Onex Corporation acquired Falcon Investment Advisors, a U.S. private credit manager with $3.8 billion of assets under management as of Sept. 30. The combined platform merges Falcon Investment Advisors’ specialized private credit investing with the investment and origination capabilities of Onex Credit and the broader Onex franchise.

Falcon Investment Advisors provides private credit financing solutions, including mezzanine and other direct lending investments for U.S. middle market companies. With this transaction, Onex Credit will have more than $16 billion of alternative credit assets under management.

Falcon Investment Advisors’ senior management team and employees are all joining a new platform within Onex Credit, which is called “Onex Falcon.” Current members of the Falcon Investment Advisors investment team will continue to be responsible for the investments of existing and future funds with the support of the Onex Credit platform and team.

“Falcon’s experienced team has a long track record of delivering strong returns,” Jason New, co-CEO of Onex Credit, said. “Sandeep Alva and his leadership and investment teams are field- and cycle-tested. We have created a differentiated and scalable private credit platform to compete with the best in our markets.”

“Over the last 20 years, we have earned our reputation as a creative, flexible credit manager in the U.S. middle market,” Alva, who is the founder and a managing partner of Falcon Investment Advisors, said. “Onex greatly enhances Falcon’s ability to develop a wider range of private credit portfolios, and thus fully leverage Falcon’s origination and deal structuring resources.”

“We look forward to building upon our existing alternative credit investment capabilities alongside such high-caliber partners,” Blair Fleming, managing director at Onex Credit, said.

Fleming and several members of the Onex private credit investment team are joining the Onex Falcon platform. Alva and Fleming will be co-business heads reporting to New.