Focus on capital allocation

• Cash and available credit: During the period, OCI refinanced its credit arrangements, replacing the existing facility with a new five-year facility totalling £325 million, thereby increasing OCI’s flexibility and liquidity. At the period-end, OCI's cash and available credit was £257 million, comprising £108 million of cash and £149 million in undrawn credit facilities. OCI has an option to increase the facility by a further £75 million subject to agreement by all parties.
• The Board aims to strike the right balance between maximising shareholder returns via NAV growth through the proactive commitment of capital to future Oakley Funds, share buybacks and dividends, and maintaining an appropriate cash contingency. During the period, the Board cancelled future OCI dividends and launched an annual share buyback programme, initially of a minimum of £20 million. The 2025 buyback programme was subsequently increased to £50 million, reflecting the assessment of current liquidity and the improved prospects for proceeds. Since the start of the year OCI has acquired and cancelled 4.5 million shares for an aggregate £21.4 million during the period to 30 June 2025.

Main market listing

• OCI’s transfer to the Main Market of the London Stock Exchange on 1 August marked a significant step in broadening investor access and enhancing share liquidity. This milestone reflects OCI's long-standing commitment to making private equity more accessible and recognises the strength of OCI's communications and innovation.

Outstanding commitments

OCI had total outstanding commitments of £1,070 million, of which c.£300 million are not anticipated to be drawn, as at 30 June 2025. These will be met by:

• Proceeds from future realisations: As the funds progress through their life cycle, the staggered profile of the Oakley Fund Investments is expected to generate regular and ongoing proceeds for OCI. Looking across the portfolio, Fund V is at the end of its investment phase and is now focused on generating value across its investments. Fund IV and Origin I are within their realisation phase and are expected to generate significant proceeds over the short and medium term, with one exit in Origin I signed and expected to complete before the end of the year.

During the period, OCI's look-through share of proceeds amounted to £6 million, following Fund IV's refinancing of Dexters. In addition, the announced sale of vLex to Clio, at a headline valuation of $1 billion, is expected to generate an estimated c.£30 million in look-through proceeds by year-end.