Onex Q2 2026 Earnings Report

Onex EPS Results

• Actual EPS: C$2.43
• Consensus EPS: N/A
• Beat/Miss: N/A
• One Year Ago EPS: N/A

Onex Revenue Results

• Actual Revenue: $287.00 million
• Expected Revenue: N/A
• Beat/Miss: N/A
• YoY Revenue Growth: N/A

Onex Announcement Details

• Quarter: Q2 2026
• Date: 8/13/2026
• Time: Before Market Opens
• Conference Call Date: Thursday, August 13, 2026
• Conference Call Time: 11:00AM ET

Onex (TSE:ONEX) is a private equity investor and asset management firm. The company operates in two main segments: investing, which includes private equity, private credit, and direct investments; and asset and wealth management, which manages pension plans, sovereign wealth funds, insurance companies, and family offices. Investing revenue primarily comes from net gains on corporate investments and CLOs (collateralized loan investments). Asset and wealth management revenue comes primarily from management and performance fees. Most of the company's revenue is generated through the investing segment.

Onex Q2 2026 Earnings Call Transcript

Key Takeaways

• Positive Sentiment: Share repurchases are expected to resume immediately after Onex reduced its NAV loan to $220 million and maintained ample liquidity, with management citing a significant discount to intrinsic value.
• Positive Sentiment: Convex continued to deliver strong operating results, including 8% year-over-year gross premium growth, an 85% quarterly combined ratio, 20.3% return on average tangible equity, and 38% growth in trailing 12-month adjusted net income.
• Positive Sentiment: Onex reported progress in private equity realizations and fundraising, with Onex Partners V reaching 1.0x DPI and approximately $1.4 billion of distributions over the past 12 months; management remains optimistic about a first close for Onex Partners VI in the fourth quarter.
• Positive Sentiment: Credit fee-generating AUM grew 13% over the last 12 months, while structured credit generated a record $19 million of quarterly fee-related earnings and OSCO II brought total new capital committed to the strategy above $500 million.
• Negative Sentiment: Quarterly private equity performance was flat overall, reflecting mark reductions on several portfolio companies, while credit investing capital declined amid market volatility and unrealized losses in European CLOs and opportunistic credit strategies.

Presentation

[Operator]

As a reminder, this conference call is being recorded. Now I will hand the conference over to Zev Korman, Vice President, Shareholder Relations and Communications at Onex. Please go ahead, sir.

[Zev Korman, VP of Shareholder Relations and Communications at Onex]

Thank you. Good morning, everyone. Thanks for joining us. We are broadcasting this call on our website. Hosting the call today are Bobby Le Blanc, Onex's Chief Executive Officer, and Meg McClellan, our Chief Financial Officer. Also joining today's Q&A session is Paul Brand, Chief Executive Officer of Convex. Earlier this morning, we issued our second quarter 2026 press release, MD&A, and consolidated financial statements, which are available on the shareholder section of our website and have also been filed on SEDAR.

[Zev Korman, VP of Shareholder Relations and Communications at Onex]

Our supplemental information package is also available on our website. As a reminder, all references to dollar amounts on this call are in USD, unless otherwise stated. I must also point everyone to our webcast presentation for our usual disclaimer and cautionary factors relating to any forward-looking statements contained in today's presentation and remarks. With that, I will now turn the call over to Bobby.

[Bobby Le Blanc, CEO at Onex]

Good morning, everyone. I would like to thank Convex CEO, Paul Brand, for joining Meg and me for this call and for being available to answer your Convex-related questions when we get to Q&A. Onex delivered a good second quarter. Convex continues to perform well. Our private equity funds returning meaningful capital to our limited partners and to Onex, and our credit platform grew fee-generating AUM and posted its strongest quarter yet for structured credit earnings.

[Bobby Le Blanc, CEO at Onex]

Before discussing our businesses in greater detail, I want to spend a few minutes on Onex's strategy and capital allocation priorities. Our strategic plan remains focused on driving long-term enterprise value creation and earnings growth. When we announced the Convex acquisition, we described it as a key step in Onex's evolution. The broader strategic direction outlined at that time can be summarized in four priorities.

[Bobby Le Blanc, CEO at Onex]

First, reposition our investing capital towards the direct ownership of Convex and one or two other additional businesses that ideally have a strategic fit with Convex and/or our asset management business while providing enhanced disclosure to our investors. Second, utilize our balance sheet more efficiently. Third, reduce the capital intensity of our asset management business while driving fee-related earnings and carried interest growth.

