Strategic report / OCI KPIs
OCI key performance
indicators
2025 has seen continued deployment for OCI, with £197 million invested during the year (2024: £299 million) and £92 million of look-through proceeds realised (2024: £179 million). Total Net Asset Value (‘NAV’) Return per Share was +45 pence (2024: +15 pence), reporting a 6% increase for the 12-month period (2024: 2%). When the impact of foreign exchange is removed, Total NAV Return per Share is approximately +23 pence (2024: +40 pence), representing a 3% increase on the prior year NAV.
Net Asset Value
Represents the total value of the Company’s assets less liabilities
£1,233m
Strategic relevance
NAV represents the total value of the Company’s assets less liabilities. Increases in NAV reflect the combined effect of disciplined capital deployment, the Investment Adviser’s value creation activities in portfolio companies, and successful realisations.
Performance
OCI’s NAV grew to £1,233 million (2024: £1,226 million), net of £48 million of share buybacks executed through the annual buyback programme, reflecting the priorities in respect of capital allocation. With NAV fully invested at year‑end, OCI remains well positioned to drive future returns and sustain long‑term value creation.
OCI long-term shareholder return vs indices
OCI Total Shareholder Return and FTSE All-Share return has been re-based to 2016.
OCI uses the FTSE All-Share Index as its benchmark because it reflects the overall UK equity market performance, against which the Company seeks to deliver sustained outperformance.
OCI KPIs
NAV per share
Represents the underlying value of each share
738p
Strategic relevance
Represents the underlying value of each share, depicting the outcome of OCI’s strategy of long-term value creation through active ownership.
Performance
OCI’s NAV per share increased to 738 pence during the year. This includes an 11 pence contribution from the ongoing share buyback programme. OCI’s NAV per share is presented net of the final 2.25 pence dividend paid in Q2 2025.
Resilient performance
Total NAV Return per share
6%
Strategic relevance
Represents shareholder value creation during the year, including both NAV growth and dividends paid. The measure links capital allocation, portfolio performance and distribution policy.
Performance
OCI delivered a Total NAV Return per share of 6% for the year, supported by a 3% gain from foreign exchange movement.
Delivering returns
Total Shareholder Return
15%
Strategic relevance
Measures total return to shareholders by expressing share price appreciation and dividends paid as an annualised percentage. It links portfolio performance to market perception and highlights risks relating to market sentiment and corporate actions, liquidity and the discount to NAV.
Performance
Total Shareholder Return was 15% for the year, reflecting an ability to continually create meaningful value for shareholders, across different macroeconomic environments.
Oakley Funds KPIs
Invested by OCI during the period
£197m
Strategic relevance
Reflects OCI’s look-through investment activity during the year through capital deployment, at an underlying portfolio company level, for future returns. The metric demonstrates execution of OCI’s investment strategy and informs on capital allocation.
Performance
To take advantage of the existing macroeconomic climate, OCI deployed £197 million into new investments during the year, strategically positioning itself for significant value creation potential. OCI’s deployment comprised £110 million into new platform investments, alongside £87 million in follow-on investments.
Look-through proceeds to OCI during the period
£92m
Strategic relevance
Represents the value of look-through proceeds realised by OCI from its investments in the Oakley Funds. It evidences continued execution of the realisation strategy and is sensitive to exit timing and market conditions. Timing validates maturation strategy, informs decisions on commitments, leverage and capital allocation.
Performance
Despite a subdued mergers & acquisitions (‘M&A’) backdrop, the portfolio continued to generate liquidity for OCI, achieving £92 million of look-through proceeds during the year, comprising £57 million of realisations and £35 million of refinancings.
Other Metrics*
Discount to NAV*
23%
Strategic relevance
Indicates how the market values OCI relative to its underlying assets, in turn managing the discount supports shareholder alignment and capital allocation opportunity through buybacks and reflects market and liquidity risk.
Performance
OCI’s discount to NAV decreased to 23% (2024: 28%), remaining broadly in line with its peer group.
Realised gross Money Multiple*
3.6x
Strategic relevance
Demonstrates the underlying returns of the Oakley Fund Investments realised during the year. The metric demonstrates the effectiveness of investment selection and active ownership.
Performance
Demonstrating the ability to continue delivering standout realisations in the current macroeconomic environment, Origin I exited vLex at a more than 6x Realised gross Money Multiple. In addition, Fund III exited atHome for a 2.3x Realised gross Money Multiple. Both exits contributed to an average Realised gross Money Multiple of 3.6x for the year.
Five-year CAGR*
13%
Strategic relevance
Annualised Total NAV Return per share calculated over a five-year period. A measure of the consistency and quality of growth in the portfolio. It demonstrates consistency of execution across market cycles while remaining exposed to macroeconomic and structural risks.
Performance
OCI delivered a five-year compound annual growth rate (‘CAGR’) of 13% and remains one of the best-performing listed private equity funds over the last five years.
*Other Metrics are financial measures of historical or future performance, financial position or cash flows other than those defined or specified under International Financial Reporting Standards (‘IFRS’).
Other Metrics are used in this Annual Report where the Board considers them to be the most relevant basis for shareholders to assess the performance of the Company and to compare the Company’s performance with that of its peers, taking into account industry practice. Definitions of Other Metrics are provided in the main body of the Annual Report or in the Glossary, where appropriate.
The Company believes that these Other Metrics, when considered alongside IFRS measures and key performance indicators (‘KPIs’), provide shareholders with a more comprehensive understanding of the Company’s results, investment performance, value creation and the delivery of the Company’s investment strategy.
The Company holds its investments through a combination of closed-ended indirect fund investments and Direct Investments. Under the Other Metrics basis, the Company adopts a look-through approach to the underlying assets and liabilities, with investments reported on a portfolio basis, which the Board considers to be a meaningful representation of the Company’s economic exposure and performance.
Total liquidity
Cash and available credit
£191m
(2024: £225m)
As at the year-end, available borrowing capacity amounted to £96m (2024: £122m).
Returning capital to shareholders
Share buybacks
£48m
(2024: £0m)
Share buybacks generated a NAV per share gain of 11 pence (2024: nil) over the course of the year.
Investing for future growth
Outstanding fund commitments
£992m
(2024: £646m)
Expected to be deployed over next
c.5 years, and of which, c.£300m is not expected to be drawn.
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.