Onex’s Sheiner to step down

Onex managing director Andrew Sheiner will leave at the end of June to start a new private equity platform targeting 'less volatile' investments, Sheiner says.

Onex Corporation managing director Andrew Sheiner is leaving the Toronto-based firm effective 30 June. It is unclear whether Sheiner’s departure will trigger a key-man provision for any of Onex’s funds. The firm could not be reached for comment at press time.

Sheiner, who joined Onex in 1995, has plans to develop a “core private equity platform targeting lower returns than traditional private equity through longer term and less volatile investments, in a different fee structure”, according to an internal note from the firm seen by Private Equity International.

“Our investors needn’t be worried. Onex’s origination capabilities are solidly intact, and Onex today has the deepest bench in its history,” Sheiner said in a letter to the firm's investors, also seen by Private Equity International. “The reason for my decision is that much of what I had hoped to accomplish at Onex is very well established.”

At Onex, Sheiner oversees ONCAP, the firm’s division focused on medium-sized businesses in North America; Onex Real Estate Partners and Onex Credit Partners.  He also oversees Onex`s investor relationships and led the establishment of Onex Partners I, II and III.

Prior to joining Onex, Sheiner worked for McKinsey & Company and for a private investment firm. 

Onex closed Fund III on $4.3 billion in December 2009, surpassing an original $3.5 billion target.

Onex manages private equity, real estate and credit securities investments, managing approximately C$14 billion, of which C$9 billion is third-party capital.