Strategic report / OCI NAV overview

Consistent long-term returns

Over the last 12 months, OCI’s NAV increased to £1,233 million from £1,226 million, reflecting continued portfolio growth and resilience, alongside significant share buyback activity. NAV per share was 738 pence, generating Total NAV Return per share of 6%, with 11 pence attributable to the ongoing share buyback programme. This has provided measured returns for shareholders during a period of challenging macroeconomic conditions.

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Oakley Fund Investments

In a year marked by continued, muted M&A activity for the wider private equity industry, OCI deployed £197 million into new investments and follow-on deals, creating a foundation for future returns, with NAV fully invested at the end of the year and Oakley Fund Investments representing 95% of total NAV (2024: 81%).

£1,169m

Direct Investments

Direct Investments were £193 million at the year-end, £23 million of which related to Time Out (2024: £77 million) and £170 million to North Sails (2024: £154 million).

See Direct Investments section

£193m

Total liquidity

At the period-end, OCI had £191 million in total liquidity (2024: £225 million), comprising £95 million in cash (2024: £103 million) and £96 million in available credit (2024: £122 million). During the year, OCI’s credit facilities were renewed and extended, increasing liquidity and flexibility to support capital allocation.

See Cash and liquidity profile section

£191m

OCI NAV overview / Fund investments

Investments
in 2025

During the year, OCI deployed £197 million into new investments and follow-on deals as Oakley continued to originate proprietary opportunities across its strategies and sectors.

New Private Equity Investments

New platform deals

£96m

Comprising investments in JBMC, Infravadis, ONHC, K12, G3, Paraty Tech, James Perse, Brevo, Nox and Clio.

Private equity follow-on investments

Building portfolio strength

£79m

Including bolt-on acquisitions by I-TRACING, through a strategic partnership with Bridewell; and by Iconic BrandCo, including Fornasetti and Smythson; in addition to bolt-ons across Affinitas, Merz Lifecare, Phenna, K&M and Hosting.com. Further investment was also provided in Steer, ACE Education, Dexters, Infravadis and Vice Golf.