The Company invests in the Oakley Funds and two legacy Direct Investments.
Over more than 20 years, Oakley has built a strong track record with its Funds investing in high-growth European businesses across four complementary core sectors:
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Technology
As business migrates to the cloud, we invest in companies looking to offer efficiency and productivity gains through digitalisation.
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Education
As global demand for high-quality accessible learning increases, online platforms and market consolidation are delivering provision at scale.
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Consumer
As consumers continue the shift to online and migration to the cloud, several regions and sectors are ripe for digital disruption.
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Business Services
As the data-driven economy becomes more complex, businesses need mission-critical, tech-enabled services to succeed.
The Company provides its shareholders with access to private equity investments by investing in a diversified portfolio of Oakley Funds across four investment strategies, with the Oakley Private Equity Funds Portfolio covering small and mid-buyout and the Oakley Venture Fund Portfolio covering Venture Capital and Growth Tech.
Cash held by the Company is invested in line with treasury guidelines set by the Board and is typically held as cash deposits or near-cash deposits in line with the Company’s risk appetite.
The Company is authorised to hedge the foreign exchange exposure of any non-GBP cash deposit or investment.
From time to time, Oakley may invite one or more Limited Partners in the Oakley Funds to directly invest alongside the Oakley Funds on substantially the same terms as the relevant Oakley Fund. In such event, Oakley would make available to the Company copies of the due diligence and analysis prepared by Oakley and any other third parties in relation to such direct investment opportunities. The Board would then determine whether or not, and to what level, the Company should directly invest. The Board has determined that its current strategy is to not participate in new direct investment opportunities.
Reinvestment
On any realisation of investments, the Company may reinvest funds not required to meet existing Fund commitments in any of the following ways:
- by way of commitment to a future Oakley Fund;
- in cash deposits and cash equivalents; or
- share buybacks.
Borrowing powers of the Company
The Company has in place a revolving credit facility and has the power to borrow money where necessary (whether via its revolving credit facility or otherwise) to further the investment aims of the business.
Changes to the investment policy
No material changes have been made to the Company’s investment policy during the year.
Investment activity
In 2024, OCI’s portfolio saw the completion of several investments and successful exits.
Fund V continued in its investment cycle, acquiring holdings in Steer Automotive Group, ProductLife Group, I-TRACING, Assured Data Protection and Konzept & Marketing, combined with bolt-on activity across its growing portfolio. The Origin I fund acquired two new companies, Alerce and Horizons Optical. Origin II fund made its first acquisition with vitroconnect in July 2024. In total, the look-through contribution of OCI in 2024 stood at £299 million.
The completion of exits in Ocean Technologies Group and idealista, both Fund IV investments, and Schülerhilfe, Fund III, in Q4 2024 resulted in OCI receiving look-through proceeds of £179 million.