Strategic report / OCI NAV overview
Consistent long-term returns
Over the last six months, OCI’s NAV grew from £1,226 million to £1,275 million, reflecting continued portfolio growth and value creation within the Oakley Funds. This resulted in a NAV per share of 742 pence, delivering a Total NAV Return per share of 7% for the period. Included within the NAV per share growth is 6 pence delivered by the ongoing share buyback programme.
Oakley Fund Investments
In a period marked by continued, muted M&A activity for the wider private equity industry, OCI deployed £54 million into new investments and follow-on deals, maximising future returns, with NAV fully invested at the end of the period and Oakley Fund Investments representing 90% of total NAV.
£1,145m
Direct Investments
Direct Investments were £193 million at the period-end, £34 million of which related to Time Out and £159 million to North Sails.
See Direct Investments section
£193m
Total liquidity
At the period-end, OCI had £257 million in total liquidity, comprising £108 million in cash and £149 million in available credit.
During the period, OCI's credit facilities were renewed and extended, increasing liquidity and flexibility to support capital allocation.
See Cash and liquidity section
£257m
OCI NAV overview / Fund investments
Investments in H1 2025
During the period, OCI made total look-through investments of £54 million, as Oakley continued to originate proprietary opportunities across its strategies and sectors:
New Private Equity Investments
New platform deals
£13m
Comprising investments in JBMC and Infravadis.
Private equity follow-on investments
Building portfolio strength
£32m
Including bolt-on acquisitions by I-TRACING, through a strategic partnership with Bridewell; Fornasetti, an Iconic BrandCo bolt-on; and Affinitas.
New and follow-on venture investments
Focused on growth prospects
£9m
Including new Touring investments in Blinq, SlashExperts and Wingspan and bolt-on acquisitions in Netradyne and Exaforce alongside new PROfounders III investment in Capalo AI and bolt-on acquisitions in Frontnow and QA.tech.
Related content
Portfolio activity in 2024
Find out more about each of the investments that were made by Oakley Capital Funds in the past year.
Portfolio overview
This section provides a performance snapshot of our Private Equity Funds Portfolio.
Venture Funds review
In this section, we summarise the portfolio companies within our Venture Funds (Touring I and PROFounders III).