OCI NAV overview / Portfolio by fund
OCI’s underlying investments
(look-through basis)
Direct Investments
Sector | Region | Year of investment | Residual cost £m | Fair value £m | |
|---|---|---|---|---|---|
Direct Investments | |||||
Time Out | Consumer | UK | 2010 | n/a | 22.9 |
North Sails | Consumer | USA | 2014 | n/a | 169.6 |
Total Direct Investments | 192.5 |
Venture Funds
Sector | Region | Year of investment | Residual cost £m | Fair value £m | |
|---|---|---|---|---|---|
Oakley Capital PROfounders III | |||||
PROfounders Fund III investments | Technology | 2022 | 7.0 | 6.9 | |
Total investments | 6.9 | ||||
Other assets and liabilities1 | 0.4 | ||||
OCI’s investment in Oakley PROfounders III | 7.4 | ||||
Touring I | |||||
Oakley Touring I investments | Technology | 2023 | 50.6 | 62.2 | |
Total investments | 62.2 | ||||
Other assets and liabilities1 | 1.0 | ||||
OCI’s investment in Touring I | 63.2 |
1. Other assets and liabilities include non-investment-related line items such as debtors and creditors balances.
Please note that these tables may contain rounding differences.
FX movements on portfolio valuations
During the period, FX movements had a varied impact on portfolio valuations, depending on the currency denomination of the underlying assets. GBP-denominated investments were largely unaffected by FX translation, as OCI’s reporting currency is also in GBP. In contrast, euro-denominated assets benefitted from the weakening of the pound against the euro, resulting in higher GBP-equivalent valuations and contributing to unrealised gains when converting to OCI’s reporting currency. Conversely, US dollar-denominated assets experienced a drag on their valuations, as the dollar weakened relative to the pound during the period. This led to lower GBP-equivalent values and unrealised losses upon translation into OCI’s reporting currency.
Private Equity Funds
Sector | Region | Year of investment | Residual cost £m | Fair value £m | |
|---|---|---|---|---|---|
North Sails CV | |||||
North Sails1 | Consumer | USA | 2014 | 55.6 | 58.3 |
Total investments | 58.3 | ||||
Other assets and liabilities2 | 1.6 | ||||
OCI’s investment in North Sails CV | 60.0 | ||||
Fund VI | |||||
G3 | Business Services | UK | 2025 | 16.8 | 18.8 |
Paraty Tech | Technology | Spain | 2025 | 7.9 | 7.8 |
James Perse | Consumer | USA | 2025 | 13.1 | 13.0 |
Brevo | Technology | France | 2025 | 19.2 | 19.2 |
K12 Investments3 | Education | UK | 2025 | 25.9 | 25.1 |
Total investments | 83.8 | ||||
Other assets and liabilities2 | (45.6) | ||||
OCI’s investment in Fund VI | 38.2 | ||||
Fund V | |||||
Facile | Consumer | Italy | 2022 | 43.1 | 70.1 |
IU Group | Education | Germany | 2023 | 67.3 | 110.8 |
Contabo | Technology | Germany | 2022 | 32.7 | 31.7 |
Phenna | Business Services | UK | 2022 | 82.3 | 143.2 |
Liberty Dental Group | Business Services | Netherlands | 2023 | 37.2 | 45.4 |
Steer Automotive | Business Services | UK | 2024 | 80.4 | 77.7 |
ProductLife Group | Business Services | France | 2024 | 41.6 | 36.8 |
Assured Data Protection | Technology | UK | 2024 | 27.9 | 29.9 |
I-TRACING | Technology | France | 2024 | 56.6 | 55.0 |
Konzept & Marketing | Business Services | Germany | 2024 | 19.1 | 20.2 |
Tiger HoldCo (ONHC) | Business Services | Italy | 2025 | 9.6 | 9.7 |
Total investments | 630.6 | ||||
Other assets and liabilities2 | (214.9) | ||||
OCI’s investment in Fund V | 415.7 | ||||
Fund IV | |||||
TechInsights | Business Services | Canada | 2022 | 39.8 | 60.9 |
WebPros | Technology | Switzerland | 2020 | 19.4 | 54.7 |
Wishcard Technologies Group | Consumer | Germany | 2019 | 0.0 | 7.3 |
Merz Lifecare | Consumer | Germany | 2020 | 37.2 | 26.4 |
Dexters | Consumer | UK | 2021 | 7.8 | 43.8 |
Bright Stars | Education | UK | 2021 | 41.1 | 72.6 |
K12 Investments | Education | UK | 2022/2023 | 41.4 | 55.2 |
Total investments | 320.7 | ||||
Other assets and liabilities2 | (27.7) | ||||
OCI’s investment in Fund IV | 293.0 | ||||
Fund III | |||||
Cegid | Technology | Italy | 2019 | 43.2 | 103.5 |
Iconic BrandCo | Consumer | UK | 2020 | 36.8 | 33.7 |
Total investments | 137.1 | ||||
Other assets and liabilities2 | 4.2 | ||||
OCI’s investment in Fund III | 141.3 |
Sector | Region | Year of investment | Residual cost £m | Fair value £m | |
|---|---|---|---|---|---|
Origin II | |||||
vitroconnect | Technology | Germany | 2024 | 15.9 | 22.4 |
Infravadis | Business Services | Germany | 2025 | 9.0 | 11.8 |
JBMC | Business Services | Italy | 2025 | 8.4 | 8.5 |
| Clio | Business Services | Canada | 2025 | 14.2 | 18.7 |
NOX | Consumer | Spain | 2025 | 9.4 | 9.4 |
Total investments | 70.7 | ||||
Other assets and liabilities2 | (33.5) | ||||
OCI’s investment in Origin II | 37.1 | ||||
Origin I | |||||
Gymondo | Consumer | Germany | 2020 | 9.5 | 22.4 |
ECOMMERCE ONE | Technology | Germany | 2021 | 3.3 | 3.1 |
ACE Education | Education | France | 2021 | 14.5 | 9.3 |
Seedtag | Technology | Spain | 2021 | 0.0 | 11.6 |
Vice Golf | Consumer | Germany | 2022 | 13.4 | 8.9 |
Clio | Business Services | Canada | 2022 | 0.0 | 35.2 |
Hosting.com | Technology | Global | 2023 | 9.6 | 12.5 |
Alerce | Technology | Spain | 2024 | 9.1 | 10.0 |
Horizons Optical | Technology | Spain | 2024 | 9.0 | 12.4 |
Total investments | 125.4 | ||||
Other assets and liabilities2 | (12.1) | ||||
OCI’s investment in Origin I | 113.3 |
Totals
Fair value £m | |
|---|---|
Total cash | 95.2 |
Other liabilities/debtors2 | (224.0) |
Total net assets | 1,232.9 |
1. Initial investment by Fund II was in 2014.
2. Other assets and liabilities include non-investment-related line items such as debtors and creditors balances.
3. Initial investment by Fund IV was in 2022/23.
Please note that these tables may contain rounding differences.
Related content
See Oakley Funds strategies
OCI is an investor in funds managed by Oakley Capital, which consist of 'Private Equity' and 'Venture' Funds investing across four strategies: Venture Capital, Growth Tech, Small-mid Buyout, and Mid Buyout.