Oakley develops fast-growing companies across the company life cycle – from venture and growth tech funds, through to private equity funds covering small to mid buyout, across four sectors: Technology, Education, Consumer and Business Services.

Oakley Funds capital allocation

During the year, Fund VI, the successor to Fund V, held its final close at €4.6 billion. OCI committed €500 million to the Fund, increasing its total outstanding commitments to Oakley Funds to £992 million as at 31 December 2025. These commitments are expected to be deployed over the next five years, funded through a combination of existing balance sheet cash and anticipated proceeds from future realisations. Given the strong early performance of Touring Fund, and the opportunity to increase its commitment at the final close, the Board applied for, and was successful in achieving, a $15 million increase to OCI’s original commitment to Oakley Touring I.

Oakley Funds performance

The Oakley Private Equity Portfolio has delivered strong long-term performance under the Investment Adviser’s management, with a total Realised gross Money Multiple of 3.7x and an average realised gross IRR of 51% since inception. Among the flagship funds, Fund I and Fund II achieved a Distributions to Paid-In Capital (‘DPI’) of 1.5x and 1.9x respectively, Fund III has reached 2.7x, and Fund IV has a DPI to date of 0.8x. Inclusive of the standout disposal of vLex during the year, at a more than 6x Money Multiple, and atHome at a 2.3x Money Multiple, OCI received £92 million in proceeds.

Fund V, which has completed its investment phase, is now positioned to begin generating returns. Within the Origin strategy, while Origin II remains in the deployment stages, Origin I sold vLex, a legaltech platform, to Clio, a global leader in legal AI technology, during the year. The realisation generated proceeds comprising both a stock² and cash element, with c.£37 million in look-through cash proceeds for OCI. The transaction valued vLex at $1 billion, with the significant NAV uplift contributing 33 pence to OCI’s NAV growth, and makes vLex/Clio (to be referred to as Clio going forward) the largest contributor to OCI’s Total NAV Return. The sale underlines Oakley’s ability to identify unique businesses and help them achieve notable growth. At the same time, Origin II acquired a minority stake in Clio, allowing the strategy to maintain exposure to the platform’s future value creation through what was a rare opportunity to invest in a business of this scale and quality.

OCI’s investment in the Oakley Funds

OCI’s look-through new investments within the Oakley Funds totalled £194 million during the period. This comprised £96 million in new platform investments and £79 million of follow-on investments within the Private Equity Funds. A further £19 million was invested in new and follow-on investments through Touring I and PROfounders III. £3 million was invested in additional shares in OCI’s Direct Investment, Time Out.

OCI impact

OCI’s impact during the year was reflected in a strong Total NAV Return of 6% (2024: 2%), including a 3% gain from foreign exchange movements (2024: 4% foreign exchange losses). This performance was driven by growth in the underlying portfolio, which contributed 45 pence of net valuation gains (2024: 45 pence). The largest contributors within the Oakley Funds were Clio (formerly vLex), Phenna, TechInsights, Bright Stars and IU Group. OCI’s disciplined capital allocation and strategic alignment with Oakley Capital continue to position it as a compelling listed vehicle for long-term value creation.