ONCAP places significant value on consistent performance and has never suffered a capital impairment.


C$400 million
Established January 2000
Six Platform Investments
15 Add-on Acquisitions
Fully Realized
4.1x gross MoC
3.1x net MoC
43% gross IRR
33% net IRR


C$574 million
Established May 2006
Eight Platform Investments
93 Add-on Acquisitions
Five Realizations
Fully Invested
4.0x gross MoC
2.8x net MoC
30% gross IRR
21% net IRR


C$800 million
Established September 2011
Eight Platform Investments
32 Add-on Acquisitions
Two Realization
3.0x gross MoC
2.2x net MoC
26% gross IRR
19% net IRR




US$1.1 billion
Established November 2016
Seven Platform Investments
Nine Add-on Acquisitions
One Realization
1.2x gross MoC
1.1x net MoC
29% gross IRR
12% net IRR


The investment in Pure Canadian Gaming is split approximately 80%/20% between ONCAP II and III respectively.
The investment in Tecta America is split approximately 50%/50% between ONCAP III and IV, respectively. Add-on acquisitions for Tecta America are included in both ONCAP III / ONCAP IV.
The calculation of Net Multiple of Capital Invested and Net Internal Rate of Return is based on cash inflows and outflows at the Fund level, and the unrealized value of net assets at December 31, 2018, and is not calculable for individual investments within each Fund or in aggregate across multiple ONCAP funds.

ONCAP IV performance is shown in USD.