Onex Credit sets up shop in London

The Canadian firm has hired Stephen Baker to lead its new European practice.   

Onex Credit Partners, the debt focused arm of Toronto-headquartered PE firm Onex Corporation, has hired Stephen Baker to establish its new London office and increase its European exposure, the firm announced on 7 October. The platform will initially focus on European CLOs.

Onex Credit handles about $4.7 billion through several debt strategies. The firm recently completed its largest CLO yet: offering about $1 billion in securities and loans in a private placement transaction that Onex believes is the first broadly syndicated US dollar CLO structured to comply with European risk retention requirements.

Prior to joining Onex Credit, Baker was a senior portfolio manager with CQS, where he grew the firm's leveraged credit business to $2 billion in less than two years. He left the firm over three years ago. He has also held senior roles in leveraged credit, syndications and corporate finance with Scotia Capital, Bank of America, Barclays and Canadian Imperial Bank of Commerce.

“Steve brings more than 35 years of experience in credit and corporate finance. He will be a valuable addition as we leverage the successful model we've built in the United States and expand into the European market,” Michael Gelblat, chief executive and chief investment officer at Onex Credit, said in a statement.

Onex Credit Partners manages and invests in leveraged loans, CLOs and other credit securities. The firm has about $22 billion in assets under management, including $6 billion of Onex capital, in private equity and credit securities.

The Onex Corporation is one of the oldest private equity firms. It manages money through its Onex Partners and ONCAP private equity funds. The firm has offices in Toronto, New York and London.