ONCAP
Private equityToronto · Growth–Late Stage
Also known as Oncap Management Partners L.P.
Investment thesis
ONCAP invests in North American headquartered small and medium-sized businesses that have scalable, sustainable competitive positions, often serving as the first significant institutional investor in founder-owned companies. Its strategy focuses on long-term value creation through revenue and EBITDA growth rather than financial engineering or excessive leverage. ONCAP actively supports value-creation strategies and infrastructure investments to build durable businesses that benefit shareholders, management teams, and employees. Guided by an 'every deal counts' philosophy, the firm emphasizes consistency and risk mitigation while pursuing strong returns.
Source: firm website, verified Aug 11, 2026.
Fund performance · per public LP disclosures · 3
as of Sep 2025| Fund | Vintage | Committed | Net IRR | TVPI | DPI |
|---|---|---|---|---|---|
| ONCAP IVLPs: Maine Public Employees Retirement System, District of Columbia Retirement Board | 2016 | — | 11.1% | 1.58x | 0.58x |
| ONCAP IV PELPs: Maine Public Employees Retirement System | 2016 | — | 10.1% | 1.25x | 0.25x |
| ONCAP III LPLPs: California State Teachers' Retirement System | 2011 | — | 15.0% | 2.32x | 2.18x |
Source: public limited-partner disclosures (CalPERS, CalSTRS). Net IRR / TVPI / DPI as reported by the limited partner; a fund's early-year IRR is an interim estimate (J-curve).
Frequently asked questions
- What stage does ONCAP invest at?
- ONCAP invests at the Growth, Late Stage stages.
- What is ONCAP's typical check size?
- ONCAP typically writes checks of $20M – $250M.
- What sectors does ONCAP focus on?
- ONCAP focuses on Advanced Manufacturing, Consumer, EdTech, Mobility & Transportation, New Materials, Sector Agnostic, Wellness & Fitness.
- Where is ONCAP located?
- ONCAP is headquartered in Toronto, CA.
- Does ONCAP lead rounds?
- Yes, ONCAP leads investment rounds.
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