Strategic report / Increase in value 2025
Increase in
value 2025
At the year-end, OCI’s NAV increased by £7 million to £1,233 million following £48 million of share buybacks and £4 million in dividend payments. The share buybacks generated an 11 pence uplift to Total NAV Return per share for shareholders.
Movement in NAV £m
Movement in the value of investments £m
*Figures are presented inclusive of the non-cash transfer that took place between Fund II and North Sails CV during the year.
NAV growth
OCI’s NAV increased by £7 million during the period, reflecting £74 million of total investment gains, offset by: £48 million utilised for share buybacks, £13 million of net income and expenses primarily comprising facility financing costs and expenses recharged by Oakley, and £4 million of dividends paid.
Total investment gains of £74 million comprised £31 million of realised gains on investments, including c.£16 million from Fund III’s disposal of atHome and c.£16 million from Fund IV’s partial disposal of K12, net of fund expenses.
Total unrealised gains of £43 million were primarily driven by £40 million of favourable unrealised foreign exchange movements. The remaining £3 million reflected net unrealised gains on investments, comprising £37 million of unrealised gains across the Oakley Funds and a £24 million uplift in the North Sails Direct Investment, offset by a £58 million reduction in the valuation of the Direct Investment in Time Out.
See more on the impact of foreign exchange rates below.
OCI’s FX exposure results from the following three elements:
1. Reporting currency of investments (Oakley Funds and Direct Investments)
OCI holds investments in the Oakley Funds denominated in euros, and investments in US dollars through North Sails CV and Touring. OCI also holds a Direct Investment in North Sails, which is denominated in US dollars. An FX gain or loss arises from translating the reporting currency of the Fund or Direct Investment into OCI’s reporting currency, which is GBP.
2. OCI’s own operating balances
In the ordinary course of business, OCI has certain transactions translated at the date of the transaction and balances not denominated in its reporting currency which are translated to GBP at the period-end. OCI also maintains a multicurrency credit facility, providing additional flexibility to support capital deployment and meet funding obligations as they arise.
3. Underlying portfolio companies
Certain portfolio companies operate in multiple currencies, and this gives rise to two distinct types of FX exposure.
First, some portfolio companies have a reporting currency that differs from their respective Fund’s reporting currency. The Private Equity Funds and PROfounders Fund III, report in euros and North Sails CV and Touring I report in US dollars. Portfolio companies in these funds are valued in their own reporting currency, and their valuations are then translated into the Fund’s reporting currency for inclusion in the overall NAV. This translation results in an unrealised FX gain or loss at the Fund level, which ultimately flows through to OCI via changes in fair value.
Second, portfolio companies may generate revenues or incur costs in currencies other than their own reporting currency. While the trading exposures are not directly reflected in NAV, they can influence the company’s EBITDA and valuation, which in turn may directly affect the Fund’s NAV before ultimately flowing through to OCI via changes in fair value.
Related content
See OCI NAV overview
See this section to learn about OCI's NAV and how we have delivered consistent returns for shareholders during a period of investment.