This is the last time I will have the pleasure of addressing you as Chair of OCI following my retirement from the Board of Oakley Capital Investments ('OCI') after nine years. In that context, I am very pleased to report on a few initiatives that concluded during this period or shortly afterwards, in addition to again delivering strong results for the six months.

Performance for the period

Firstly and most importantly, OCI has continued to generate robust performance in the first half of this year, delivering a total NAV per share return of 7% in the period, with a Total Shareholder Return of 3%, which compares well with OCI’s peer group. This reflects the strong performance of OCI’s underlying portfolio of investments since the start of the year. This is evidenced by the successful sale of the Legaltech platform, vLex, which marked Oakley’s fourth unicorn investment, having sold at a US$1 billion valuation. This transaction is expected to generate an estimated c.£30 million in look-through proceeds before the end of the year. The significant NAV uplift in the transaction underlines Oakley’s ability to identify unique businesses and help them achieve substantial growth. The Investment Adviser has also made a further 11 new investments in the period, including two new platform investments in Origin II. This successful start to the year followed the record close of the Investment Adviser’s €4.5 billion flagship Fund VI in March 2025. As is our standard practice, all investments were fully revalued at period-end, which is reflected in the reported NAV, albeit the recent acquisitions referred to above will only begin to have an effect on OCI’s NAV in future periods.

Main market listing

As readers will be aware from separate announcements, OCI delivered on its plan to transfer OCI’s listing to the Main Market of the London Stock Exchange from 1 August, something we have been planning for some time. This move is important as it helps to enhance OCI’s marketability, increase investors' access to its shares and support the continued delivery of strong shareholder returns. Our efforts to widen investor access to private equity and the outperformance of the asset class have been repeatedly recognised by third parties, with numerous awards singling us out not only for the strength and clarity of our communications, but also for our innovation, such as the use of digital channels to reach new audiences. One of OCI’s key purposes, in addition to the delivery of strong returns, has been to democratise access to private equity, and I am delighted to have delivered this project prior to my departure from the Board. 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.

Reflections and a note of thanks

As I retire from the Board, I reflect on my time as Chair and how OCI, and our industry, has transformed during that period. When I joined the Board in 2016, private equity was largely perceived as a niche and emerging asset class. OCI has worked hard since then to educate prospective investors about the opportunities private equity offers and to make it accessible. Opening up private equity is especially important against a market backdrop in which the number of quoted companies has suffered a significant decline, reducing opportunities for investors to back promising high-growth businesses. With many of these companies choosing to remain private, providing individual investors with a route to tap into their success, through listed private equity trusts such as OCI, has never been more important.

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. During that same period OCI has delivered investors a Total Shareholder Return of over 200%. OCI has clearly outperformed its benchmark during this time, as the FTSE All-Share delivered 23%. This has been achieved against the very challenging macroeconomic backdrop of recent years, highlighting OCI’s ability to deliver through all economic cycles.

This success is testament to the strength of the Investment Adviser, which has proven its ability to consistently deliver on its investment strategy, partnering with talented founders across Europe to help their ambitious businesses achieve new chapters of growth. OCI’s portfolio now provides shareholders with access to Oakley Capital’s portfolio of 22 companies within its flagship European mid-market strategy, alongside a further 12 lower mid-market European companies within its Origin fund strategy launched in 2021. OCI’s portfolio has been further expanded particularly via the Touring Capital Funds, which give exposure to a range of exciting smaller technology companies at the forefront of software and artificial intelligence.

I would like to end by thanking my current and former colleagues on the Board for their support over the past nine years and I am confident that OCI has even better years ahead. I wish the very best to Steve Pearce in his new role as Interim Chair and look forward to OCI's update on his permanent replacement in due course. To our investors, I thank you for your engagement and your valuable contributions, and I look forward to continuing this journey together as shareholders of OCI.

Caroline Foulger Chair
10 September 2025