08:16 AM EDT, 05/10/2024 (MT Newswires) -- Onex ( ONEXF ) , an investor and asset manager, on Friday said it swung to a profit in the first quarter.

Net earnings were $10 million, or $0.13 per diluted share, compared with a net loss of $232 million, or $2.87 per diluted share, in the same quarter last year.

Onex's ( ONEXF ) investing segment net earnings rose $10 million to $54 million, while its asset management segment loss fell to $26 million, from $69 million. It raised $1.8 billion in fee-generating capital across its private equity and credit platforms in the first quarter.

"Onex ( ONEXF ) is making progress in its plans to drive growth in shareholder value, and we were pleased to see fundraising start to gain momentum in the quarter," said CEO Bobby Le Blanc. "We continue to focus our capital deployment and resource allocation on areas where we have a proven track record."