Investments as at 30 June 2024:
31 December 2023 Fair Value £’000 | Purchases/ Capital Calls £’000 | Sales*/ Distributions £'000 | Realised gains (losses)** £'000 | Interest and other £'000 | Change in unrealised gains (losses)*** £'000 | 30 June 2024 Fair Value £'000 | |
|---|---|---|---|---|---|---|---|
Oakley Funds | |||||||
Fund I | 733 | – | (733) | – | – | – | – |
Fund II | 53,526 | 1,288 | – | (481) | – | 1,412 | 55,745 |
Fund III | 190,627 | 3,311 | – | (1,648) | – | 8,234 | 200,524 |
Fund IV | 317,050 | 29,303 | (2,960) | (2,893) | - | 10,265 | 350,765 |
Fund V1 | 127,304 | 123,050 | – | (10,877) | – | 41,899 | 281,376 |
Origin I | 59,662 | 24,821 | – | (1,252) | – | 7,820 | 91,051 |
Origin II | 3,322 | 4,831 | – | (2,658) | – | (72) | 5,423 |
PROfounders III | 2,570 | 2,604 | – | (409) | – | (37) | 4,728 |
Touring I | 33,094 | 10,935 | – | (1,207) | – | 443 | 43,265 |
Total Oakley Funds | 787,888 | 200,143 | (3,693) | (21,425) | – | 69,964 | 1,032,877 |
Quoted equity securities | |||||||
Time Out | 68,770 | – | – | – | – | 1,928 | 70,698 |
Total quoted equity securities | 68,770 | – | – | – | – | 1,928 | 70,698 |
Unquoted debt securities | |||||||
Time Out | 6,098 | – | – | – | 398 | – | 6,496 |
Total unquoted debt securities | 6,098 | – | – | – | 398 | – | 6,496 |
Unquoted preferred equity instruments | |||||||
North Sails | 144,450 | – | – | – | – | 988 | 145,438 |
Total unquoted preferred equity instruments | 144,450 | – | – | – | – | 988 | 145,438 |
Total investments | 1,007,206 | 200,143 | (3,693) | (21,425) | 398 | 72,880 | 1,255,509 |
1 The sixth capital call for Fund V for €16,000,000 was called on 25 June 2024, and remained unpaid at 30 June 2024. The capital call was paid shortly after 30 June 2024 and within the required notice period.
* 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 period, and income and expenses of the underlying fund during the period.
*** 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 OCI’s share of fund holdings. Changes in Provisional Profit Allocation (‘carry’) are apportioned across the realised and unrealised gains.
Investments as at 31 December 2023:
31 December 2022 Fair Value £’000 | Purchases/ Capital Calls £’000 | Sales*/ Distributions £'000 | Realised gains (losses)** £'000 | Interest and other £'000 | Change in unrealised gains (losses)*** £'000 | 31 December 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 | – | 36,2511 | – | (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 Sails2 | 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 Sails2 | – | 147,136 | – | – | – | (2,686) | 144,450 |
Total unquoted preferred 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 various North Sails companies 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. The preferred shares carry a coupon of 0% until 1 January 2025 and 5% thereafter. Additionally, the preferred shares carry warrants of 5% of equity of the North Sails holding company, exercisable on or after 30 June 2025. The 5% warrants are reduced proportionately for any preferred share redemptions made before 30 June 2025. The preferred equity and warrants are carried at fair value.
3 OCI now has a direct equity holding of 38% of Time Out (previously a 37% beneficial interest through a direct and indirect holding).
* 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 period, and income and expenses of the underlying fund during the period.
*** 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 OCI’s share of fund holdings. Changes in provisional profit allocation (‘carry’) are apportioned across the realised and unrealised gains.
Investments as at 30 June 2023:
31 December 2022 Fair Value £’000 | Purchases/ Capital Calls £’000 | Sales*/ Distributions £'000 | Realised gains (losses)** £'000 | Interest and other £'000 | Change in unrealised gains (losses)*** £'000 | 30 June 2023 Fair Value £'000 | |
|---|---|---|---|---|---|---|---|
Oakley Funds | |||||||
Fund I | 16,995 | – | – | (471) | – | 4,387 | 20,911 |
Fund II | 45,725 | – | – | (703) | – | (2,366) | 42,656 |
Fund III | 432,595 | – | (221,040) | 237,648 | – | (247,933) | 201,270 |
Fund IV | 254,595 | 26,573 | – | 927 | – | 8,571 | 290,666 |
Fund V | 85,351 | 26,464 | – | (7,020) | – | 1,282 | 106,077 |
Origin | 38,111 | 17,393 | – | (1,509) | – | 4,786 | 58,781 |
PROfounders Fund III | 2,402 | – | – | (430) | – | 15 | 1,987 |
Touring I | – | 15,7371 | – | – | – | – | 15,737 |
Total Oakley Funds | 875,774 | 86,167 | (221,040) | 228,442 | – | (231,258) | 738,085 |
Quoted equity securities | |||||||
Time Out | 25,289 | – | – | – | – | 5,057 | 30,346 |
Total quoted equity securities | 25,289 | – | – | – | – | 5,057 | 30,346 |
Unquoted debt securities | |||||||
Fund I | 7,589 | 7,864 | (7,864) | – | 277 | – | 7,866 |
North Sails | 147,138 | – | – | – | 6,805 | – | 153,943 |
Time Out | 5,199 | 5,254 | (5,254) | – | 493 | – | 5,692 |
Total unquoted debt securities | 159,926 | 13,118 | (13,118) | – | 7,575 | – | 167,501 |
Total investments | 1,060,989 | 99,285 | (234,158) | 228,442 | 7,575 | (226,201) | 935,932 |
1 The sole capital call in the year for Touring Capital for $20,000,000 was called on 30 June 2023, and remained unpaid at 30 June 2023. The capital call was paid shortly after 30 June 2023 and within the required notice period.
* 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 period, and income and expenses of the underlying fund during the period.
*** 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 OCI’s share of fund holdings. Changes in Provisional Profit Allocation (‘carry’) are apportioned across the realised and unrealised gains.