Oakley Capital Investments / Annual Report 2024
Investing for
sustainable growth
A successful year of realisations and investments
Total invested in 2024
£299m
Total capital deployed by OCI
Total realisations
£179m
Look through proceeds for OCI, from Oakley Funds
Realisation gains in 2024
2.3x
Realised gross Money Multiple
OCI highlights
of 2024
Creating value
Net asset value
£1,226m
Performance
OCI's net asset value grew to £1,226 million following a year focused on capital deployment, with total NAV being fully invested at the year-end, in support of maximising future returns.
NAV per share
Represents the underlying value of each share.
695p
Importance
Represents the underlying value of each share.
Performance
OCI's NAV per share has increased to 695 pence in the year, net of 4.5 pence of dividends, representing consistent value creation for shareholders despite challenging macroeconomic conditions.
Resilient performance
Total NAV Return per share
2%
Without foreign exchange impact
6%
Importance
Represents shareholder value creation through dividends and NAV growth.
Performance
Total NAV Return per share was 2% despite the euro depreciating 5% against the pound. Without the impact of foreign exchange, OCI's Total NAV Return per share was 6%.
Invested by OCI during the period
£299m
Importance
Demonstrates the activity during the period through capital deployment for future returns.
Performance
OCI was active in respect of capital deployment during the period, investing £299 million into new investments including £236 million of new platform deals, as at the year-end fair value remains at cost for the majority of these.
Look-through proceeds to OCI during the period
£179m
Importance
Represents the value realised by OCI from its investments in the Oakley Funds.
Performance
OCI's look-through share of proceeds for the period was £179 million, including £159 million of realisations from exits in the second half of the year, as improved macroeconomic conditions began to support deal flow.
Realised gross Money Multiple
2.3x
Importance
Demonstrates the underlying gross returns of the Oakley Fund investments during the year.
Performance
During the year, Oakley Fund III exited Schülerhilfe and Oakley Fund IV exited Idealista and Ocean Technologies Group, achieving an average 2.3x realised gross Money Multiple.
Highlights of 2024 / Portfolio growth
Top performers of 2024
Movement in the value of portfolio companies (£m)
A resilient performance of the underlying portfolio positively contributed to OCI's Total NAV return of 2%.
The largest five contributors to growth were IU Group, Dexters, Phenna, Bright Stars and Steer Automotive Group, which was acquired during the year and contributed 6 pence of net valuation gain to OCI's total NAV return.
Note: Figures represent the net look-through movement in portfolio company value.
Highlights of 2024 / Featured new investment
Steer Automotive
Steer Automotive, acquired by Fund V in April 2024, is the UK's largest and fastest-growing independent collision repair group. It has continued to lead the consolidation of the market, with 11 add-on acquisitions in the eight months to December 2024. Steer was one of the largest contributors to OCI's NAV growth in the year.
Gross IRR
26%
Gross Money Multiple
1.2x
Strategic report / Increase in value
Increase in value
Movement in NAV £m
Movement in the value of investments (£m)
Chair’s statement
Continuing to generate
positive outcomes
The Board was pleased with the performance of the underlying portfolio investments in 2024, underpinned by strong operating performance, a number of realisations, and continued investment in growth trends”
Caroline Foulger Chair
Not all of the portfolio value is yet reflected in our performance at year-end as an amount equivalent to c.40% of OCI’s NAV has been invested in the last two years. Our more established underlying portfolio continues to deliver a robust operating performance, with LTM EBITDA growth of 15% in 2024.”
Caroline Foulger Chair
The Board has initiated a process to transfer OCI’s listing to the Main Market of the London Stock Exchange, a move which would expand access to a wider range of investors and should help to further boost liquidity.”
Caroline Foulger Chair
Business model / OCI
Who we are
We are Oakley Capital Investments, a listed private equity investor. We invest in funds managed by our Investment Adviser, Oakley Capital, which backs private founder-led businesses. Our business model section explains why we partner with Oakley Capital as our adviser and how its proprietary approach drives value growth across its portfolio companies.
OCI's relationship with Oakley Capital
We are a listed private equity company:
Oakley Capital Investments (‘OCI’)
Our chosen Investment Adviser:
Oakley Capital (‘Oakley’)
Business model / Oakley Capital
How Oakley creates value
OCI’s Investment Adviser is Oakley Capital, a pan-European private equity investor, that backs private businesses. Find out how Oakley sources the best investments to deliver long-term value.
Investment Adviser’s report
New investments lay the foundations for future growth
Looking at Oakley’s own recent deal flow and origination funnel, we see plenty of dynamic, ambitious founders looking for the right partner to help them build their businesses into market leaders.”
Steven Tredget Partner at Oakley Capital
Oakley Funds strategies
Investing across the
company lifecycle
Oakley Funds
Venture Funds
Private Equity Funds
Fund strategy
Venture Capital
Total Funds
€77m
Fund strategy
Growth
Tech
Total Funds
$238m
Fund strategy
Small-mid Buyout
Total Funds
€1,249m
Fund strategy
Mid
Buyout
Total Funds
€5.64bn
Investing across four sectors
Technology, Education, Consumer and Business Services
Portfolio activity
2024 was a significant year for realisations
The exits being close to NAV demonstrates the robustness of the valuations. The fact Oakley sold companies in the current exit environment shows the quality of the portfolio.
Idealista
Look through proceeds
£68m
Gross Money Multiple
2.1x
Ocean Group Technologies
Look through proceeds
£49m
Gross Money Multiple
2.7x
Schülerhilfe
Look through proceeds
£42m
Gross Money Multiple
2.2x
Portfolio activity
And 2024 was a significant year for investments
ProductLife Group
In May, Oakley Fund V acquired ProductLife Group, a European provider of outsourced regulatory and compliance services to the global life sciences industry.
£40m
Assured Data Protection
In October, Oakley Fund V acquired Assured Data Protection, a Managed Services Provider focused on backup, disaster recovery and cyber resiliency.
£27m
Konzept & Marketing
In December, Oakley Fund V completed the acquisition of Konzept & Marketing, an independent Managing General Agent in the German personal, non-life insurance market. This is a smaller acquisition for Fund V, as it is intended to be part of a larger roll-up strategy.
£13m
Strategic report / Sector review
Technology
Investing across digital markets
Oakley has built a successful track record in backing technology-led businesses.
Strategic report / Sector review
Education
First-class opportunities
Education is a core sector, with four investments taking us forward with confidence, ranging from online tertiary education and after-school tutoring to professional learning.
Strategic report / Sector review
Consumer
A strong platform for growth
Oakley has a long track record of investing in distinctive online and offline brands loved by consumers.
Strategic report / Sector review
Business services
Mission-critical services
Providing mission-critical, tech-enabled services that help customers succeed.
Sustainability and ESG
Sustainability drives performance
OCI views sustainability as a driver of long-term financial performance – presenting opportunities to unlock monetary value and create a competitive advantage.
Fiona Beck OCI Independent Non-Executive Director