Investments as at 31 December 2023:
| 2022 fair value £’000 | Purchases/ £’000 | Total sales/ distributions* £’000 | Realised gains (losses)** £’000 | Interest £’000 | Net change in unrealised gains (losses)*** £’000 | 2023 £’000 |
Oakley Funds | |||||||
Fund I | 16,995 | – | (24,630) | (29,653) | – | 38,021 | 733 |
Fund II | 45,725 | – | – | (1,422) | – | 9,223 | 53,526 |
Fund III | 432,595 | – | (243,112) | 235,933 | – | (234,789) | 190,627 |
Fund IV | 254,595 | 48,085 | – | 570 | – | 13,800 | 317,050 |
Fund V | 85,351 | 26,464 | – | (16,043) | – | 31,532 | 127,304 |
Origin I | 38,111 | 20,718 | – | (3,815) | – | 4,648 | 59,662 |
Origin II | – | 4,966 | – | (1,610) | – | (34) | 3,322 |
PROfounders III | 2,402 | 782 | – | (674) | – | 60 | 2,570 |
Touring I | – | 36,2511 | – | (2,074) | – | (1,083) | 33,094 |
Total Oakley Funds | 875,774 | 137,266 | (267,742) | 181,212 | – | (138,622) | 787,888 |
Quoted equity securities | |||||||
Time Out3 | 25,289 | 32,752 | – | – | – | 10,729 | 68,770 |
Total quoted equity securities | 25,289 | 32,752 | – | – | – | 10,729 | 68,770 |
Unquoted debt securities | |||||||
Fund I | 7,589 | 15,859 | (23,982) | – | 534 | – | – |
North Sails2 | 147,138 | – | (147,138) | – | – | – | – |
Time Out | 5,199 | 5,254 | (5,254) | – | 899 | – | 6,098 |
Total unquoted debt securities | 159,926 | 21,113 | (176,374) | – | 1,433 | – | 6,098 |
Unquoted preferred equity instruments | |||||||
North Sails2 | – | 147,136 | – | – | – | (2,686) | 144,450 |
Total unquoted preferred equity instruments | – | 147,136 | – | – | – | (2,686) | 144,450 |
Total investments | 1,060,989 | 338,267 | (444,116) | 181,212 | 1,433 | (130,579) | 1,007,206 |
1 The fourth capital call for Touring I for $10,000,000 was called on 21 December 2023, and remained unpaid at 31 December 2023. The capital call was paid shortly after 31 December 2023 and within the required notice period.
2 In December 2023, the company converted loans and accrued interest amounting to £147 million due from various North Sails companies into preferred shares in a newly created North Sails holding company. Under the terms of the conversion interest on the loans from 1 January 2023 to the date of conversion was waived. The preferred shares carry a coupon of 0% until 1 January 2025 and 5% thereafter. Additionally, the preferred shares carry warrants of 5% of equity of the North Sails holding company, exercisable on or after 30 June 2025. The 5% warrants are reduced proportionately for any preferred share redemptions made before 30 June 2025. The preferred equity and warrants are carried at fair value. OCI now has a direct equity holding of 38% of Time Out (previously a 37% beneficial interest through a direct and indirect holding).
3 As a result of the liquidation of Oakley Fund I, OCI now has a direct equity holding of 38% of Time Out (previously a 37% beneficial interest through a direct and indirect holding). The shares of Time Out are listed on the London Stock Exchange. The investment in Time Out is carried at the 31 December 2023 quoted bid price.
* Total sales include redemptions, loan repayments (including accrued interest and arrangement fees) and transfers.
** Realised gains/(losses) include realised gains/(losses) on underlying fund portfolio investments sold in the year, and income and expenses of the underlying fund during the year.
*** Unrealised gains/(losses) include FX on the conversion of period end fund holdings from the Fund’s reporting currency (euros) to pounds, plus inception to date unrealised gains/(losses) on the Fund’s portfolio investments and any change in OCI’s share of fund holdings. Changes in provisional profit allocation (‘carry’) are apportioned across the realised and unrealised gains.
Investments as at 31 December 2022:
| 2021 fair value £’000 | Purchases/ £’000 | Total sales/ distributions* £’000 | Realised gains (losses)** £’000 | Interest £’000 | Net change in unrealised gains (losses)*** £’000 | 2022 £’000 |
Oakley Funds | |||||||
Fund I | 28,897 | – | – | 112 | – | (12,014) | 16,995 |
Fund II | 46,004 | – | – | (1,122) | – | 843 | 45,725 |
Fund III | 324,071 | 42,978 | (102,951) | 88,662 | – | 79,835 | 432,595 |
Fund IV | 215,996 | 57,206 | (89,792) | 60,329 | – | 10,856 | 254,595 |
Origin I | 13,573 | 21,825 | (12,715) | 3,368 | – | 12,060 | 38,111 |
Fund V | – | 99,608 | – | (11,344) | – | (2,913) | 85,351 |
Oakley Capital PROfounders III | – | 3,1431 | – | (708) | – | (33) | 2,402 |
Total Oakley Funds | 628,541 | 224,760 | (205,458) | 139,297 | – | 88,634 | 875,774 |
Quoted equity securities | |||||||
Time Out | 39,450 | – | – | – | – | (14,161) | 25,289 |
Total quoted equity securities | 39,450 | – | – | – | – | (14,161) | 25,289 |
Unquoted debt securities | |||||||
Fund I | 7,089 | 7,346 | (7,346) | – | 500 | – | 7,589 |
North Sails | 123,578 | 10,016 | (166) | – | 13,710 | – | 147,138 |
Time Out | – | 5,000 | (40) | – | 239 | – | 5,199 |
Total unquoted debt securities | 130,667 | 22,362 | (7,552) | – | 14,449 | – | 159,926 |
Total investments | 798,658 | 247,122 | (213,010) | 139,297 | 14,449 | 74,473 | 1,060,989 |
1 The sole capital call in the year for PROfounders III for €3,543,766 was called on 30 December 2022 and remained unpaid as at 31 December 2022. This capital call was paid shortly after 31 December 2022 within the required notice period.
* Total sales include redemptions, loan repayments (including accrued interest and arrangement fees) and transfers.
** Realised gains/(losses) include realised gains/(losses) on underlying fund portfolio investments sold in the period, and income and expenses of the underlying fund during the period.
*** Unrealised gains/(losses) include FX on the conversion of period end fund holdings from the Fund’s reporting currency (euros) to pounds, plus inception to date unrealised gains/(losses) on the Fund’s portfolio investments and any change in OCI’s share of fund holdings. Changes in provisional profit allocation (‘carry’) are apportioned across the realised and unrealised gains.