The Alternative Investment Fund Manager’s Directive (AIFMD) requires certain disclosures to be made in the Annual Report of the Company. Many of these disclosures are also required by the UK Listing Rules in place at time of publishing and/or accounting standards and are presented in other sections of this Annual Report.
Further details on the Company’s compliance with the UK Listing Rules is set out within the Corporate Governance Statement of this document. This section completes the disclosures required specifically under the AIFMD.
Status and legal form
The Company is a self-managed non-UK Alternative Investment Fund (AIF). It is a closed-ended investment company incorporated in Bermuda and its ordinary shares are traded on the Specialist Fund Segment of the London Stock Exchange’s Main Market. The Company’s registered office is: 5th Floor, 11 Bermudiana Road, Pembroke HM08, Bermuda.
Investment policy
See our Investment policy section for details.
Liquidity management
As the Company is a self-managed non-UK AIF, it is not required to comply with Chapter 3.6 of the Investment Funds sourcebook of the FCA in relation to liquidity management.
The Company maintains a level of liquidity to ensure that it can meet its capital commitments to the Oakley Funds throughout the private equity fund cycle. This liquidity reserve also supports covering expenses, returning capital to shareholders through dividends, undertaking share buybacks, and addressing other financial requirements as they arise. Cash flow modelling is performed on an ongoing basis to enable the Company to manage its liquid resources and to ensure it is able to pay commitments as they fall due.
Fees, charges and expenses
For details of the administration fees, operating expenses and credit facility fees payable by the Company, refer to Note 7 of the Notes to the Consolidated Financial Statements.
Fair treatment of shareholders and preferential treatment
The Company will treat each of the Company’s shareholders fairly and will not give any shareholder preferential treatment, unless such treatment is appropriately disclosed. No shareholder currently obtains preferential treatment or has the right to obtain preferential treatment.
Remuneration disclosure
The Company’s remuneration process is overseen by the Remuneration Committee.
The total amount of remuneration paid by the Company to its Directors during the year ended 31 December 2024 was £414,000 (2023: £528,000).
Director remuneration is comprised of a fixed fee only, as recommended by the Remuneration Committee and approved by the Board annually. No variable remuneration or carried interest is paid. Fixed remuneration was composed of agreed fixed fees. There were four beneficiaries of this remuneration, including the new Board member appointed in November 2024, as described in the Composition of the Board section.