Strategic report / Portfolio overview
Private Equity Funds and
Direct Investment Portfolio
Private Equity Funds and Direct Investment: £1,496.6 million
This section shows Oakley's Private Equity Funds portfolio and OCI Direct Investments portfolio.
These charts do not show portfolio companies with a value of less than £10m.
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 £5.7 million and £46.0 million respectively.
Venture Funds portfolio
The Oakley Venture Fund Portfolio comprises of Touring I and PROfounders III, both of which operate largely in the Technology sector. In 2025, across the Venture Fund Portfolio, there were four new acquisitions, and at the end of the period, the two Funds had a combined portfolio value of £51.7 million across 21 investments.
Venture Funds
Venture Funds: Portfolio value
£51.7m
Venture Funds: Investments in H1 2025
£9m
Venture Funds: Total investments
21
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.
- Following the period-end, 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, post period-end the Board applied for 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 vLex
A cloud-based legal information subscription platform.
vLex enjoyed strong performance in H1 2025, with continued growth in its AI-powered legal workflow platform and successful market penetration. For the six-month period ending June 2025, vLex reported revenue and EBITDA growth of 21% and 57% respectively versus prior year. The business continues to show strong recurrency, with over 95% of revenues coming from subscriptions and delivering annual recurring revenue (‘ARR’) growth of 24% versus the prior year. Vincent AI, the fastest-growing division, now represents approximately 20% of ARR and continues showing positive momentum among both US blue-chip customers and the Small Law division. Following the announced acquisition by Clio at a $1 billion valuation, signed in June 2025, vLex is positioned to further develop its AI capabilities and explore cross-selling opportunities. The transaction contributed 30 pence of net valuation gain to OCI's Total NAV Return, making it the largest contributor to OCI’s Total NAV Return in H1 2025.
NAV per share uplift
+30p
Fair value
£66.1m
Education Bright Stars
A leading independent group of premium nurseries, providing pre-school childcare.
For the year to June 2025, Bright Stars delivered EBITDA growth of 44% versus prior year. Overall market demand has improved over the last six months due to easing of cost-of-living pressures and increased levels of government funding. Bright Stars has now acquired 93 nurseries, since Oakley’s initial investment, with eight new sites in H1, which puts it well ahead of the original target.
A leading independent group of premium nurseries, providing pre-school childcare.
NAV per share uplift
+6p
Fair value
£68.0m
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 H1 2025 performance has been one of the biggest drivers of OCI’s NAV growth, contributing 6 pence, with continued subscription revenue growth supported by strong renewal rates from existing customers. For the six-month period ending June 2025, TechInsights reported double-digit revenue and EBITDA growth versus prior year. Recurring revenues continued to grow, now making up 82% of total revenues, underscoring the shift toward a more predictable and resilient revenue base. This performance came against the backdrop of a more buoyant semiconductor market in H1 2025, driven by surging demand for logic and memory chips in AI, data centre and advanced computing applications.
TechInsights is the authoritative semiconductor and microelectronics intelligence platform.
NAV per share uplift
+6p
Fair value
£50.4m
Related content
OCI's underlying investments
See this section for the look-through valuations of each portfolio company, by Fund.