Oakley develops fast-growing companies across the company life cycle – from venture and growth tech funds, through to private equity funds covering small to mid-buyout, across four sectors: Technology, Education, Consumer, and Business Services.

At the fund level, Oakley Capital has total realised returns of 3.9x and 52% average realised gross IRR since inception. Fund I has a Distribution to Paid-In Capital (DPI) of 1.5x, Fund II has a DPI of 1.5x, Fund III has a DPI of 2.9x and Fund IV has a DPI to date of 0.7x. During the year, Fund V reached the end of its investment phase and to date has achieved a Net Money Multiple of 1.3x and a net IRR of 10%. New investments are performing well including Steer Automotive Group which was acquired in the year by Fund V and at the year-end is one of the portfolio's best-performing assets achieving a gross Money Multiple of 1.2x and gross IRR of 26%.

The above performance translated into 45 pence of net valuation gains in OCI's total NAV return, with the largest contributors to growth being IU Group, Phenna Group, Dexters, Bright Stars and Steer Automotive Group.

During the year, exits were in line with NAV, demonstrating the robustness of the portfolio valuations; Fund III exited its investment in Schülerhilfe realising a gross Money Multiple of 2.2x and gross IRR of 11% over the life of the investment; Fund IV exited two investments, idealista and Ocean Technologies Group, realising a gross Money Multiple of 2.1x and 2.7x and gross IRR of 22% and 21% respectively.

OCI's look-through proceeds from all three investments totalled £159 million: £42 million from Schülerhilfe, £68 million from idealista; and £49 million from Ocean Technologies Group. In addition, OCI's look-through proceeds from refinancing totalled £20 million from Wishcard, Globe-Trotter and Schülerhilfe.