[Bobby Le Blanc, CEO at Onex]

Fourth, position Onex to resume returning capital to shareholders through share repurchases. We have made significant progress against each of these priorities in the first half of the year, and I will discuss each in turn. First, the mix of our investing capital. At year-end 2025, private equity represented $5.6 billion or 65% of investing capital. That has changed quickly over the past six months.

[Bobby Le Blanc, CEO at Onex]

Between the acquisition of Convex, significant realizations across our private equity portfolio, and the sale of Emerald, which closed after quarter end, private equity now accounts for $4.4 billion or 46% of invested capital. That is a 19 percentage point reduction in six months. Convex now represents 44% of investing capital. Second, the balance sheet.

[Bobby Le Blanc, CEO at Onex]

Onex historically maintained a significant cash balance, in part to support large private equity and credit commitments. At year-end 2025, our net cash balance was $2.1 billion, which was 24% of our investing capital. We deployed a significant portion of that cash and drew $700 million from the NAV loan to help fund the Convex acquisition. Since then, we have used private equity realizations to rapidly reduce the NAV loan to $220 million, leaving us in a net neutral cash position today.

[Bobby Le Blanc, CEO at Onex]

Third, the profitability, and as I just mentioned, the capital intensity of our asset management business. We remain on track to achieve $35 million of exit run rate FRE by the end of 2026, driven by improved profitability across both our private equity and credit businesses.

[Bobby Le Blanc, CEO at Onex]

Achieving this goal is dependent on having a successful first close for Onex Partners VI in Q4, which we believe is achievable. At the same time, we are reducing the amount of Onex capital required to support these businesses by limiting our participation in future Onex funds to a maximum of 10%, ensuring alignment with our limited partners while allowing for a higher proportion of third-party fee-paying capital. Meg McClellan will discuss our FRE trajectory and the related fundraising drivers further in her remarks. Fourth, how we allocate capital from here.

[Bobby Le Blanc, CEO at Onex]

Our strategy will include both share repurchases and deploying capital into one or two additional investments that can deliver compelling risk-adjusted returns for shareholders and where we will provide a high degree of disclosure and transparency. As we outlined last quarter, the continued repayment of the NAV loan was expected to position us to restart share repurchases.

[Bobby Le Blanc, CEO at Onex]

With the NAV loan now reduced to $220 million, ample liquidity available, and Onex's shares continuing to trade at a significant discount to management's view of intrinsic value, we expect to resume share repurchases immediately. None of this happens without good partners. Both Convex and our strategic investor, AIG, are proving to be exceptional partners, and both are closely aligned with us on the path to value creation.

[Bobby Le Blanc, CEO at Onex]

We recently closed the first allocation from AIG under its three-year $2 billion commitment to Onex's funds with an investment in OSCO II, and we expect more to follow for future Onex funds, including Onex Partners VI, and to separately managed accounts investing in Onex's credit strategies. Turning now to Convex's performance.

[Bobby Le Blanc, CEO at Onex]

Convex delivered another strong quarter, with premium growth, disciplined and profitable underwriting, and an attractive return on equity over the last 12-month period that continues to exceed 20%. Gross premiums written were $1.9 billion in the quarter, up 8% year-over-year, with growth across both insurance and reinsurance. Importantly, this growth was achieved despite negative price pressure with year-to-date rate changes at negative 5%. As we forecast at the time of our Convex acquisition, insurance pricing has softened, in particular in short-tail classes of risk, such as property.

[Bobby Le Blanc, CEO at Onex]

In contrast, there has been rate increases in areas affected by the Middle East conflict and in casualty classes. It is important to reiterate that Convex's underwriting strategy is focused on profitability as opposed to top-line growth. Despite market conditions, Convex has continued to increase market share without sacrificing this strategy and expects to continue generating attractive underwriting performance.

[Bobby Le Blanc, CEO at Onex]

Convex generated net income of $169 million in the quarter and delivered an 85% combined ratio. Net investors' returns were $45 million lower than in the prior year period. This is primarily reflected by mark-to-market losses on the investment portfolio this quarter, compared with a mark-to-market gain in the second quarter of last year. On a year-to-date basis, Convex generated adjusted net income of $275 million. Results were negatively impacted by $62 million of mark-to-market losses in Convex's investment portfolio, primarily related to fixed income investments.

