A strong, tech-enabled portfolio. The Oakley Private Equity funds invest primarily in unquoted, pan-European businesses across four sectors: Technology, Education, Consumer and Business Services.
We set out below the Oakley Private Equity Portfolio. See Touring I and PROfounders III for the Oakley Venture Fund Portfolio strategies.
Total Oakley Private Equity Portfolio and OCI Direct Investments
Portfolio value
£1,431.9m
(December 2023: £1,197.2m)
See the Glossary for a reconciliation of the Total Portfolio to OCI’s NAV. The portfolio overview charts above exclude the Oakley Venture Fund Portfolio investments of Oakley Capital PROfounders III and Oakley Touring I, which amounted to £3.8 million and £38.3 million respectively.
1. Please refer to Education portfolio section.
The largest contributors to NAV growth in the portfolio are summarised below.
Education IU Group
The largest and fastest-growing university group in Germany.
IU Group continued to grow revenues and adjusted EBITDA double-digit in H1 2024, delivering 29% and 37% growth versus prior year, respectively. Overall student numbers have now reached c.146k, growing 20% versus prior year. All business units grow with double-digit growth while international has a growing contribution to student numbers. Going forward, significant investment is being made into new UK-specific programmes that will be launched over the coming months to boost international growth for 2025 and beyond.
NAV per Share uplift
+8p
Fair value
£99.9m
Business Services Phenna
One of the fastest-growing TICC groups globally.
Phenna continued to perform ahead of our investment case, seeing meaningful end-market diversification into areas such as Food & Pharma, which is a new division added under our ownership. Over the past year, we have made good progress building out the senior team ahead of plan. Founder Paul Barry continues to lead the business as Executive Chair but is now supported by Phil Marshall as CEO (former Portfolio & Finance Partner Hg Capital), Robert Rostas as CFO (former CFO of Inspired Education) and Jon Harrison as Head of M&A (former MD at Houlihan Lokey). Phenna’s M&A momentum remains very strong, with the group completing six acquisitions in the six-month period, at an average entry multiple of <6x. The pipeline for the second half of the year remains healthy with a number of opportunities in due diligence.
NAV per Share uplift
+7p
Fair value
£100.7m
Consumer Dexters
London’s leading independent chartered surveyors and estate agents.
Dexters lettings revenue, which accounts for over 60% of the overall revenue, continued to grow in the first half of the year, finishing June 2024 up 13% versus the same period last year. This was driven by an increase in the number of properties available to rent and a shift towards more fully managed properties. Despite macroeconomic uncertainty and the UK election, Dexters achieved sales income growth, with a healthy sales pipeline, up 24% versus prior year. Dexters continues to successfully integrate the London estate agent, Marsh and Parsons and LifeResidential, acquired in February and October 2023 respectively.
NAV per Share uplift
+6p
Fair value
£42.0m
