Investments as at 31 December 2024:
2023 fair value £’000 | Purchases/ capital calls £’000 | Total sales*/ distributions £'000 | Realised gains/(losses)** £'000 | Interest and other £'000 | Net change in unrealised gains/(losses)*** £'000 | 2024 fair value £'000 | |
|---|---|---|---|---|---|---|---|
Oakley Funds | |||||||
Fund I | 733 | – | (733) | – | – | – | – |
Fund II | 53,526 | 1,288 | – | (2,307) | – | 1,597 | 54,104 |
Fund III | 190,627 | 3,310 | (54,561) | (3,299) | – | (1,700) | 134,377 |
Fund IV | 317,050 | 29,328 | (95,131) | (4,603) | – | 13,142 | 259,786 |
Fund V | 127,304 | 244,906 | – | (20,515) | – | 48,724 | 400,419 |
Origin I | 59,662 | 31,271 | – | (2,972) | – | 4,244 | 92,205 |
Origin II | 3,322 | 4,831 | – | (5,205) | – | 1,422 | 4,370 |
PROfounders III | 2,570 | 3,219 | – | (729) | – | 21 | 5,081 |
Touring I | 33,094 | 10,935 | – | (2,336) | – | 5,680 | 47,373 |
Total Oakley Funds | 787,888 | 329,088 | (150,425) | (41,966) | – | 73,130 | 997,715 |
Quoted equity securities |
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|
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Time Out | 68,770 | 3,770 | – | – | – | (2,457) | 70,083 |
Total quoted equity securities | 68,770 | 3,770 | – | – | – | (2,457) | 70,083 |
Unquoted debt securities |
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Time Out | 6,098 | – | – | – | 699 | – | 6,797 |
Total unquoted debt securities | 6,098 | – | – | – | 699 | – | 6,797 |
Unquoted ordinary and preferred equity instruments |
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North Sails Group | 144,450 | – | – | – | – | 9,691 | 154,141 |
Total unquoted equity instruments | 144,450 | – | – | – | – | 9,691 | 154,141 |
Total investments | 1,007,206 | 332,858 | (150,425) | (41,966) | 699 | 80,364 | 1,228,736 |
* Total sales include redemptions, loan repayments (including accrued interest and arrangement fees) and transfer.
** Realised gains/(losses) include realised gains/(losses) on underlying fund portfolio investments sold in the year, and income and expenses of the underlying fund during the year.
*** Unrealised gains/(losses) include FX on the conversion of period end fund holdings from the Fund’s reporting currency (euros) to pounds, plus inception to date unrealised gains/(losses) on the Fund’s portfolio investments and any change in the Company’s share of fund holdings.
Investments as at 31 December 2023:
2022 fair value £’000 | Purchases/ capital calls £’000 | Total sales*/ distributions £'000 | Realised gains/(losses)** £'000 | Interest and other £'000 | Net change in unrealised gains/(losses)*** £'000 | 2023 fair value £'000 | |
|---|---|---|---|---|---|---|---|
Oakley Funds | |||||||
Fund I | 16,995 | – | (24,630) | (29,653) | – | 38,021 | 733 |
Fund II | 45,725 | – | – | (1,422) | – | 9,223 | 53,526 |
Fund III | 432,595 | – | (243,112) | 235,933 | – | (234,789) | 190,627 |
Fund IV | 254,595 | 48,085 | – | 570 | – | 13,800 | 317,050 |
Fund V | 85,351 | 26,464 | – | (16,043) | – | 31,532 | 127,304 |
Origin I | 38,111 | 20,718 | – | (3,815) | – | 4,648 | 59,662 |
Origin II | – | 4,966 | – | (1,610) | – | (34) | 3,322 |
PROfounders III | 2,402 | 782 | – | (674) | – | 60 | 2,570 |
Touring I(1) | – | 36,251(1) | – | (2,074) | – | (1,083) | 33,094 |
Total Oakley Funds | 875,774 | 137,266 | (267,742) | 181,212 | – | (138,622) | 787,888 |
Quoted equity securities | |||||||
Time Out3 | 25,289 | 32,752 | – | – | – | 10,729 | 68,770 |
Total quoted equity securities | 25,289 | 32,752 | – | – | – | 10,729 | 68,770 |
Unquoted debt securities | |||||||
Fund I | 7,589 | 15,859 | (23,982) | – | 534 | – | – |
North Sails Group2 | 147,138 | – | (147,138) | – | – | – | – |
Time Out | 5,199 | 5,254 | (5,254) | – | 899 | – | 6,098 |
Total unquoted debt securities | 159,926 | 21,113 | (176,374) | – | 1,433 | – | 6,098 |
Unquoted preferred equity instruments | |||||||
North Sails Group2 | – | 147,136 | – | – | – | (2,686) | 144,450 |
Total unquoted equity instruments | – | 147,136 | – | – | – | (2,686) | 144,450 |
Total investments | 1,060,989 | 338,267 | (444,116) | 181,212 | 1,433 | (130,579) | 1,007,206 |
1. The fourth capital call for Touring I for $10,000,000 was called on 21 December 2023, and remained unpaid at 31 December 2023. The capital call was paid shortly after 31 December 2023 and within the required notice period.
2. In December 2023, the Company converted loans and accrued interest amounting to £147 million due from the North Sails Group into preferred shares in a newly created North Sails holding company. Under the terms of the conversion, interest on the loans from 1 January 2023 to the date of conversion was waived.
3. As a result of the liquidation of Oakley Fund I, the Company now has a direct equity holding of 38% of Time Out (previously a 37% beneficial interest through a direct and indirect holding). The shares of Time Out are listed on the London Stock Exchange. The investment in Time Out is carried at the 31 December 2023 quoted bid price.
* Total sales include redemptions, loan repayments (including accrued interest and arrangement fees) and transfers.
** Realised gains/(losses) include realised gains/(losses) on underlying fund portfolio investments sold in the year, and income and expenses of the underlying fund during the year.
*** Unrealised gains/(losses) include FX on the conversion of period end fund holdings from the Fund’s reporting currency (euros) to pounds, plus inception to date unrealised gains/(losses) on the Fund’s portfolio investments and any change in the Company’s share of fund holdings.