Strategic report / Oakley Capital portfolio
Cash and liquidity profile
Focus on capital allocation
- Cash and available credit: During the year, OCI refinanced its credit arrangements, replacing the existing facility with a new five-year facility totalling £325 million, thereby increasing OCI’s flexibility and liquidity. At the year-end, OCI’s cash and available credit was £191 million (2024: £225 million), comprising £95 million of cash (2024: £103 million) and £96 million in undrawn credit facilities (2024: £122 million). OCI has an option to increase the facility by a further £75 million subject to agreement by all parties.
- The Board aims to strike the right balance between maximising shareholder returns via NAV growth through the proactive commitment of capital to future Oakley Funds, share buybacks and maintaining an appropriate capital buffer. During the year, the Board cancelled future OCI dividends and launched an annual share buyback programme, initially of a minimum of £20 million. The 2025 buyback programme was subsequently increased to £50 million, reflecting the assessment of liquidity at the time and the improved prospects for realisations. In 2025, OCI acquired and cancelled 9.3 million shares (2024: nil) for an aggregate £47.7 million (2024: nil). On 8 January 2026, OCI completed its 2025 buyback programme, having acquired and cancelled c.9.7 million shares for an aggregate £50 million, and generating a NAV per share gain of 11 pence over the course of the programme.
Proceeds from future realisations
As the funds progress through their life cycle, the staggered profile of the Oakley Funds’ investments is expected to generate regular and ongoing cash proceeds for OCI. Looking across the portfolio, while Fund VI and Origin II are in their investment phases, Fund V is at the end of its investment phase and is now focused on generating value across its portfolio. Fund IV and Origin I are within their realisation phase and are expected to generate significant proceeds over the short- and medium-term. When taken together, the portfolio is positioning to maximise for future outperformance.
Sources of liquidity
This chart represents OCI’s available sources of liquidity to fund its unfunded commitments, which at the year-end amounted to £992 million. Of the unfunded commitments, c.£300 million are not anticipated to be drawn, reflecting the drawdown profile of historic funds. Available fund sources refer to the realisable and accessible resources OCI can draw upon to meet its unfunded commitments. These include the value of OCI’s investments in the Oakley Funds and Direct Investments at year-end, cash and undrawn credit facilities.
Capital calls will be funded mainly through proceeds from future realisations, cash and available credit. Robust cash flow forecasts are modelled and stress tested to support capital allocation decisions designed to optimise shareholder returns. Outstanding commitments are expected to be called over the next five years.
OCI available fund sources
Outstanding commitments1 as at 31 December 2025
Fund | Total commitment €m | Outstanding €m | Outstanding £m2 |
|---|---|---|---|
| Fund III | 325.8 | 27.7 | 24.2 |
| Fund IV | 400.0 | 90.6 | 79.0 |
| Fund V | 800.0 | 364.1 | 317.6 |
| Fund VI | 500.0 | 443.3 | 386.7 |
North Sails CV3 | 66.4 | – | – |
Origin I | 129.3 | 16.8 | 14.7 |
Origin II | 190.0 | 147.2 | 128.4 |
Touring3 | 97.9 | 29.4 | 25.6 |
PROfounders III | 30.0 | 18.3 | 16.0 |
Outstanding £m | 992.1 | ||
Cash and available credit £m | 191.2 | ||
Net outstanding commitments £m | 800.9 |
1. See Glossary for definition of Outstanding commitments.
2. Converted to GBP at 31 December 2025 FX rate EUR:GBP 0.8723.
3. USD amounts converted to EUR and GBP at 31 December 2025 FX rates, USD:EUR 0.8513 and USD:GBP 0.7426.
4. Note that expectations regarding amounts to be called are based on projections and as such are subject to volatility due to market shifts and unforeseen events. Actual results may vary from these projections. Expected uncalled commitments do not include potentially recallable capital.
OCI is able to commit more to the funds than its immediate liquidity: When a new fund is launched, there are initial net cash outflows during the investment stage as portfolio companies are acquired. Later, as refinancings and exits are made, there are inflows back to OCI as it receives cash proceeds from these realisations. This creates a cash flow j‑curve for each fund – outflows followed by inflows. As there are multiple Oakley Funds, launched at different times, there is overlap between cash inflows from older funds selling and refinancing assets and cash outflows from the newer funds buying assets, which creates a steadier cash flow stream for OCI. This allows OCI’s total commitments to exceed the immediate liquidity it has access to.