ONCAP, Canadian investment firm Onex Corporation’s mid-market private equity platform, is opening a New York office as its first US branch, according to a Friday statement.
The Toronto-based firm said managing director Mark MacTavish will relocate to New York to lead and expand the new office. He is one of five managing directors on the ONCAP team, which is led by founding managing partner Michael Lay.
MacTavish joined Onex in 2000, the same year ONCAP was founded, and oversees deal origination and due diligence in five sectors: consumer products, food and beverage, healthcare, media and gaming and retail and restaurants, according to Onex’s website.
Prior to joining Onex, MacTavish was an associate at mid-market firm JH Whitney in Connecticut, according to his LinkedIn profile. He began his career as an analyst in Lehman Brothers’ merchant banking group.
ONCAP was not available to comment.
In November, ONCAP closed its fourth fund, ONCAP IV, on $1.1 billion, as reported by Private Equity International. The fund’s largest limited partner was its own parent company, Onex, which committed $480 million, or nearly 44 percent of the total amount raised.
Other LPs include the District of Columbia Retirement Board, which contributed $30 million and the Houston Municipal Employees Pension System, which pledged $25 million, according to their meeting agendas from October.
The fund seeks to make minority or majority investments of $50 million to $200 million in North American companies with at least $10 million in EBITDA, as noted by MacTavish’s LinkedIn profile.
Onex already has a New York office, as well as in Englewood Cliffs, New Jersey, and in London. The firm manages about $23 billion in assets, according to its website.