Strategic report / Portfolio overview
Private Equity Funds and
Direct Investment Portfolio
Private Equity Funds and Direct Investment: £1,383.4 million
The top three contributors to NAV growth during the year were IU Group, Dexters and Phenna contributing 8 pence, 7 pence and 7 pence respectively and demonstrating strong performance across the sectors. This section shows Oakley's Private Equity Funds portfolio and OCI Direct Investments portfolio.
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.
These charts do not show portfolio companies with a value of less than £10m.
See Glossary for a reconciliation of the Total Portfolio to OCI’s NAV. The data above excludes the Oakley Venture Fund Portfolio summarised below – for further details see PROfounders III and Touring I, which amount to £4.7 million and £44.3 million respectively.
Venture Funds portfolio
The Oakley Venture Fund Portfolio comprises of Touring I and PROfounders III, both of which operate largely in the Technology sector. In 2024, across the Venture Fund Portfolio, there were nine new acquisitions, and at year end the two Funds had a combined portfolio value of £48.9 million across 17 investments.
Venture Funds
Venture Funds portfolio value
£48.9m
Venture investments in 2024
£31m
Venture Funds investments
17
Touring I
Touring I has a strategy of Growth Technology, investing and growing a new generation of enterprise software companies powered by generative artificial intelligence.
PROfounders III
PROfounders III is a venture capital fund, focusing on early-stage investments in private businesses which back disruptive business models that leverage technology to transform customer experiences.
NAV growth
The largest contributors to NAV growth sit in Oakley's
Private Equity Funds and are highlighted in more detail below.
Education IU Group
The largest private university group in Germany.
IU Group continued to deliver double-digit growth, with revenue and adjusted EBITDA for the 12-month period ending December 2024 up 15% and 18%, respectively, compared to prior year. Total student figures have now reached c.150k, with growth in both the B2C and OnCampus segments. IU Group also continues to make progress with its acquired international units in the UK and Canada, achieving a combined revenue growth of 35% in 2024 vs. prior year.
NAV per share uplift
+8p
Fair value
£98.5m
Consumer Dexters
London’s leading independent chartered surveyors and estate agents.
For the year to December 2024, Dexters reported revenue and EBITDA growth of 19% and 22% respectively versus prior year. The group achieved record income from its residential sales business, due to an increase in market share. Lettings revenue, which accounts for >60% of the overall revenue, continued to grow in the year and was up 23% versus the same period last year. This growth was driven by an increase in the lettings portfolio units and a shift towards more fully managed properties. In addition to delivering organic growth, Dexters continues to execute its M&A strategy, with a significant number of opportunities in the pipeline to further cement its position as London’s leading estate agent.
NAV per share uplift
+7p
Fair value
£43.5m
Business Services Phenna
One of the fastest growing TICC groups globally.
Phenna continues to perform well and continues to execute on its sector and geographic expansion strategy. Since Oakley’s investment, the business has added the Food and Pharmaceuticals division, which now represents c.20% of revenues. Additionally, management has continued to focus on international expansion, with c.75% of acquisitions made in 2024 located outside of the UK. During 2024, Phenna continued executing on its accretive bolt-on pipeline with 8 acquisitions completed at an average of <6.5x EV/EBITDA multiple. The pipeline for 2025 is strong, particularly on the back of investment into the internal M&A team in the second half of FY24.
NAV per share uplift
+7p
Fair value
£100.7m
Related content
OCI's underlying investments
See this section for the look-through valuations of each portfolio company, by Fund.