate in co-invest
vehicles) to certain current or prospective investors or other persons (including investors or clients of
Onex Corporation or its affiliates), including other sponsors, market participants, finders, consultants and
other service providers, borrower management or personnel, Onex personnel and/or certain other persons
associated with Onex Credit and/or its affiliates. Such co-investments typically involve investment and
disposal of interests in the applicable borrower at the same time and on the same terms as the Fund
making the investment. Therefore, Onex Credit expects to serve as the investment manager to co-
investment vehicles to participate in Fund investments on a side-by-side basis with a Fund. Onex Credit
may also organize one or more co-investment funds to co-invest alongside the Funds to facilitate personal
investments by such persons or firms and by partners, officers and personnel and their related parties and
associates of Onex Credit or of control entities. Onex Credit has and could, in the future, also facilitate
co-investments directly into a borrower.
The information provided above about the investment advisory services provided by Onex Credit is
qualified in its entirety by reference to the Funds’ offering materials and other Governing Documents.
Onex Credit does not participate in any wrap-fee programs.
Onex Credit had approximately $18,260 million of regulatory assets under management as of December
31, 2023. All assets are managed on a discretionary basis.
Onex Credit currently manages the following strategies:
Structured Credit: Onex Credit’s structured strategy seeks to generate attractive risk-adjusted
returns with downside protection, and current income across the entire collateralized loan
obligation (“CLO”) capital structure. Different strategies typically focus on the equity and junior
tranches, mezzanine and senior investment grade rated tranches. Onex’ structured credit team
targets investment opportunities in CLOs, CBOs, Significant Risk Transfer and related structured
transactions. Complexity and higher barriers can help to create premium economics.
CLOs: Onex Credit manages CLOs, which are vehicles backed by actively managed, diversified
portfolios of senior secured corporate loans in the U.S. and Europe. They offer the ability to
provide different risk-reward profiles by rated tranche, or via the junior tranches and equity. Onex
has been a regular issuer in the CLO market since the platform launched in 2012, and has issued a
total of 38 U.S. and European CLOs.
Sub-Investment Grade Liquid Credit Strategy: Through Onex Credit’s Sub-Investment Grade
Liquid Credit business, Onex Credit manages a High Yield strategy and a Senior Credit strategy.
The High Yield strategy is focused primarily on investing in bonds that are rated below
investment grade. This strategy seeks to generate attractive risk-adjusted returns that outperform
the ICE BoAML US HY Index (J0AO) through a full credit cycle. The strategy aims to preserve
capital by avoiding credit defaults and dampening volatility by dynamic positioning in response
to market conditions. Senior Credit is a long only strategy focused primarily on first-lien, senior
secured debt obligations of North American borrowers in the broadly syndicated leveraged loan
market. The strategy employs a fundamental, bottom-up credit selection process designed to
deliver high income while minimizing credit default loss and interest rate risks and can be
deployed both with and without the use of leverage.
Tactical Allocation: This strategy is an all-weather mandate to tactically invest across the entire
Onex Credit platform, from private to public credit. The broad range of potential opportunities in
this strategy seeks to facilitate timely market access, including during periods of volatility.
Opportunistic Credit Strategy: An opportunistic credit strategy that shifts between private /
public secondary market opportunities. This strategy is unconstrained by ratings, asset class or
liquidity. The strategy seeks to employ an active “drive-the-outcome” approach, rather than
passive value investing. Target investments have downside protection, upside optionality and an
identifiable path to deliver value.
Direct Lending Strategy: Direct lending provides access to private first lien senior secured loans
made to middle-market companies primarily in North America. The strategy seeks to deliver high
current income while preserving principal through downside protections and high quality credit
selection, driving favorable risk-adjusted returns.
Onex Credit could manage one or more additional or adjacent strategies in the future.