Investments as at 30 June 2026:
31 December 2025 fair value £’000 | Purchases/ capital calls £’000 | Sales*/ distributions £’000 | Realised gains/ (losses)** £’000 | Interest and other £’000 | Change in unrealised gains/ (losses)*** £’000 | 30 June 2026 fair value £’000 | |
|---|---|---|---|---|---|---|---|
Oakley Funds | |||||||
Fund III | 141,322 | – | – | 1,069 | – | (2,671) | 139,720 |
Fund IV | 292,968 | 6,921 | (17,032) | 10,410 | – | 12,159 | 305,426 |
Fund V | 415,751 | – | – | (6,271) | – | 14,662 | 424,142 |
Fund VI | 38,219 | – | – | (7,665) | – | 7,436 | 37,990 |
Origin I | 113,298 | 1,672 | – | (1,457) | – | 12,150 | 125,663 |
Origin II | 37,119 | 22,334 | – | (3,016) | – | 13,246 | 69,683 |
PROfounders III | 7,358 | 1,555 | – | (273) | – | (198) | 8,442 |
North Sails CV | 59,974 | – | (5,880) | (220) | – | 2,586 | 56,460 |
Touring I | 63,181 | 8,568 | – | (1,366) | – | 14,313 | 84,696 |
Total Oakley Funds | 1,169,190 | 41,050 | (22,912) | (8,789) | – | 73,683 | 1,252,222 |
Quoted equity securities | |||||||
Time Out | 15,206 | 188 | – | – | – | (2,768) | 12,626 |
Total quoted equity securities | 15,206 | 188 | – | – | – | (2,768) | 12,626 |
Unquoted debt securities | |||||||
Time Out | 7,742 | – | – | – | 608 | – | 8,350 |
Total unquoted debt securities | 7,742 | – | – | – | 608 | – | 8,350 |
Unquoted ordinary and preferred equity instruments | |||||||
North Sails Group | 169,596 | – | – | – | 1,490 | 12,360 | 183,446 |
Total unquoted ordinary and preferred equity instruments | 169,596 | – | – | – | 1,490 | 12,360 | 183,446 |
Total investments | 1,361,734 | 41,238 | (22,912) | (8,789) | 2,098 | 83,275 | 1,456,644 |
* Total sales include redemptions, loan repayments (including accrued interest and arrangement fees) and transfers.
** Realised gains/(losses) include realised gains/(losses) on underlying fund portfolio investments sold in the period, and income and expenses of the underlying fund during the period.
*** Unrealised gains/(losses) include FX on the conversion of period-end fund holdings from the Fund’s reporting currency (Euros) (North Sails CV, Touring: USD) to GBP, plus inception to date unrealised gains/(losses) on the Fund’s portfolio investments and any change in the Company’s share of fund holdings. Changes in provisional profit allocation (‘carry’) are apportioned across the realised and unrealised gains.
The change in unrealised gains/(losses) for total investments does not include the fair value movement of the Company's interest in the residual assets of Fund II, which was dissolved in the prior year. Refer to Note 9 for further detail.
Investments as at 31 December 2025:
31 December 2024 fair value £’000 | Purchases/ capital calls £’000 | Total sales*/ distributions £'000 | Realised gains/ (losses)** £'000 | Interest and other £'000 | Change in unrealised gains/ (losses)*** £'000 | 2025 fair value £'000 | |
|---|---|---|---|---|---|---|---|
Oakley Funds | |||||||
Fund II1 | 54,104 | 2,475 | (59,841) | 3,262 | – | – | – |
Fund III | 134,377 | 16,184 | (15,141) | 41,614 | – | (35,712) | 141,322 |
Fund IV | 259,786 | – | (23,301) | 16,630 | – | 39,853 | 292,968 |
Fund V | 400,419 | – | – | 133 | – | 15,199 | 415,751 |
Fund VI | – | 49,530 | – | (11,883) | – | 572 | 38,219 |
Origin I | 92,205 | 10,130 | (33,273) | (3,025) | – | 47,261 | 113,298 |
Origin II | 4,370 | 27,558 | – | (6,944) | – | 12,135 | 37,119 |
PROfounders III | 5,081 | 2,817 | – | (580) | – | 40 | 7,358 |
North Sails CV | – | 57,936 | – | (719) | – | 2,757 | 59,974 |
Touring I | 47,373 | 16,769 | – | (7,362) | – | 6,401 | 63,181 |
Total Oakley Funds | 997,715 | 183,399 | (131,556) | 31,126 | – | 88,506 | 1,169,190 |
Quoted equity securities | |||||||
Time Out | 70,083 | 2,864 | – | – | – | (57,741) | 15,206 |
Total quoted equity securities | 70,083 | 2,864 | – | – | – | (57,741) | 15,206 |
Unquoted debt securities | |||||||
Time Out | 6,797 | – | – | – | 945 | – | 7,742 |
Total unquoted debt securities | 6,797 | – | – | – | 945 | – | 7,742 |
Unquoted ordinary and preferred equity instruments | |||||||
North Sails Group | 154,141 | – | – | – | 2,915 | 12,540 | 169,596 |
Total unquoted ordinary and preferred equity instruments | 154,141 | – | – | – | 2,915 | 12,540 | 169,596 |
Total investments | 1,228,736 | 186,263 | (131,556) | 31,126 | 3,860 | 43,305 | 1,361,734 |
1 . During the prior year, Fund II exited its stake amounting to £57.9m in North Sails to Oakley’s Continuation Vehicle, North Sails CV. Fund II was subsequently dissolved with the remaining investment, Daisy, and residual assets, being held by Oakley Capital Two Limited, in which OCI continues to hold a £1.9 million interest. This is currently being reported under trade and other receivables on the balance sheet. These transactions were carried out on a non-cash basis.
