Outstanding commitments

OCI had total outstanding commitments of £646 million, £200m of which are not anticipated to be drawn, as at 31 December 2024. These will be met by:

• Proceeds from future realisations: During the year, OCI had a significant period of investment with £299 million deployed into new and follow-on investments and 100% of NAV fully invested at the year-end. These investments are expected to generate regular and ongoing proceeds as the funds progress through their life cycle. While typically this value generation is expected to take time, new investments like Steer Automotive Group are already performing well. As one of the top 5 performing assets, Steer Automotive Group contributed 6 pence per share of unrealised gains at the year end, having only been acquired in April 2024.
• OCI's look-through share of proceeds for the period was £179 million, including £159 million of realisations from exits, all occurring in the second half of the year, as improved macroecomomic conditions supported deal flow.
• Direct Investments were £231 million at the year end, of which £154 million relates to North Sails. In response to positive trading momentum, the OCI Board made the decision to convert $107 million of its preferred equity position into ordinary equity in the final quarter of the year, allowing OCI to better participate in the future returns of the business. OCI continues to hold $77 million in preferred equity at the year-end which, from 1 January 2025, will carry a coupon of 5%.

• The Board aims to strike the right balance between maximising shareholder returns via NAV growth through the proactive commitment of capital, buy backs and maintaining an appropriate cash contingency; cash and available credit was £225m at the year-end.