Investment Underperformance Risk: If portfolio companies or investment strategies fail to generate targeted returns, it directly impacts carried interest and management fees, negatively affecting profitability and investor confidence.

Fundraising Challenges Risk: The ability to raise new private equity funds is crucial for ONEX's growth; a failure to secure sufficient commitments from limited partners due to market conditions or past performance can limit future investment capacity.

Economic Downturn Impact Risk: A significant recession or economic slowdown can depress the valuations of ONEX's portfolio companies, reduce exit opportunities, and make it harder to sell assets profitably, impacting realized gains.