Strategic report / Sector review: Business Services
Business Services portfolio
OCI valuation
Phenna Group
£163.9m
Phenna
One of the fastest-growing TICC groups globally.
Phenna delivered a strong first half of 2026, with continued organic growth across the business complemented by strong M&A momentum in the second quarter. On an organic basis, year-to-date revenue and EBITDA were up mid-to-high single digits, underpinned by broad-based growth across the majority of the group’s divisions. The team have been focused on ongoing commercial integration efforts, particularly in the UK&I Infrastructure division, driving continued above-market organic growth. Phenna also continued to execute on its accretive bolt-on pipeline, continuing the successful build-out of the Italy and Spain business units. The group remains one of the fastest-growing TICC platforms globally, with an active M&A pipeline supporting continued diversification across geographies and end markets.
Steer Automotive
UK's leading B2B automotive services platform.
Since Oakley's investment in April 2024, Steer has almost doubled in scale, expanding from 98 sites at signing to over 200 across the UK, as at June 2026. Pro forma EBITDA was broadly stable through the period and approximately 4% ahead of the prior year. Claims notifications increased year-on-year in the quarter, with repair volumes typically following with a lag. Post quarter-end, Jana Siber joined as CEO, with founder Richard Steer becoming Executive Chairman. Steer remains the UK's leading consolidator, with a robust M&A pipeline.
OCI valuation
Steer Automotive
£76.4m
OCI valuation
TechInsights
£73.4m
TechInsights
TechInsights is the authoritative semiconductor and microelectronics intelligence platform supporting clients in innovation and decision-making through independent research and analysis.
TechInsights delivered a strong first half of 2026, with continued c.20% subscription revenue growth, supported by strong retention and renewal rates from existing customers. For the six-month period ended June 2026, the business reported c.20% EBITDA growth versus prior year. During the period, TechInsights also signed the acquisition of Synergy Research Group, expanding cloud and data centre market intelligence capabilities.
Clio
A global leader in legal AI technology.
Clio continued to contribute materially to OCI’s performance during the period and remained one of the largest contributors to Total NAV Return, 4 pence, following on from the significant NAV uplift recognised in the prior year on the realisation of vLex, at a $1 billion valuation. In the six-month period to June 2026, Clio delivered total annual recurring revenue growth above 50% versus prior year, reflecting continued execution across the core legal software platform, AI products, and transaction-based revenues.
OCI valuation
Clio
£60.6m
Sector review covers the 10 largest Oakley Flagship Fund portfolio companies and five largest Oakley Origin Fund portfolio companies across the four sectors, based on look-through fair value, together with all Private Equity Portfolio investments acquired during the period and OCI's Direct Investments.