Strategic report / Portfolio overview
Private Equity Funds and
Direct Investments portfolio
These charts show portfolio companies in excess of £10 million look-through carrying value within OCI’s portfolio.
See Glossary for a reconciliation of the Total Portfolio to OCI’s NAV. The data above excludes the Oakley Venture Fund portfolio summarised below – for further details see PROfounders III and Touring I, which amount to £7 million and £62 million respectively.
Venture Funds portfolio
The Oakley Venture Fund Portfolio comprises Touring I and PROfounders III, both of which operate largely in the Technology sector. In 2025, across the Venture Fund Portfolio, there were 11 new acquisitions, and at year-end the two Funds had a combined look-through portfolio value to OCI of £69 million across 28 investments.
Venture Funds
Venture Funds: Portfolio value
£69m
Venture Funds: Investments in 2025
£19m
Venture Funds: Total investments
28
Touring I
Touring I has a strategy of Growth Technology, investing and growing a new generation of enterprise software companies powered by generative artificial intelligence.
PROfounders III
PROfounders III is a venture capital fund focusing on early-stage investments in private businesses which back disruptive business models that leverage technology to transform customer experiences.
- During the year, Touring I held its final close with final commitments of $294 million. Given the strong early performance of the 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 in OCI’s original commitment to Oakley Touring I.
NAV growth
The largest contributors to NAV growth within Oakley’s
Private Equity Funds are highlighted in more detail below.
Business Services Clio
A global leader in legal AI technology.
During 2025, Clio, a global leader in legal technology, acquired Origin I investment vLex, a cloud-based legal information subscription platform, at a US$1 billion valuation. The successful sale of vLex to Clio generated a Realised gross Money Multiple of >6x and generated c.£37 million in look-through proceeds for OCI. In the 12 months to December 2025, Clio achieved positive Annual Recurring Revenue (‘ARR’) performance while gross margin was maintained at robust levels. Driven by the significant NAV uplift arising from the realisation of vLex, Clio contributed 33 pence to OCI’s NAV growth during the year, making it the largest contributor to OCI’s Total NAV Return.
NAV per share uplift
+33p
Fair value
£53.9m
Business Services Phenna
One of the fastest growing TICC groups globally.
Phenna delivered a strong performance in 2025, with continued organic growth as well as strong M&A momentum. On an organic basis, Phenna had close to double-digit revenue growth, driven by broad-based growth across all business units. FY25 was also a record year for M&A, with 26 acquisitions completed at an average multiple of less than 7.5x EV/EBITDA. These acquisitions included Phenna’s first entry into continental Europe as well as further expansion into North America, supporting continued diversification across the group.
NAV per share uplift
+23p
Fair value
£143.2m
Business Services TechInsights
TechInsights is the authoritative semiconductor and microelectronics intelligence platform supporting clients in innovation and decision-making through independent research and analysis.
TechInsights delivered a strong performance in 2025, supported by robust subscription revenue growth and strong renewal rates from existing customers. For the year ending December 2025, TechInsights reported double-digit revenue and EBITDA growth versus prior year.
The company also expanded its capabilities with the acquisition of TechCet, a leading data and analysis provider focused on electronics materials supply chains and technical trends in the global semiconductor industry.
NAV per share uplift
+13p
Fair value
£60.9m
Related content
OCI's underlying investments
See this section for the look-through valuations of each portfolio company, by Fund.