OCI NAV overview / Investment performance

Consistent long-term returns

OCI's NAV grew from £1,167 milion to £1,207 million, 684 pence per share. A Total NAV per share return of 4% since 31 December 2022

 

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Oakley Fund Investments

Oakley Fund Investments made up 65% of NAV at year end (Dec 2022: 75%). Fund Investments decreased during the year following Fund III's exit from IU Group and cash realisation to OCI.

£788m

Bar chart showing Oakley Fund Investments of £788m in 2023

Direct Investments

Direct Investments made up 18% of NAV at year end (Dec 2022: 16%). The increase in NAV for direct investments was driven by the underlying performance of both North Sails and Time Out reflected in the increased valuation of the former and the improved stock price of the latter.

£219m

Bar chart showing Oakley's Direct Investments of £219m in 2023

Cash and Other

Cash and Other made up 17% of NAV at year end (Dec 2022: 9%). Cash increased during the year following Fund III’s exit from IU Group.

£200m

Bar chart showing OCI cash of £200m in 2023

Investments

During the year, Oakley continued to originate proprietary opportunities for its Funds across its focus sectors. OCI made a total look-through investment of £175 million attributable to:

New investments

Investments and reinvestments

£140m

Comprising an investment in premium schools group Thomas’s London Day Schools, Liberty Dental Group, Webcentral, the reinvestment in IU Group in Fund V and venture investments in Touring I

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Follow-on investments

Building portfolio strength

£35m

Including vLex’s acquisition of Fastcase in the Origin Fund and Affinitas’s acquisition of CIT in Fund IV

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Proceeds

OCI’s look-through share of proceeds from exits and refinancings during the year amounted to £266 million, consisting of:

Realisations

Proceeds from exits

£240m

Exit of IU Group in Fund III at a gross realised return of 13.7x

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Refinancings

Proceeds from refinance

£26m

Both Cegid and idealista completed refinancings in Fund III and IV respectively, demonstrating the quality of their earnings growth

Logos for OCI portfolio companies, Cegid and Idealista