* Total sales include redemptions, loan repayments (including accrued interest and arrangement fees) and transfers.
** Realised gains/(losses) include realised gains/(losses) on underlying fund portfolio investments sold in the period, and income and expenses of the underlying fund during the period.
*** Unrealised gains/(losses) include FX on the conversion of period-end fund holdings from the Fund’s reporting currency (Euros) (North Sails CV, Touring: USD) to GBP, plus inception to date unrealised gains/(losses) on the Fund’s portfolio investments and any change in the Company’s share of fund holdings. Changes in provisional profit allocation (‘carry’) are apportioned across the realised and unrealised gains.
Investments as at 30 June 2025:
31 December 2024 fair value £’000 | Purchases/ capital calls £’000 | Sales*/ distributions £’000 | Realised gains/ (losses)** £’000 | Interest and other £’000 | Change in unrealised gains/ (losses)*** £’000 | 30 June 2025 fair value £’000 | |
|---|---|---|---|---|---|---|---|
Oakley Funds | |||||||
Fund II | 54,104 | – | – | (643) | – | 3,383 | 56,844 |
Fund III | 134,377 | 8,279 | – | 27,486 | – | (23,471) | 146,671 |
Fund IV | 259,786 | – | – | 2,986 | – | 31,924 | 294,696 |
Fund V | 400,419 | – | – | 493 | – | 39,669 | 440,581 |
Fund VI | – | 12,069 | – | (5,673) | – | 23 | 6,419 |
Origin I | 92,205 | – | – | (1,371) | – | 52,827 | 143,661 |
Origin II | 4,370 | – | – | (3,306) | – | 1,270 | 2,334 |
PROfounders III | 5,081 | 1,901 | – | (246) | – | 214 | 6,950 |
Touring I | 47,373 | 2,874 | – | (1,039) | – | (1,898) | 47,310 |
Total Oakley Funds | 997,715 | 25,123 | – | 18,687 | – | 103,941 | 1,145,466 |
Quoted equity securities | |||||||
Time Out | 70,083 | – | – | – | – | (43,548) | 26,535 |
Total quoted equity securities | 70,083 | – | – | – | – | (43,548) | 26,535 |
Unquoted debt securities | |||||||
Time Out | 6,797 | – | – | – | 523 | – | 7,320 |
Total unquoted debt securities | 6,797 | – | – | – | 523 | – | 7,320 |
Unquoted ordinary and preferred equity instruments | |||||||
North Sails Group | 154,141 | – | – | – | 1,466 | 3,760 | 159,367 |
Total unquoted ordinary and preferred equity instruments | 154,141 | – | – | – | 1,466 | 3,760 | 159,367 |
Total investments | 1,228,736 | 25,123 | – | 18,687 | 1,989 | 64,153 | 1,338,688 |
* Total sales include redemptions, loan repayments (including accrued interest and arrangement fees) and transfers.
** Realised gains/(losses) include realised gains/(losses) on underlying fund portfolio investments sold in the period, and income and expenses of the underlying fund during the period.
*** Unrealised gains/(losses) include FX on the conversion of period-end fund holdings from the Fund’s reporting currency (Euros) (Touring: USD) to GBP, plus inception to date unrealised gains/(losses) on the Fund’s portfolio investments and any change in the Company’s share of fund holdings. Changes in provisional profit allocation (‘carry’) are apportioned across the realised and unrealised gains.