ONCAP’s Thompson moves to Penfund

Jeremy Thompson has joined Penfund as a partner roughly two months after the mid-market firm raised C$460m for its fourth fund, nearly twice the size of its previous vehicle.

Jeremy Thompson, a former managing director at ONCAP, has left the firm to join Toronto-based mid-market investor Penfund as a partner.

At ONCAP, the mid-market investing division of Onex Corporation, Thompson was one of four managing directors and was focused on the automotive aftermarket and education industries. He previously worked at Oak Hill Capital Partners and in the investment banking division of Goldman Sachs and Company.

Thompson’s departure comes shortly after the announcement that Onex managing director Andrew Sheiner, who also oversaw ONCAP, would be leaving the firm effective 30 June.

Thompson joins Penfund following the closing of its fourth fund on C$460 million (€356 million; $447 million) in March. The firm, which nearly doubled the size of its C$250 million third fund, invests in mid-market companies in North America.

Penfund typically invests between $15 million and $90 million per transaction, participating in buyouts, acquisitions and recapitalisations. The firm also operates as a specialty lender, providing unitranche loans, high-yield and mezzanine debt.

Thompson previously worked alongside Penfund last June when the firm invested C$25 million in ONCAP portfolio company Hopkins Manufacturing Corporation.

Penfund has invested more than C$2.4 billion in over 200 mid-market companies since its founding in 1979.