Strategic report / OCI KPIs
OCI key performance
indicators
OCI delivered a robust start to 2025 with £54 million invested during the period despite continued muted M&A activity within the wider private equity industry.
The Total Net Asset Value (‘NAV’) Return per share was +49 pence, reporting a 7% Total NAV Return per share for the six-month period or 6% excluding the impact of foreign exchange.
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
7%
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.
Delivering returns
Total Shareholder Return
3%
Importance
Measures total return to shareholders by expressing share price appreciation and dividends paid as an annualised percentage.
Performance
Total Shareholder Return was 3% for the 6-month period, exceeding the previous 12 months. This reflects OCI's robust investment performance supported by the commitment to drive shareholder returns through the share buyback programme.
OCI long-term shareholder return vs indices
OCI shareholder return and FTSE All-Share return has been re-based to 2015.
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.
Liquidity
Cash
£108m
A further £149m of additional credit is available at the period-end.
Consistent returns
Dividend per share
2.25p
The Board has cancelled future dividends and launched an annual share buyback programme to replace the bi-annual dividend declarations.
Investing for future growth
Outstanding Fund commitments
£1,070m
Of which, £300m is not expected to be drawn.
Five-year CAGR
17%
Importance
Annualised Total NAV Return per share calculated over a five-year period. A measure of the consistency and quality of growth in the portfolio.
Performance
OCI's five-year Compound Annual Growth Rate (CAGR) is 17%, demonstrating continued and resilient growth when compared to its peers.
Discount to NAV
31%
Importance
Share price relative to NAV per share. NAV per share is the primary driver of shareholder returns.
Performance
OCI's discount to NAV remains broadly in line with the prior year, reflecting a continuing industry-wide trend, particularly for investment companies holding private assets.
OCI assesses its performance using a variety of measures that are not specifically defined under IFRS and are therefore termed Alternative Performance Measures ('APMs'). These APMs have been used as they are considered by the Board to be the most relevant bases for shareholders in assessing the performance of the Company. The APMs and KPIs used by the Company are listed in the Glossary, along with their definition/explanation, their closest IFRS measure and, where appropriate, reconciliations to those IFRS measures.
Related content
See OCI NAV overview
See this section to learn about OCI's NAV and how we have delivered consistent returns for shareholders during a period of investment.