[Bobby Le Blanc, CEO at Onex]

Excluding this non-operational accounting item, adjusted net income would have been $337 million. During the quarter, Convex completed the planned transition of its fixed income portfolio to an available for sale classification. As discussed last quarter, this treatment is consistent with peers and means future unrealized changes in values will be recorded outside of net income. The last 12 months provide the clearest view of Convex's earnings trajectory.

[Bobby Le Blanc, CEO at Onex]

Adjusted net income increased 38% to $719 million from $520 million in the prior year period, while the combined ratio improved to 84% from 94%, primarily reflecting a reduction in the loss ratio to 48% from 59%. Return on average tangible equity increased 350 basis points to 20.3%. Looking ahead, as Convex continues to mature and scale, we expect its earnings to benefit from the same structural levers we have previously discussed with shareholders.

[Bobby Le Blanc, CEO at Onex]

These include continued market share gains, prudent growth in asset leverage, which remains well below industry norms, improvement in investment portfolio yields, and improved operating leverage as the business continues to scale. We remain pleased with Convex's performance and value our partnership with Paul Brand and the entire Convex team.

[Bobby Le Blanc, CEO at Onex]

On to private equity. Realizations or DPI at Onex Partners' two most recent funds are well into the top quartile for similar funds of the same vintage. Onex Partners V, a 2019 vintage fund, has now returned 1.0 in DPI, which is a very important metric for the Onex Partners VI fundraise. Over the past 12 months and including July transactions, Onex has realized approximately $1.4 billion in distributions from Onex Partners, excluding Convex. ONCAP is also actively working on realizations in Fund IV, which we expect would bring that fund's DPI to more than 1.0.

[Bobby Le Blanc, CEO at Onex]

The ONCAP team is also focused on the continued deployment of ONCAP V and has a robust deal pipeline of opportunities with the potential to close this year. Turning to credit. The team continues to grow assets under management by delivering differentiated and high-performing products and by expanding its investor base. Credit fee-generating AUM has grown by 13% over the last 12 months.

[Bobby Le Blanc, CEO at Onex]

Just a few weeks ago, Onex was ranked the 11th largest broadly syndicated CLO manager globally by AUM, putting us within reach of the top 10. It is worth highlighting once more that direct lending represents only 1% of Onex Credit's AUM. The combination of a long-term and sophisticated institutional client base, together with an intentionally underweight position in direct lending, is allowing us to avoid many of the headwinds facing the industry.

[Bobby Le Blanc, CEO at Onex]

In the first half of the year, the credit team has raised or extended 10 CLOs, representing a total of $4.4 billion in fee-generating assets. In July, they also successfully achieved a final close for their second structured credit opportunities fund, OSCO II, bringing the new aggregate capital committed to deploy in this strategy to more than $500 million.

[Bobby Le Blanc, CEO at Onex]

Structured credit, which includes CLOs, ONCAP, and the OSCO funds, delivered $19 million in fee-related earnings in Q2, its best FRE quarter to date, and remains well-positioned for continued growth. Let me close where I started. We said we would reposition our investing capital, use our balance sheet more efficiently, increase the profitability of our asset management business, and position Onex to resume share buybacks as quickly as possible. We have already made meaningful progress against these goals in the first six months of this year.

[Bobby Le Blanc, CEO at Onex]

We are not finished. We expect a first close for Onex Partners VI later this year. We continue to look for one or two more direct investments to be held on the balance sheet, and we continue to strengthen our financial disclosure so you can see the value that we are building. I am confident in Onex's intrinsic value and believe that as we continue to grow it and make it more visible, the market will increasingly recognize that value. Repurchasing our shares at current levels and future dividends received from Convex should further accelerate value creation for our shareholders. I will now turn the call over to Meg.

[Meg McClellan, CFO at Onex]

Thank you, Bobby, and good morning, everyone. First, let me provide an update on Onex total investing capital. Onex ended the second quarter with total investing capital per share of $123.99, or in Canadian dollars, CAD 176.02. Excluding the one-time dilutive impact of issuing shares to AIG earlier in the year, Onex investing capital per share has increased by 6% over the last 12 months.

[Meg McClellan, CFO at Onex]

As a reminder, we expect the incremental FRE and shareholder value generated by AIG's $2 billion commitment to Onex private equity and credit products to more than offset the dilution from issuing shares to AIG. AIG's commitment will be deployed over three years following the Convex close in the first quarter. Allocations have already begun. Convex's strong performance is reflected in the value of our investment.

