Onex Reports Strong 2025 Results, Completes $7B Convex Acquisition
Event summary
- Onex reported $617M net earnings for 2025, up from $303M in 2024.
- Completed $7B acquisition of Convex Group Limited in February 2026.
- Raised $8B in new capital across private equity and credit asset management platforms in 2025.
- Convex generated $711M net income in 2025, up 40% year-over-year.
- Onex' investing capital per fully diluted share returned 10% in 2025.
The big picture
Onex's acquisition of Convex and strategic partnership with AIG mark a significant expansion into specialty insurance and reinsurance. The deal positions Onex to capitalize on growing demand for specialized risk solutions while diversifying its asset management portfolio. With $59.2B in total assets under management, Onex is well-positioned to benefit from industry consolidation trends and increasing institutional demand for alternative investments.
What we're watching
- Integration Challenges
- How Onex will integrate Convex and leverage its underwriting talent and technology platform to drive growth.
- AUM Growth
- Whether Onex can sustain its 21% and 26% growth in private equity and credit fee-generating capital respectively.
- Market Conditions
- The pace at which Onex can deploy its $8.7B investing capital in a competitive private equity landscape.
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