Onex Raises $5.15 Billion for Onex Partners IV

TORONTO, ONTARIO--(Marketwired - May 13, 2014) - All amounts in U.S. dollars unless otherwise stated

Onex Corporation ("Onex") (TSX:OCX) today announced the successful fundraising and closing of Onex Partners IV, a $5.15 billion fund - the largest in the firm's history. Onex surpassed its initial target of $4.5 billion and closed earlier than anticipated, raising capital commitments from Limited Partners, including some of the largest public employee pension plans and sovereign wealth funds from around the world.

"We exceeded our expectations," said Emma Thompson, Head of the Funds Group for Onex. "In a highly competitive fundraising market, we are grateful for the strong support from both our existing limited partners and new investors, who have entrusted us with their capital. We look forward to partnering with them in the years to come."

"Our disciplined ownership approach of partnering with outstanding management teams to build great companies has served us well for three decades. We will continue to pursue this strategy with Onex Partners IV," commented Gerry Schwartz, Chairman and Chief Executive Officer of Onex.

Over its thirty-year history, Onex has generated a gross IRR of 28% and a gross multiple of 3.0 times capital invested from realized, substantially realized and publicly traded investments. With this latest fundraise, Onex now has approximately $21 billion of assets under management.

About Onex

With offices in Toronto, New York and London, Onex is one of the oldest and most successful private equity firms. Onex acquires and builds high-quality businesses in partnership with talented management teams. The Company has approximately $21 billion of assets under management, including approximately $6 billion of Onex capital, in private equity, credit securities and real estate. Onex invests its capital directly and as the largest limited partner in each of its Funds.

Onex' businesses have assets of $44 billion, generate annual revenues of $33 billion and employ approximately 232,000 people worldwide. Onex shares trade on the Toronto Stock Exchange under the stock symbol OCX. For more information on Onex, visit its website at www.onex.com. The Company's security filings can also be accessed at www.sedar.com.

This news release may contain forward-looking statements that are based on management's current expectations and are subject to known and unknown uncertainties and risks, which could cause actual results to differ materially from those contemplated or implied by such forward-looking statements. Onex is under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or otherwise.