[Meg McClellan, CFO at Onex]

Convex value increased 4% in the quarter and 9% since the acquisition closed in February to $4.2 billion at quarter end. This equates to, in Canadian dollars, CAD 76.83 per share. Convex valuation continues to be based on a 2x price to tangible book value multiple, unchanged from last quarter. This is supported by Convex's strong return on equity, as well as levers the business can utilize to continue to grow earnings.

[Meg McClellan, CFO at Onex]

At this valuation, Convex implied price to earnings multiple is 9.8x the last 12 months adjusted net income. Convex now accounts for 44% of Onex total investing capital and was a key driver of our Q2 results. Other investing capital, which includes our private equity and credit investments, as well as cash, near cash, and the remaining balance of our NAV loan, ended Q2 at $5.3 billion, or in Canadian dollars, CAD 99.20 per share.

[Meg McClellan, CFO at Onex]

Onex private equity investing capital generated a 4% return over the last 12 months and was flat during the quarter. Importantly, our private equity team has generated strong realizations. These proceeds have enabled us to rapidly pay down the NAV loan and transform the mix of our investing capital as Bobby discussed. Onex Credit investing capital generated a 2% loss over the last 12 months and a loss of less than 1% during the quarter.

[Meg McClellan, CFO at Onex]

The losses primarily reflected credit market volatility and unrealized mark-to-market declines in our European CLO investments and opportunistic credit strategies. Now let's turn to asset management. Fee-generating AUM was $43.2 billion at quarter end, up 6% over the last 12 months and 1% during the quarter. Credit fee-generating AUM was $30.6 billion, up 2% during the quarter. That was driven by net new CLO fee-generating AUM raised.

[Meg McClellan, CFO at Onex]

Private equity fee-generating AUM was $12.6 billion, which was flat during the quarter. Run rate management fees were $211 million. In June, Onex realized $65 million of carried interest from the sale of the Ryan, LLC continuation fund to a new single asset continuation fund to be managed by Onex. This new continuation fund will extend the duration of fee-generating AUM and provide Onex with an additional carried interest opportunity.

[Meg McClellan, CFO at Onex]

Overall, fee-related earnings generated during the quarter were $4 million. Management's primary metric for monitoring asset management earnings is run rate FRE. We believe it provides the clearest and most durable view of the underlying earnings power of the business. In-year FRE remains an important measure of current performance, but it can be affected by market volatility, the timing of fundraising, continuation vehicle transactions, and private equity realizations.

[Meg McClellan, CFO at Onex]

In-year FRE, therefore, provides a useful point in time view, while run rate FRE remains our primary measure of determining underlying performance. Several key revenue drivers, including our active fundraising pipeline and the expected first close of Onex Partners VI, are projected to contribute more meaningfully the second half of this year. Assuming we deliver on these fundraising objectives, we remain on track to achieve $35 million of exit run rate FRE by the end of 2026, as Bobby mentioned.

[Meg McClellan, CFO at Onex]

Overall, our focus for the asset management business remains on growing FRE and building a more durable recurring management fee base while maintaining expense discipline. We believe this will increase the value of the asset management business over time. Finally, on liquidity, we ended the quarter with $287 million of cash and near cash. Subsequent to quarter end, we reduced the NAV loan principal balance to $220 million.

[Meg McClellan, CFO at Onex]

We also have access to $600 million of undrawn capacity under a revolving credit facility for capital flexibility. In addition, we have more flexibility with our pro forma private equity and investing capital balance of approximately $4.4 billion. We only have $275 million of unfunded commitments to funds still in their active commitment period. This is down from $330 million of unfunded commitments at year-end and $403 million at this time last year.

[Meg McClellan, CFO at Onex]

Overall, we believe our liquidity position provides ample capacity to fund our remaining capital commitments and to support the capital allocation priorities Bobby outlined. This includes resumption of share purchases. In closing, we continue to make progress against our strategic priorities, as Bobby described, and we look forward to building on that momentum throughout the balance of the year. Thank you. We will now open the line for questions.

[Operator]

Certainly. As a reminder, ladies and gentlemen, if you do have a question at this time, please press star one one on your telephone. Our first question comes from the line of Scott Fletcher from CIBC.

[Scott Fletcher, Analyst at CIBC]

Hi, good morning, everyone. Paul, I want to start with a question on Convex, if you don't mind. You were able to grow premiums 8%, despite what sounds like some further softening in the overall pricing environment. Just hoping you could break out some of that growth and maybe give us a sense if there are any specific lines or businesses that are driving premium growth or, on the other hand, if there's elevated contribution from new lines versus share gains. Just some color on the makeup of the growth, I think would be really helpful.

