Oakley develops fast-growing companies across the company life cycle – from venture and growth tech funds, through to private equity funds covering small to mid Buyout, across four sectors: Technology, Education, Consumer and Business Services.

Oakley Funds capital allocation:

During the period, Fund VI, the successor to Fund V, held its final close at €4.5 billion. OCI committed €500 million to the Fund, increasing its total outstanding commitments to Oakley Funds to £1,070 million as at 30 June 2025. These commitments are expected to be deployed over the next five years, funded through a combination of existing balance sheet cash and anticipated proceeds from future realisations.

Oakley Funds performance:

Of the Oakley Private Equity Portfolio, the Investment Adviser has delivered strong long-term performance, with total realised returns of 3.9x and an average realised gross IRR of 52% since inception. Among the flagship funds, Fund I achieved a DPI of 1.5x, Fund II has a DPI of 1.5x, Fund III has reached 2.8x, and Fund IV has a DPI to date of 0.7x. Following the refinancing of Dexters during the period, OCI received £6 million in look-through proceeds.

Fund V, which has completed its investment phase, delivered a Net Money Multiple at period-end of 1.2x and a net IRR of 11%. Within the Origin Funds, while Origin II remains in the preliminary stages of deployment, Origin I agreed the successful sale of the Legaltech platform, vLex, during the period. Having sold at a $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 arising from the realisation of vLex contributed 30 pence to OCI’s NAV growth during the period, making it the largest contributor to OCI’s Total NAV Return. This sale underlines Oakley’s ability to identify unique businesses and help them achieve notable growth.

OCI’s investment in the Oakley Funds:

OCI’s look-through investments within the Oakley Funds totalled £54 million during the period. This comprised £13 million in new platform deals and £32 million in follow-on investments within the Private Equity Funds. An additional £9 million was invested in new and follow-on investments through Touring I and PROfounders III. Given the strong early performance of 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.

OCI’s impact:

OCI’s impact during the period was reflected in a strong Total NAV Return of 7%, including a 1% gain from foreign exchange movements. This performance was driven by growth in the underlying portfolio, which contributed 49 pence of net valuation gains. The largest contributors were vLex, Bright Stars, TechInsights, Phenna, and Facile. OCI’s disciplined capital allocation and strategic alignment with Oakley Capital continue to position it as a compelling listed vehicle for long-term value creation.