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, Business Services, Education and Consumer.

Oakley Funds capital allocation

OCI's total outstanding commitments to Oakley Funds reduced to £940 million as at 30 June 2026 (FY 2025: £992 million), reflecting capital called during the period against existing commitments. No new commitments were made to the Oakley Funds during H1 2026.

Oakley Funds performance

Across the Oakley Funds since inception, total realised gross returns are 3.8x and average realised gross IRR is 51%. The Investment Adviser continued to deliver solid trading performances during the period despite a backdrop of macroeconomic and geopolitical uncertainty, demonstrating the resilience of the portfolio. Among the Flagship Funds, Fund I and Fund II achieved a Distributions to Paid-In Capital ('DPI') of 1.5x and 1.9x respectively, Fund III has reached a DPI of 2.7x, and Fund IV has a DPI to date of 0.8x with exits anticipated in the short to medium term. Fund IV's performance to date in both net MM and DPI place it in the top quartile when benchmarked against competitors, with Fund III's standout performance placing it in the top 5% when compared with peers.

Fund V, which has completed its investment phase, demonstrated improved performance, with one of its investments, Phenna, being the largest contributor to OCI's Total NAV Return during the period. Within the Origin Funds, despite Origin II being in the early stages of deployment, NOX completed OCI's list of top five contributors to Total NAV Return, representing +4 pence, while Clio, a global leader in legal AI technology, similarly contributed 4 pence during the period. Following the 2025 disposal of vLex at a $1 billion valuation, Origin I ranks in the top quartile of its peer group for both DPI and net MM (0.5x and 1.7x).

​The Company assesses AI from both a risk and an opportunity perspective across the Oakley Funds. Many of the investments held by the Oakley Funds derive their value from specialist expertise, proprietary data, trusted brands, regulatory requirements or deeply embedded customer relationships and workflows, characteristics which provide a degree of defensibility against AI disruption. Across these businesses, AI is increasingly being used to improve productivity, enhance products and services and, in selected cases, create new commercial opportunities. The strength of AI within the portfolio is notably demonstrated by Exaforce, held within the Oakley Touring Fund, which closed a $125 million Series B financing round during the period, more than doubling its implied gross MM.

OCI’s investment in the Oakley Funds and Direct Investments

OCI continued to deploy capital into the Oakley Funds, investing £43 million on a look-through basis during the period, comprising £38 million deployed into new platform and follow-on investments across the Private Equity Portfolio and £5 million invested across Touring I, PROfounders III and OCI's Direct Investment, Time Out. OCI made no further investments in the North Sails Direct Investment during the period.

OCI’s impact

In the six-month period to June 2026, OCI delivered a Total NAV Return per share of 6% (FY 2025: 6%), including a 1% adverse impact from foreign exchange movements, reflecting the weakening of the EUR, the primary currency of the Oakley Funds, against OCI's reporting currency of GBP (FY 2025: +3% foreign exchange gain). This performance was driven by growth in the underlying portfolio, which contributed 45 pence of net valuation gains (FY 2025: 45 pence). The largest contributors were Phenna, North Sails, TechInsights and Exaforce, reflecting strong operational performance, valuation growth and refinancing activity during the period.

1. New investments on a look-through basis. See Glossary for further details.