Administrative Agent | Oakley Capital Limited (‘OCL’), in respect of the Company. | |||||
AIF | Alternative Investment Fund. As at 30 June 2026, Oakley Capital Investments Limited is a non-EU AIF. | |||||
APM | Alternative Performance Measures. APMs are financial measures of historical or future performance, financial position or cash flows other than those defined or specified under IFRS. APMs are used throughout this Interim Report where the Board considers them to be the most relevant basis for shareholders to assess the performance of the Company and to compare the Company’s performance with that of its peers, taking into account industry practice. | |||||
Attribution analysis: movement across Oakley Funds and Direct Investments | Realised and unrealised gains/(losses) are presented for the top ten largest movements across the Oakley Funds and Direct Investments valuations and realisations. This therefore excludes realised and unrealised gains/(losses) on the other assets/(liabilities) of the funds, including income and expenses of the underlying fund, FX on the conversion of period-end fund holdings from the fund’s reporting currency to GBP and any change in OCI’s share of fund holdings. | |||||
Attribution analysis: movement in NAV and investments | 1. Realised gains/(losses) on investment income and expenses relate to the income and expenses of the underlying fund investments during the period. 2. Realised gains/(losses) on investments include realised gains/(losses) on both underlying fund and Direct Investments. 3. Unrealised gains/(losses) on investment FX result from the conversion of period-end fund holdings from the Oakley Funds’ reporting currency to GBP. 4. Unrealised gains/(losses) on investments are primarily driven by the movement in unrealised gains/(losses) of the Fund’s portfolio investments and any other changes in OCI’s share of fund holdings. | |||||
Auditor | Deloitte Ltd. or such other auditor as appointed from time to time. | |||||
Average Entry Multiple | The average EV/EBITDA Multiple of Oakley's Private Equity Portfolio, excluding portfolio companies not valued on an EBITDA basis. | |||||
Board/Directors | The Board of Directors of the Company. | |||||
CAGR | Compound annual growth rate, calculated as the annualised Total NAV Return per share over five-year and 10-year periods. This assumes dividends are reinvested into NAV on the ex-dividend date, with returns annualised using compound growth. This methodology differs from that used in previous reports, which calculated CAGR by adding cash dividends back to NAV per share. The impact of this change on historical periods is immaterial. | |||||
Commitments | The amount committed by an investor to the Funds whether or not such amount has been advanced in whole or in part. | |||||
Company/OCI | Oakley Capital Investments Limited, a company incorporated with limited liability in Bermuda and registered number 40324. | |||||
Company’s Portfolio | The Company’s Portfolio is the fair value of OCI’s investments, made up of the Oakley Funds’ investments on a look-through basis, and OCI’s Direct Investments. This can be reconciled to the NAV as below: | |||||
As at 30 June 2026 | As at 31 December 2025 | As at 31 December 2024 | ||||
Company’s Portfolio | ||||||
Private Equity Portfolio | 1,533.7 | 1,426.6 | 1,152.4 | |||
Venture Fund Portfolio | 88.3 | 69.2 | 49.0 | |||
Other Oakley Fund assets/(liabilities) | (369.8) | (326.5) | (203.6) | |||
OCI Direct Investments | 204.4 | 192.5 | 231.0 | |||
Cash and Other | (167.6) | (128.9) | (2.8) | |||
NAV | 1,289.1 | 1,232.9 | 1,226.0 | |||
DACH region | Germany, Austria and Switzerland. | |||||
Direct Investments | Comprising OCI’s investments in Time Out and North Sails. | |||||
Discount to NAV | The amount by which the Net Asset Value per share exceeds the share price. Calculated as: Discount to NAV = (NAV per share - Share price) / NAV per share. | |||||