[Paul Brand, CEO at Convex]

Yeah, I'm very happy to answer that. Clearly we've seen the same market as a lot of our competitors, and there's been a lot of pressure on property in both the insurance and reinsurance lines. We are a little bit under where we would have been expected to be with those as we've reacted to that softening in pricing.

[Paul Brand, CEO at Convex]

Converse to that, we've seen actually some quite good pricing in some of our casualty areas, and we've also seen very positive pricing in our political violence and terrorism books, which have been obviously affected by the US-Iran war. So overall, we write a quite diverse portfolio of both specialty insurance and reinsurance business. We think with a sort of -5% rate, there's both actually still margin in the business overall, and you can see that coming out in the results.

[Paul Brand, CEO at Convex]

There is room for us to grow, particularly as we focus on our client relationships. What we're not doing is opening a whole host of new lines of business, because I'm not certain that's the best way to grow in a softening market. You're quite likely to pick up something that you don't fully understand.

[Scott Fletcher, Analyst at CIBC]

Great. That's really helpful color. Then staying with Convex, prior year development, favorable release there was elevated in the quarter versus where it's typically been. Is there anything specific to call out there that might change how we think about that on a go-forward basis?

[Paul Brand, CEO at Convex]

Yeah. We like to reserve conservatively, obviously. We tend to react to bad news faster than we do with good news. You can see some of the slightly higher current year loss ratios for both Q1 and Q2 2026, and that's as we're absorbing what we're seeing as a negative price movement. Then as the portfolio matures, and particularly it matures more quickly for the short tail lines as opposed to the long tail lines, we sometimes see that actually our actual versus expected are actually is way less than we'd expected it to be.

[Paul Brand, CEO at Convex]

At that point in time, reacts to it. The story of Q2 is very much about, it's not really about the major events improving, it's really about just not seeing as many losses in those short tail lines as we had expected. Now, I'm not saying that's a trend. As you say, eight and a bit percent is a bit above what we've seen in prior quarters. If you don't see the losses, then you can't hold onto the money.

[Scott Fletcher, Analyst at CIBC]

Fair enough. Thank you. That's really helpful color. I'll pass the line.

[Operator]

Thank you. Our next question comes from the line of Bart Dziarski from RBC Capital Markets. Your question, please.

[Bart Dziarski, Analyst at RBC Capital Markets]

Great. Thanks for taking the question. Good morning, everyone. Bobby, wanted to ask around the buyback. Looks like you're reinstating it. Maybe just what should we expect in terms of the pacing and timing of that buyback?

[Bobby Le Blanc, CEO at Onex]

Yeah. You should expect us to start it immediately, as soon as Colin Sam, our General Counsel, tells us it's okay to do so. But we'll start it immediately, and we'll go in through our normal course issuer bid, as we always do. There's rules around that that make it hard to get a lot of shares within a short period of time. But we'll also be looking for blocks that may come up as well.

[Bobby Le Blanc, CEO at Onex]

Again, I think we have plenty of liquidity being in a net cash neutral position or net neutral position, where I think we can be opportunistic in buying shares like we had been for the last five or 10 years before we deployed so much of our capital into Convex.

[Bart Dziarski, Analyst at RBC Capital Markets]

Okay, got it.

[Bobby Le Blanc, CEO at Onex]

I think we have plenty of room just given how much capital there is on the balance sheet to do share buybacks and to proceed with pursuing another very large acquisition or two, similar to Convex.

[Bart Dziarski, Analyst at RBC Capital Markets]

Okay, got it. Thanks. On private equity, the performance was soft this quarter. Like OP was -1%, ONCAP was 2%. That is a little bit different than what we have seen with the larger public alts who had really strong PE performance this quarter. Could you maybe talk through what drove that performance? Was it specific investments or any kind of themes that you are seeing in your PE book?

[Bobby Le Blanc, CEO at Onex]

Yeah. First, when you look at other people's PE performance, be careful that they are not mixing other lines of business with PE. They often do, and it cloudies the comparison. Look, we try very hard, as you know, to make sure our marks are correct. In any given quarter, we can have some one or two things happen in the portfolio where we want to make sure our marks reflect reality. I am not going to get into specific names, but that was the case here.

[Bobby Le Blanc, CEO at Onex]

There were a couple of names where we felt as though we needed to lower the mark just based upon public comps and other ways that we value the companies. When that happens, we do it. We do not expect it to happen every quarter, but this quarter resulted in basically a flat NAV quarter for PE. I do not expect that to be a trend, though.

