Strategic report / Portfolio activity in 2025
Investments, realisations and refinancing
This section summarises movements in investments in 2025, including new investments, realisations and investment refinancing. Amounts shown are on an OCI look-through basis.
Portfolio activity / New investments in 2025 / Private Equity Funds
Material new investments for the year are included below.

K12 (Fund VI)
£26m
In September, Oakley Fund VI invested new capital into the K12 Investments portfolio, which includes the Affinitas Group, a leading international schools group, and Thomas’s London Day Schools, a family-run group of co-educational independent schools.

Brevo
£20m
In November, Oakley Fund VI invested in Brevo, a leading global customer engagement software platform based in France. Brevo provides an intuitive, multi-channel customer relationship management (‘CRM’) software suite to businesses of all sizes worldwide.
Bridewell
£18m
In May, Oakley Fund V portfolio company I‑TRACING, the leading independent provider of cybersecurity services in France, completed a strategic combination with Bridewell, the UK’s leading provider. The partnership creates the largest independent pure-play cybersecurity group in Europe. A portion of Oakley Fund V’s investment was subsequently syndicated to an Oakley co-investment.

G3
£17m
In July, Oakley Fund VI acquired a majority stake in G3, a global strategic advisory consultancy. G3 helps clients manage their risk and enable opportunities by providing reputational and strategic intelligence, dispute advice and cyber consulting.

Clio (Origin II)
£14m
In December, the Origin II Fund acquired a minority stake in Clio, a global leader in legal AI technology. This deal was a rare opportunity to invest in a business of this scale and class, which Origin II was able to access following the sale of Oakley Capital Origin’s portfolio company vLex to Clio during the year.

James Perse
£13m
In December, Oakley Fund VI invested in James Perse, a global luxury clothing and lifestyle brand with over 60 stores globally and a strong online presence.

Tiger HoldCo (ONHC)
£10m
In October, Oakley Fund V invested in ONHC, a specialist service provider in Italy’s private healthcare insurance sector, the first investment under the Tiger HoldCo platform. The Company offers a comprehensive, full-service offering that spans consulting, product development, intermediation, underwriting and third-party administration.

NOX
£9m
In November, the Origin II Fund invested in NOX, a premium padel equipment brand. Founded in 2008 in Barcelona, Spain, NOX has become a global benchmark for high-performance padel rackets trusted by both recreational and top professional players worldwide.

Smythson
£9m
In July, Oakley Fund III’s Iconic BrandCo expanded its portfolio of heritage brands, investing in Smythson of Bond Street. Smythson specialises in high-quality leather goods and stationery, with a rich heritage that includes producing stationery for Winston Churchill and members of the British Royal Family.

Paraty Tech
£8m
In November, Oakley Fund VI invested in Paraty Tech, Spain’s fastest-growing hotel demand generation platform used by independent hotels, hotel chains and mid-market properties across Iberia, with a growing footprint in Latin America and the US.

JBMC
£8m
In June, the Origin II Fund acquired a majority stake in Join Business Management Consulting (‘JBMC’), a fast-growing, founder-led, management and IT consultancy firm focused on addressing digital gaps in Italy’s financial services industry.
Infravadis
£5m
In June, the Origin II Fund invested in Infravadis, a tech-enabled platform focused on the >€25 billion European underground infrastructure maintenance (‘UIM’) market. As its first acquisition, Infravadis has acquired a majority stake in Abfluss Schäfer Group, a market leader in sewage cleaning, pipe inspection and repair services.

Fornasetti
£4m
In June, Oakley Fund III’s Iconic BrandCo invested in the premium lifestyle brand Fornasetti. Fornasetti is a luxury design atelier known for its eclectic, handcrafted home décor items. The new acquisition will enhance and diversify Oakley’s Iconic BrandCo platform.
Portfolio activity / New investments in 2025 / Venture Funds
Blinq
£4m
In March, Oakley Touring I invested in Blinq, a leading digital business card platform and full-stack digital identity platform.
Wingspan
£4m
In April, Oakley Touring I invested in Wingspan, a payroll platform for the growing contract workforce. A portion of Oakley Touring I’s investment was subsequently syndicated to a co-investment.

ProRata
£4m
In August, Oakley Touring I invested in ProRata, an AI advertising and attribution platform built to power the next generation of content monetisation.
Portfolio activity / Realisations 2025

Clio (Origin I)
£37m
In November, the Origin I Fund disposed of its stake in vLex, a legaltech platform, to Clio, a global leader in legal AI technology. The realisation generated proceeds comprising both a stock* and cash element, with c.£37 million in look-through cash proceeds for OCI. The sale underlines Oakley’s ability to identify unique businesses and help them achieve notable growth.

atHome
£20m
In December, Oakley Fund III disposed of its stake in atHome, Luxembourg’s leading digital classifieds platform, generating a Realised gross Money Multiple of 2.3x.
*Realisations are presented on a net basis, with the shares received in Clio offset against Origin I’s investment in Clio. Look-through proceeds of c.£37m solely relate to cash consideration.
Portfolio activity / Refinancings 2025

WebPros
£25m
In December, Oakley Fund IV received look-through proceeds following the refinancing of WebPros, a leading SaaS hosting platform for server management across the globe. Following the year-end, and net of amounts retained within Oakley Fund IV for debt repayment, OCI received a cash distribution.

Dexters
£6m
In April, Oakley Fund IV completed a refinancing of Dexters. As part of the refinancing process, Oakley Fund IV acquired the stake of one of the co-investors. Oakley Fund IV’s percentage ownership of ordinary shares increased as a result. OCI’s total look-through proceeds of £6 million were retained by Oakley Fund IV.

ECOMMERCE ONE
£3m
In December 2025, the Origin Fund I received proceeds following the refinancing of ECOMMERCE ONE. OCI’s total look-through proceeds of £3 million were retained by the Origin I Fund.
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