As at 30 June 2026 | As at 31 December 2025 | As at 31 December 2024 | ||||
NAV at period end (p) | (a) | 782 | 738 | 695 | Discount to NAV (a-b) / a | |
Share price at period end (p) | (b) | 478 | 570 | 499 | ||
Discount to NAV | 39% | 23% | 28% | |||
DPI | Distributions to Paid-In Capital is a measure of the cash returned to investors relative to total capital contributed. Calculated as cumulative distributions divided by paid-in capital. | |||||
EBITDA | Earnings before interest, taxation, depreciation and amortisation and appropriately adjusted by the portfolio company to properly reflect its underlying performance. | |||||
Equity ticket | The amount invested in a company by the Fund. | |||||
EV/EBITDA Multiple | The EV/EBITDA Multiple compares a company’s Enterprise Value (‘EV’) to its annual EBITDA used in the valuation of the underlying companies. The EV/EBITDA Multiple in the report is weighted by OCI’s look-through fair value of the underlying investments at period-end, and excludes portfolio companies not valued on an EBITDA basis. | |||||
Exchange rate | The GBP:EUR exchange rate as at 30 June 2026 was £1:€1.1606. The GBP:USD exchange rate as at 30 June 2026 was £1:$1.3254. | |||||
Fund facilities | This includes debt facilities provided by the Company to the Oakley Funds and to the General Partners of the Oakley Funds. | |||||
Fund II/Oakley Fund II | Those limited partnerships constituting the Fund known as Oakley Capital Private Equity II, comprising Oakley Capital Private Equity II-A L.P., Oakley Capital Private Equity II-B L.P., Oakley Capital Private Equity II-C L.P. and OCPE II Master L.P. | |||||
Fund III/Oakley Fund III | Those limited partnerships constituting the Fund known as Oakley Capital Private Equity III, comprising Oakley Capital Private Equity III-A L.P., Oakley Capital Private Equity III-B L.P., Oakley Capital Private Equity III-C L.P. and OCPE III Master L.P. | |||||
Fund IV/Oakley Fund IV | Those limited partnerships constituting the Fund known as Oakley Capital IV, comprising Oakley Capital IV-A SCSp, Oakley Capital IV-B SCSp, Oakley Capital IV-C SCSp and Oakley Capital IV Master SCSp. | |||||
Fund V/Oakley Fund V | Those limited partnerships constituting the Fund known as Oakley Capital V, comprising Oakley Capital V-A SCSp, Oakley Capital V-B1 SCSp, Oakley Capital V-B2 SCSp, Oakley Capital V-C SCSp and Oakley Capital V Master SCSp. | |||||
Fund VI/Oakley Fund VI | Those limited partnerships constituting the Fund known as Oakley Capital VI, comprising Oakley Capital VI-A SCSp, Oakley Capital VI-B1 SCSp, Oakley Capital VI-B2 SCSp, Oakley Capital VI-C SCSp and Oakley Capital VI Aggregator SCSp. | |||||
General Partners (‘GP’) | Oakley Capital Three Limited in respect of Fund III, an exempted company incorporated in Bermuda. Oakley Capital IV S.à r.l. in respect of Fund IV, Oakley Capital V S.à r.l. in respect of Fund V, Oakley Capital VI S.à r.l. in respect of Fund VI, Oakley Capital Origin S.à r.l. in respect of the Origin Fund, Oakley Capital Origin II S.à r.l. in respect of the Origin II Fund, Oakley Capital North CV GP S.à r.l. in respect of North Sails CV, PROfounders Capital III S.à r.l. in respect of PROfounders Capital III-A and Oakley Touring Venture GP S.à r.l. in respect of Oakley Touring Fund, private limited liability companies incorporated in Luxembourg. | |||||
Gross Asset Value | Total asset value before the deduction of liabilities. | |||||
IFRS | International Financial Reporting Standards. The Financial Statements and Notes have been prepared in accordance with IFRS. | |||||
Investment Adviser | Oakley Capital Limited, a company incorporated in England and Wales with registered number 4091922, which is authorised and regulated by the Financial Conduct Authority; or any successor as Investment Adviser of the Oakley Funds. | |||||
