Oakley Capital Investments/Half Year Report 2025

Investing for
sustainable growth

Watch video: Results H1 2025

A robust start to 2025 with continued growth underpinned by focused capital allocation.

Investment activity in H1 2025

£54m

Look through fund investments. See more.

Buyback programme in H1 2025

£21m

Value of shares repurchased

Capital allocation in H1 2025

€500m

OCI allocated to Fund VI

OCI highlights
of H1 2025

Creating value
Net Asset Value

£1,275m

Performance
OCI’s NAV grew to £1,275 million, reflecting a period of continued growth underpinned by focused capital allocation. With the NAV being fully invested at period-end, OCI is well positioned to maximise future returns and sustain long-term value creation.

NAV per share
Represents the underlying value of each share.

742p

Importance
Represents the underlying value of each share.

Performance
Driven by the growth of the underlying investments, OCI's NAV per share increased to 742 pence in the period, net of 2.25 pence of dividends paid to shareholders, including the ongoing share buyback programme, which contributed 6 pence to the NAV per share growth.

Resilient performance
Total NAV Return per share

Without foreign exchange impact

Importance

Represents shareholder value creation through dividends and NAV growth.

Performance

OCI delivered a Total NAV Return per share of 7% for the six-month period, representing a 3% increase over the first six months for 2024, supported by a 1% gain from foreign exchange movement.

Invested by OCI during the period

£54m

Importance

Demonstrates the activity during the period through capital deployment for future returns.

Performance

OCI made look-through investments of £54 million primarily comprising investments through Fund V and Origin II, with a strong pipeline of prospective deals to come within the Private Equity Funds.

Look-through proceeds to OCI during the period

£6m

Importance

Represents the value realised by OCI from its investments in the Oakley Funds.

Performance

OCI's look-through share of proceeds for the period was £6 million. The announced sale of vLex to Clio during the period, at a headline valuation of $1 billion, is expected to generate an estimated c.£30 million in look-through proceeds by year-end.

See more on vLex

See: OCI Key Performance Indicators

Highlights of H1 2025 / Exit and reinvestment

vLex

Oakley has continued to demonstrate why investors’ confidence is not misplaced, most notably with the successful sale of its investment in Legaltech platform vLex to Canadian legal software business Clio, which is expected to complete in the second half of the year. The deal values vLex at US$1bn, making it one of the few Spanish tech start-ups to reach unicorn status.

Exit valuation

US$1bn

See: Further information on vLex

Strategic report / Increase in value

Increase in value

Movement in NAV £m

Movement in the value of investments £m

See: Increase in value section

Highlights of 2025 / Portfolio growth

Top performers of H1 2025

Private Equity Funds – Top 10 Movements (£m)

A resilient performance of the underlying portfolio positively contributed to OCI's Total NAV Return of 7%.

The largest five contributors to growth were vLex, Bright Stars TechInsights, Phenna and Facile. Following its announced sale to Clio, which is expected to complete in H2 25, vLex contributed 30 pence of net valuation gain to OCI's Total NAV Return at the period-end.

Steer’s contribution to NAV declined despite its revenue growth outpacing market decline. This is driven by a higher cost base from recent M&A where expected synergies have not yet been realised.

Contabo’s contribution to NAV also declined, reflecting market uncertainty in respect of broader geopolitical risk.

When considering the contribution from the Direct Investment Portfolio (not shown in the table above), the North Sails direct position was one of the leading drivers of NAV growth in the period, contributing £5 million, in addition to the £3.9 million contributed by North Sails indirect investment in Fund II. However, this was tempered by an unrealised loss of c.£44 million on Time Out given the decline in their share price.

Note: Figures represent the net look-through movement in portfolio company value.

Chair’s statement

Continuing to generate
positive outcomes

Graphic quote mark

Our confidence in Oakley underpinned our decision to allocate €500 million to the latest of their flagship funds, Fund VI, which raised a record €4.5 billion in just six months.

Caroline Foulger Chair

Graphic quote mark

We look forward to the inclusion of OCI in the FTSE250 Index in Q3. This milestone is a testament to the consistent progress that OCI has made over many years, and the efforts of the Investment Adviser and the Board, which have more than proved the value of private equity holdings as part of a balanced portfolio.

Caroline Foulger Chair

Graphic quote mark

It has been a privilege to represent shareholders in a company which has repeatedly proved the value of private equity. During my time on the board OCI’s net asset value (NAV) has grown substantially from £438 million in 2016 to £1,275 million at the close of H1 2025.

Caroline Foulger Chair

See: Chair's statement

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 backs private founder-led businesses. Our business model 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’)

See: Our Business model

Business model / Oakley Capital

How Oakley creates value

OCI’s Investment Adviser is Oakley Capital, a pan-European private equity investor, that backs private businesses. Find out how Oakley sources the best investments to deliver long-term value.

See: How Oakley creates value

Investment Adviser’s report

New investments lay the foundations for future growth

Oakley’s investments during the period reflect its ongoing commitment to backing exceptional founders and management teams at disruptive, fast-growing businesses.”

Steven Tredget Partner at Oakley Capital

See: Investment Adviser's report

Oakley Funds strategies

Investing across the
company lifecycle

Oakley Funds

Venture Funds

Private Equity Funds

Fund strategy

Venture Capital

Total Funds

€77m

Fund strategy

Growth
Tech

Total Funds

$255m

Fund strategy

Small-mid Buyout

Total Funds

€1,249m

Fund strategy

Mid
Buyout

Total Funds

€10.14bn

Investing across four sectors
Technology, Education, Consumer and Business Services

See: Oakley Funds strategies

Portfolio activity

And 2025 was a significant year for investments

Bridewell

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.

£18m

JBMC

In June, Oakley Origin II acquired a majority stake in Joint 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.

£8m

Infravadis

In June, Oakley Origin II 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.

£5m

Fornasetti

In June, 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.

£4m

See: Portfolio Investments

Strategic report / Sector review

Technology

Investing across digital markets
Oakley has built a successful track record in backing technology-led businesses.

See: Technology sector overview

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.

See: Education sector overview

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.

See: Consumer sector overview

Strategic report / Sector review

Business services

Mission-critical services
Providing mission-critical, tech-enabled services that help customers succeed.

See: Business services sector overview