[Bart Dziarski, Analyst at RBC Capital Markets]

Okay. That's helpful and understood. If I could sneak in one more, just on the run rate FRE guidance.

[Bobby Le Blanc, CEO at Onex]

Yeah

[Bart Dziarski, Analyst at RBC Capital Markets]

That embeds an assumption that Onex Partners VI has a first close. Maybe just walk us through what you're expecting for that first close and, maybe more importantly, what gives you the confidence that we can get that first close end of this year? Thanks.

[Bobby Le Blanc, CEO at Onex]

Look, Bart and myself and the team, I'm feeling quite optimistic about the first close occurring this year. I can't give you sizing. We won't do that. But I can assure you what we're looking at for a first close and quite frankly, demand for a close is beyond the first close for OP with people we've done business with for a long time and some new people. That should result, subject to the world. I'm saying the way it is in a good result where the human capital we have at OP, that would allow us to have a good margin in that business from an FRE perspective.

[Bart Dziarski, Analyst at RBC Capital Markets]

That's it for me. Very helpful. Thanks.

[Operator]

Thank you. Our next question comes from the line of Graham Ryding from TD Securities. Your question, please.

[Graham Ryding, Analyst at TD Securities]

Hi. Good morning. Paul, maybe I could just go back to you for a second. Any visibility on sort of cat losses or sort of one-time outsized losses might be tracking in Q3? Is there anything to call out that could impact ROE?

[Paul Brand, CEO at Convex]

There have been some events, but nothing that we are thinking is going to be in a major event category so far in July and August. We're still in the midst of the hurricane season. At the moment, that's been very quiet. Those things can change quite rapidly. So yeah, we'll keep you posted, but nothing to talk about at the moment.

[Graham Ryding, Analyst at TD Securities]

Okay, understood. Thank you. Bobby, just pretty good activity on the PE portfolio realization activity side. Can you give us some commentary maybe on the visibility you have to where through the second half of this year on that front? Maybe I'll start there.

[Bobby Le Blanc, CEO at Onex]

Yeah, look, for both OP and for ONCAP, there are things in the pipeline that we think will convert to cash between now and the end of the year, and it will be subject to any process necessarily. But we are very focused on making sure on our fundraising for both OP and ONCAP. We are being very sensitive to the fact that our LPs want us to have, and not just us, the industry to have a very high ratio of DPI to net MOIC. As I said in my opening commentary, we are top decile and well into the top decile on that metric. I think that is part of the reason there is optimism around the first close for OP this year.

[Graham Ryding, Analyst at TD Securities]

Okay, great. If I could maybe add one more. You talked about further direct investments being either something that would complement Convex or your asset management business. On the latter piece, can you give us some color on what would make sense or what you would be interested in? Because you have had some experience in the past with Falcon and Gluskin where these investments did not work out. So can you maybe share with us what you are thinking or

[Bobby Le Blanc, CEO at Onex]

No. So what you should not expect is us buying a multi-billion dollar asset manager. But what we could buy, like Convex and the partnership with AIG, that was synergistic with the asset management business. So whatever the next leg or two, or the final leg or two of the stool might be, we are hopeful that they are synergistic with what we have to date in those two things.

[Bobby Le Blanc, CEO at Onex]

It does not mean you should be thinking that one of the things we are contemplating is buying a $5 billion asset management business. We are not. But there are tuck-ins you could do in the asset management business that could make great sense relative to our areas of competence that we have talked about in the past. But it is more likely that a large deployment of capital will be in something in financial services rather than asset management.

[Graham Ryding, Analyst at TD Securities]

Understood. That is it for me. Thank you.

[Bobby Le Blanc, CEO at Onex]

Thank you.

[Operator]

Thank you. This does conclude the question and answer session of today's program. I would like to hand the program back to Bobby Le Blanc for any further remarks.

[Bobby Le Blanc, CEO at Onex]

Thank you very much for your time. I hope you enjoy the rest of the summer, and if you have any questions, feel free to reach out to Meg or me or Zev, and we will be sure to get back to you quickly. Have a great day, everyone. Thanks again.

[Operator]

Thank you, ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.

Participants

Executives

• Zev Korman, VP of Shareholder Relations and Communications
• Bobby Le Blanc, CEO
• Meg McClellan, CFO

Analysts

• Scott Fletcher, Analyst at CIBC
• Paul Brand, CEO at Convex
• Bart Dziarski, Analyst at RBC Capital Markets
• Graham Ryding, Analyst at TD Securities