IRR | The gross Internal Rate of Return of an investment or Fund. It is the annual compound rate of return on investments. Gross IRR does not reflect expenses to be borne by the relevant fund or its investors, including performance fees, management fees, taxes and organisational, partnership or transaction expenses. | |||||
Look-through | OCI look-through values are calculated using the OCI attributable proportion (determined as the ratio of OCI’s Commitments to the respective Oakley Fund to total Commitments to that Fund), applied to each investment’s fair value as held in the relevant Oakley Fund, net of any accrued performance fees relating to that investment, and converted using the Fund’s reporting currency to GBP exchange rate. | |||||
Look-through investment activity | OCI’s proportional share of investments made by underlying funds, which may not yet have been funded through capital calls. Actual capital calls are presented in the cash flow statement as purchases of investments. | |||||
Look-through proceeds | OCI’s proportional share of the gross sale price at which an underlying fund sold an investment. This represents OCI’s proportional economic interest in the fund’s realised proceeds and differs from cash distributions received, which are net of fund-level fees, carry, and timing of actual distributions to investors. Actual proceeds received are presented in the cash flow statement as sales of investments. | |||||
LTM | Last twelve months. | |||||
LTM EBITDA growth | Organic EBITDA increase within the Private Equity Portfolio over the 12 months ended 30 June 2026, weighted by OCI’s look-through fair value of the underlying investments at the period-end. Portfolio companies reporting negative LTM EBITDA in either the current or previous period, together with portfolio companies specifically excluded where inclusion would not provide a meaningful comparison, are excluded from the LTM EBITDA calculations. | |||||
MM | Money Multiple, which is Total Value divided by Total Cost Invested, illustrating return on capital. | |||||
NAV | Net Asset Value is the value of the Company’s total assets less total liabilities. | |||||
NAV per share | NAV per share represents the underlying value of each share. Calculated as: NAV per share = NAV / Number of shares in issue. | |||||
As at 30 June 2026 | As at 31 December 2025 | As at 31 December 2024 | ||||
NAV at period end (£m) | (a) | 1,289 | 1,233 | 1,226 | NAV per share a/b*100 | |
Number of shares (m) | (b) | 164.8 | 167.1 | 176.4 | ||
NAV per share at period end (p) | 782 | 738 | 695 | |||
Net Debt/EBITDA Multiple | The Net Debt/EBITDA Multiple compares a company’s Net Debt to its annual EBITDA used in the valuation of the underlying companies. The Net Debt/EBITDA Multiple in the report is weighted by OCI’s look-through fair value of the underlying investments at period-end, and excludes portfolio companies not valued on an EBITDA basis. | |||||
North Sails CV | Oakley Capital North CV SCSp. | |||||
Oakley | The Investment Adviser, being Oakley Capital Limited. | |||||
Oakley Flagship Funds | Oakley's mid-market funds, consisting of Fund III, Fund IV, Fund V, Fund VI and North Sails CV. | |||||
Oakley Funds | The Oakley Funds consist of the ‘Private Equity Portfolio’ and ‘Venture Fund Portfolio’. | |||||
Oakley Group | Oakley Capital Group Holdings Limited as the ultimate holding company and controlling party, Oakley Capital Limited as Investment Adviser and Administrative Agent, Oakley Capital Manager Limited as the manager, Oakley Capital Manager S.à r.l. as the AIFM, the General Partners, the Subadvisers and any other General Partner of successor Oakley Funds or any additional management or holding entities formed under the control of Oakley Capital Group Holdings Limited. | |||||
Oakley Origin Funds | Oakley's lower mid-market funds, consisting of Origin I Fund and Origin II Fund. | |||||
OCI | Oakley Capital Investments Limited. | |||||
