Onex Credit Partners, a unit of private equity firm Onex Corp, has hired Jack Yang, a loan market veteran who helped expand Highland Capital Management’s credit strategies business, as a managing partner. This hire indicates that Onex is looking to expand its leveraged finance business.
“This reflects our commitment to further developing our credit investing platform,” Gerald Schwartz, Onex' Chairman and CEO, said in a press release.
At Highland, Yang was most recently a managing partner, but he was also a director of the Highland Capital Management Europe and president of the firm’s affiliated broker dealer.
Prior to joining Highland, he spent eight years at Merrill Lynch in a number of capacities, including global head of leveraged finance products, senior member of the debt markets commitment committee and head of strategic, cash flow and asset-based lending. Prior to joining Merrill, he spent 11 years at Chemical Securities, where he was a founding member of the leveraged buyout and syndicated finance group.
“Jack will play a key role as we build Onex Credit Partners,” Michael Gelblat, Onex Credit Partner’s Cofounder and CIO, said in the release.
Onex Credit Partners specializes in managing credit-related investments, including event-driven, long/short, and market dislocation strategies. Its asset classes under management include bank loans, bonds, and distressed debt.
The firm was established in the fall of 2007 and currently manages approximately $900 million in various products, including separate accounts and an exchange-listed fund.