Strategic report / OCI NAV overview

Consistent long-term returns

During the six months to 30 June 2026, OCI's NAV increased from £1,233 million to £1,289 million, reflecting continued portfolio growth across the Oakley Funds. NAV per share increased to 782 pence (FY 2025: 738 pence), delivering a Total NAV Return per share of 6% for the period (FY 2025: 6%), including a 3 pence contribution from the annual share buyback programme (FY 2025: 11 pence). Over the last 10 years, OCI has delivered a compound annual Total NAV Return per share of 15%, demonstrating consistent long-term value creation.

Watch video: What is NAV?

Oakley Funds investments

Against a backdrop of continued subdued M&A activity across the private equity market, OCI maintained a balanced approach to capital deployment during H1 2026, investing £43 million in new and follow-on investments across the Oakley Funds. At 30 June 2026, cash represented c.6% of NAV, reflecting OCI's substantially invested portfolio. Oakley Funds investments accounted for 97% of NAV (FY 2025: 95%).

£1,252m

Direct Investments

Direct Investments were £204 million at the period-end (FY 2025: £193 million), £21 million of which related to Time Out (FY 2025: £23 million) and £183 million to North Sails (FY 2025: £170 million).

See Direct Investments section

£204m

Total Liquidity

At 30 June 2026, OCI had Total Liquidity of £155 million (FY 2025: £191 million), comprising £81 million of cash (FY 2025: £95 million) and £74 million of undrawn available credit (FY 2025: £96 million). Subsequent to the period-end, the Board and lenders approved a further £75 million increase in the Company's facility limit.

See Cash and liquidity profile section

£155m

OCI NAV overview / Fund investments

Investments
in 2026

During the period, OCI made total look-through investments of £43 million, as Oakley continued to originate proprietary opportunities across its strategies and sectors.

New Private Equity Portfolio investments

New platform deals

£16m

Comprising investments in GB1 and Senef.

Private Equity Portfolio follow-on investments

Building portfolio strength

£22m

Including bolt-on acquisitions and further investment by Iconic BrandCo, ACE Education, Artemis Group (formerly Konzept & Marketing), GB1, Vice Golf, ProductLife Group and ECOMMERCE ONE.