OCI Total Commitment | The amount committed by OCI to the Oakley Funds whether or not such amount has been advanced in whole or in part. | |||||
Open Cost | The residual cost of investments at 30 June 2026 is the investment cost net of amounts realised from partial exits and refinancings, where applicable. | |||||
Origin I Fund/Origin I | Those limited partnerships constituting the Fund known as the Origin I Fund, comprising Oakley Capital Origin A SCSp, Oakley Capital Origin B SCSp, Oakley Capital Origin C SCSp and Oakley Capital Origin Master SCSp. | |||||
Origin II Fund/Origin II | Those limited partnerships constituting the Fund known as the Origin II Fund, comprising Oakley Capital Origin II-A SCSp, Oakley Capital Origin II-B1 SCSp, Oakley Capital Origin II-B2 SCSp, Oakley Capital Origin II-C SCSp and Oakley Capital Origin II Aggregator SCSp. | |||||
Outstanding commitments | Uncalled commitments pledged by OCI to the Oakley Funds which have yet to be drawn. | |||||
Private Equity Portfolio | Fund III, Fund IV, Fund V, Fund VI, Origin I, Origin II, North Sails CV and (as applicable) any successor Funds. | |||||
PROfounders III/PROfounders Fund III | Those limited partnerships constituting the Fund known as PROfounders III, comprising PROfounders Capital III SCSp and PROfounders Capital III-A SCSp. | |||||
Realised gross Money Multiple | The combined total gross proceeds divided by the combined total cost of the investment exited in the period, on a look-through basis. Realised gross Money Multiple figures do not reflect expenses to be borne by the relevant fund or its investors, including performance fees, management fees, taxes and organisational, partnership or transaction expenses. | |||||
Share buybacks | The repurchase by OCI of its own shares from the market. | |||||
Subadvisers | Subadvisers consist of Oakley Capital GmbH, Oakley Capital S.à r.l. Oakley Capital S.L.U. and Oakley Capital Services Bermuda Limited. | |||||
Total Commitments | The amount committed to the Oakley Funds, by its investors, whether or not such amount has been advanced in whole or in part. | |||||
Total Liquidity | OCI’s cash held or on deposit, plus committed borrowing facility which is available to draw. | |||||
Total NAV Return per share | A measure showing the total return in NAV per share over a period, assuming any dividends are reinvested at the NAV per share on the ex-dividend date, with subsequent returns compounded. Calculated as: Total NAV Return per share = (Closing value of the investment, including reinvested dividends / opening value of the investment) – 1. | |||||
As at 30 June 2026 | As at 31 December 2025 | As at 31 December 2024 | ||||
NAV per share at period end (p) | 782 | 738 | 695 | |||
Dividend reinvested and compounded during period (p) | – | 2.25 | 4.50 | |||
NAV per share at period start (p) | 738 | 695 | 684 | |||
Total NAV Return per share | 6% | 6% | 2% | |||
Total Shareholder Return | Total Shareholder Return measures the change in OCI’s share price during the period, together with any dividends paid, relative to the share price at the beginning of the period. | |||||
As at 30 June 2026 | As at 31 December 2025 | As at 31 December 2024 | ||||
Share price at period end (p) | (a) | 478 | 570 | 499 | Total Shareholder Return (a+b-c) / c | |
Dividends paid during period (p) | (b) | – | 2.25 | 4.50 | ||
Share price at period start (p) | (c) | 570 | 499 | 494 | ||
Total Shareholder Return | -16% | 15% | 2% | |||
Touring/Touring I/Oakley Touring Fund | Those limited partnerships constituting the Fund known as Oakley Touring Fund, comprising Oakley Touring Venture A SCSp, Oakley Touring Venture B1 SCSp, Oakley Touring Venture B2 SCSp, Oakley Touring Venture C SCSp and Oakley Touring Venture Aggregator SCSp. | |||||
Venture Funds / Venture Fund Portfolio | Touring I and PROfounders Fund III. | |||||
Vintage | Refers to the year in which the Fund was launched. | |||||
