Investments as at 31 December 2025:
2024 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 | 2025 fair value £’000 | |
|---|---|---|---|---|---|---|---|
Oakley Funds | |||||||
Fund II1 | 54,104 | 2,475 | (59,841) | 3,262 | – | – | – |
Fund III | 134,377 | 16,184 | (15,141) | 41,614 | – | (35,712) | 141,322 |
Fund IV | 259,786 | – | (23,301) | 16,630 | – | 39,853 | 292,968 |
Fund V | 400,419 | – | – | 133 | – | 15,199 | 415,751 |
Fund VI | – | 49,530 | – | (11,883) | – | 572 | 38,219 |
Origin I | 92,205 | 10,130 | (33,273) | (3,025) | – | 47,261 | 113,298 |
Origin II | 4,370 | 27,558 | – | (6,944) | – | 12,135 | 37,119 |
PROfounders III | 5,081 | 2,817 | – | (580) | – | 40 | 7,358 |
North Sails CV | – | 57,936 | – | (719) | – | 2,757 | 59,974 |
Touring I | 47,373 | 16,769 | – | (7,362) | – | 6,401 | 63,181 |
Total Oakley Funds | 997,715 | 183,399 | (131,556) | 31,126 | – | 88,506 | 1,169,190 |
Quoted equity securities | |||||||
Time Out | 70,083 | 2,864 | – | – | – | (57,741) | 15,206 |
Total quoted equity securities | 70,083 | 2,864 | – | – | – | (57,741) | 15,206 |
Unquoted debt securities |
|
|
|
|
|
|
|
Time Out | 6,797 | – | – | – | 945 | – | 7,742 |
Total unquoted debt securities | 6,797 | – | – | – | 945 | – | 7,742 |
Unquoted ordinary and preferred equity instruments |
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|
|
|
|
|
|
North Sails Group | 154,141 | – | – | – | 2,915 | 12,540 | 169,596 |
Total unquoted equity instruments | 154,141 | – | – | – | 2,915 | 12,540 | 169,596 |
Total investments | 1,228,736 | 186,263 | (131,556) | 31,126 | 3,860 | 43,305 | 1,361,734 |
- During the year, Fund II exited its stake amounting to £57.9m in North Sails to Oakley’s Continuation Vehicle, North Sails CV. Fund II was subsequently dissolved with the remaining investment, Daisy, being held by Oakley Capital Two Limited, which OCI continues to hold a £2.1 million interest in. This is currently being reported under trade and other receivables on the balance sheet. These transactions were carried out on a non-cash basis.
* 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 year-end fund holdings from the Fund’s reporting currency (euros) to GBP, 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 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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|
|
|
|
|
|
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 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 year-end fund holdings from the Fund’s reporting currency (euros) to GBP, plus inception to date unrealised gains/(losses) on the Fund’s portfolio investments and any change in the Company’s share of fund holdings.