Onex hires former Blackstone co-head of distressed investing

New has joined the investment manager as co-chief executive officer of Onex Credit and will help shape its strategy.

Toronto-based investment manager Onex has hired Jason New as co-chief executive of Onex Credit, alongside Stuart Kovensky. New will also be responsible for new strategies in opportunistic credit and special situations.

Prior to joining Onex, New was a senior managing director of Blackstone Group and co-head of distressed and special situation investing for GSO Capital Partners, where he was an original partner and member of the management and investment committees. He also managed several GSO funds and separately managed accounts.

GSO Capital Solutions Fund III, Blackstone’s massive distressed investing fund, had about $5.8 billion as of 30 September 2019, sister publication Buyouts Insider reported in December, citing Blackstone’s third-quarter earnings report. The fund was producing a 1.1 multiple on total investments, and a 10 percent internal rate of return. New had announced his intention to leave Blackstone last summer.

Onex Credit manages primarily non-investment grade debt through collateralised loan obligations, private debt and other credit strategies. Onex has $38.4 billion in assets under management.

“Jason brings an important new dimension to Onex Credit and positions us for growth through a variety of cycles,” Gerry Schwartz, chairman and chief executive officer of Onex, said.

Schwartz said the addition of New completed its leadership team. Kovensky called New a “well-recognised leader in the credit industry”, who brings strong relationships with key sector constituents to Onex.