Onex Corporation (ONEX.F) 2025 Conference Summary Company Overview - **Company**: Onex Corporation (ONEX.F) - **Date of Conference**: September 04, 2025 - **Speaker**: Bobby LeBlanc, CEO Key Changes and Developments - Focus on intellectual honesty regarding competitive areas and restructuring human capital accordingly [6] - Successful fundraising across various business units, including OP, OnCap, and Credit [7] - Introduction of three new board members with relevant skill sets [7] Competitive Advantages - Strong organizational culture emphasizing intellectual honesty and investor orientation [8] - Focus on mid-cap private equity, financial services, industrials (especially aerospace), and business services as core competitive areas [8] - Significant growth in structured credit business, particularly CLOs, moving from mid-20s to seventh or eighth globally in issuance [10] Financial Performance and NAV - NAV growth has been decent over the past two years, with a compounded growth rate of 15% over the last five years [20] - Current NAV includes approximately $5.4 billion in private equity assets, which are undervalued in the market [16] - Share buybacks totaling $2.5 billion since 2020 have contributed to per-share NAV growth [18] Challenges and Areas for Improvement - Need for better organization of businesses to ensure revenue supports cost structures [13] - Aim to reduce capital intensity in asset management, potentially lowering the percentage of fund commitments [14] - Addressing the discount to NAV and improving market perception of the company's value [15][17] Market Environment and Fundraising - Current M&A environment for private equity is improving, but challenges remain due to pricing uncertainties and a sluggish IPO market [27][28] - OnCap raised 70% more third-party capital than the previous fund, aiding revenue growth [29] - Credit platform showing strong AUM growth, with expectations for continued scaling [35] Future Outlook and Strategy - Focus on successful fundraising and maintaining an investment-first culture [48] - Plans to close the gap between market value and intrinsic value through strategic capital deployment and share buybacks [46] - Emphasis on creating enterprise value and attracting third-party capital in targeted sectors [34][48] Conclusion - Onex Corporation is positioned to leverage its strong culture, competitive advantages, and recent fundraising successes to enhance shareholder value and close the valuation gap in the coming years [48]