Oakley Capital Investments / Annual Report 2025
Led by founders,
built to perform
A successful year of realisations and investments
Total invested in 2025
£197m
Total capital deployed by OCI
Total realisations
£92m
Look-through proceeds for OCI, from Oakley Funds
Realisation gains in 2025
3.6x
Realised gross Money Multiple
Highlights of 2025 / Overview
OCI highlights
of 2025
Creating value
Net Asset Value
£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.
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.
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.
Highlights of 2025
vLex
vLex is a cloud-based legal information subscription platform serving law firms, enterprises and legal professionals globally.
Exit valuation
US$1bn
Strategic report / Increase in value
Increase
in value
Movement in NAV (£m)
Movement in the value of investments (£m)
*Figures are presented inclusive of the non-cash transfer that took place between Fund II and North Sails CV during the year.
Highlights of 2025 / Portfolio growth
Top performers
of 2025
Private Equity Funds – Top 10 Movements (£m)
A resilient performance of the underlying portfolio positively contributed to OCI’s Total NAV Return of 6%.
The largest five contributors to growth were Clio*, Phenna, TechInsights, Bright Stars and IU Group.
*In November, Origin I disposed of its stake in vLex, a cloud-based legal information subscription platform, to Clio, a global leader in legal technology, generating a Realised gross Money Multiple of >6x. As part of the transaction, Origin I partially reinvested in Clio, in order to benefit from expected future growth.
Note: Figures represent the net look-through movement in portfolio company value.
Chair’s statement
2025 marked a year of significant progress for the Company.
OCI enters 2026 as a FTSE 250 constituent with strong momentum and a compelling proposition for investors.”
Steve Pearce Chair

Business model / OCI
Who we are
We are Oakley Capital Investments, a listed private equity investor. We invest in funds managed by our Investment Adviser, Oakley Capital, which back private founder-led businesses. This section explains why we partner with Oakley Capital as our adviser and how its proprietary approach drives value growth across its portfolio companies.
OCI's relationship with Oakley Capital
We are a listed private equity company:
Oakley Capital Investments (‘OCI’)
Our chosen Investment Adviser:
Oakley Capital (‘Oakley’)
Business model / Oakley Capital (Investment Adviser)
The Oakley Difference
Why does OCI choose Oakley Capital as its valued Investment Adviser? Oakley Capital is a pan-European private equity investor that partners with founders and management teams with ambitions to grow their businesses and unlock their full potential.
Oakley invests in companies across the life cycle, with the majority of the Private Equity Funds portfolio covering small-mid and mid-market buyout transactions. In recent years, Oakley has expanded its strategy to also cover venture and growth tech funds. Across these four strategies, Oakley invests in four sectors: Technology, Education, Consumer and Business Services.
Investment Adviser’s report
Oakley continued to deploy capital steadily throughout the year, making 10 platform investments, all in founder-led businesses.
Oakley’s successful track record partnering with founders and working with them to deliver their ambitious visions for their companies continues to generate a large pool of attractive investment opportunities.”
Steven Tredget Partner at Oakley Capital

Oakley Funds strategies
Oakley Funds strategies
Oakley Funds
Venture Funds
Private Equity Funds
Fund strategy
Venture Capital
Total Funds
€77m
Fund strategy
Growth
Tech
Total Funds
$294m
Fund strategy
Small-mid Buyout
Total Funds
€1.25bn
Fund strategy
Mid
Buyout
Total Funds
€9.89bn
Investing across four sectors
Technology, Education, Consumer and Business Services
Portfolio activity
And 2025 was a significant year for investments

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.
Strategic report / Sector review
Technology
Investing across digital markets
Oakley has built a successful track record in backing technology-led businesses.
Strategic report / Sector review
Education
First-class opportunities
Education is a core sector, with four investments taking us forward with confidence, ranging from online tertiary education and after-school tutoring to professional learning.
Strategic report / Sector review
Consumer
A strong platform for growth
Oakley has a long track record of investing in distinctive online and offline brands loved by consumers.
Strategic report / Sector review
Business services
Mission-critical services
Providing mission-critical, tech-enabled services that help customers succeed.