Trading update for the 6 months ended 30 June 26
Oakley Capital Investments Limited
30 July 2026
30 July 2026
Oakley Capital Investments Limited
Trading update for the six months ended 30 June 2026
Oakley Capital Investments Limited1 ("OCI" or the "Company") today announces its half year trading update for the six months ended 30 June 2026. OCI is a listed investment company providing consistent, long-term returns in excess of the FTSE All-Share Index by investing in funds managed by Oakley Capital2 ("Oakley"). This objective has been demonstrated with a 10-year share price total return of +344%, outperforming the FTSE All-Share Index by +215% and the MSCI World Index by +100% over this period3.
The Oakley Funds4 invest primarily in unquoted, profitable, pan-European businesses with recurring revenues across four core sectors: Technology, Education, Consumer and Business Services. Oakley's origination capabilities and proven value creation drivers help founders and management teams accelerate growth and produce consistently superior returns for investors.
Highlights for the six months ended 30 June 2026
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Net Asset Value ("NAV") per share of 782 pence and NAV of £1,289 million |
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Total NAV return per share of 6.0% (+44 pence), or 6.5% (+48 pence) excluding the impact of foreign exchange |
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Total shareholder return of -16%, largely a consequence of market weakness in Q1 |
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Investments of £43 million and share of proceeds of £10 million |
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Period-end cash and undrawn credit facilities of £155 million |
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c.£640 million of outstanding commitments expected to be called for investment over the next five years |
NAV and shareholder return
The Company's unaudited NAV, based on a revaluation of all portfolio companies as at 30 June 2026, was £1,289 million, which represents a NAV per share of 782 pence. The total NAV per share return was 3.2% (+24 pence) since 31 March 2025 and 6.0% (+44 pence) since 31 December 2025. The largest contributors to the six-month total NAV return include Phenna (+13 pence), North Sails (+9 pence), TechInsights (+8 pence) and Exaforce (+5 pence).
Total shareholder return of -16% since 31 December 2025, compared to the weighted average of -18% across the listed private equity sector. This was largely driven by Q1 market weakness in response to concerns about the disruptive impact of AI and conflict in the Middle East. As previously outlined, the associated impact on OCI's share price is unjustified given its limited exposure to software, supply chain disruption or price inflation.
Importantly, OCI continues to deliver long-term returns. Over the past 10 years, the Company has achieved an annual compounding NAV and shareholder return of 15% and 16% respectively, reflecting the consistent value creation within the Oakley Funds.
Portfolio company performance
The underlying portfolio companies continued to deliver solid trading performances during the period despite a backdrop of macroeconomic and geopolitical uncertainty, demonstrating the resilience of the portfolio. Sustained earnings growth accounted for 80% of the portfolio performance, with the remaining 20% attributable to valuation multiple expansion. The portfolio's broad-based contribution to NAV uplift reflects the benefits of the increasing maturity of the portfolio as investments continue to translate operational progress into value creation. The portfolio also benefited from successful strategic acquisitions, particularly through Oakley's buy-and-build strategies in the business services sector. With the advancement of AI, increasing adoption across the portfolio is also supporting productivity improvements and, in selected cases, beginning to create new commercial opportunities.
Transactions
During the period, OCI invested £43 million across the Oakley Funds, comprising £19 million in new platform investments, including Senef, GB1 and Infinity, and £24 million in follow-on investments to support continued growth across the portfolio, including K&M, ProductLife Group and ECOMMERCE ONE. OCI's look-through share of proceeds from exits and refinancings during the period totalled £10 million.
Capital allocation
Share buybacks: During the period, OCI continued its £20 million minimum 2026 share buyback programme. As at 30 June 2026 and since the programme commenced on 9 January 2026, OCI had acquired and cancelled 1.9 million shares for an aggregate £9.4 million, enhancing NAV per share by 2.9 pence.
Commitments: Total outstanding commitments were £940 million as at 30 June, of which c.£300 million is not anticipated to be called. The balance is expected to be invested over the next five years.
Cash and credit facilities: OCI's total liquidity as at 30 June was £155 million, comprising £81 million of cash and £74 million in undrawn credit facilities.
The Company expects to report its unaudited interim results for the six months to 30 June 2026 on 10 September 2026.
OCI's latest quarterly factsheet can be accessed here.
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For further information please contact:
Oakley Capital Limited
+44 20 7766 6900
Steven Tredget
Deutsche Numis (Financial Adviser & Broker)
+44 20 7545 8000
Nathan Brown / Matt Goss
Greenbrook
+44 20 7952 2000
Rob White / Michael Russell / Theo Bryan
Notes:
LEI Number: 213800KW6MZUK12CQ815
1 About Oakley Capital Investments Limited ("OCI")
OCI is a closed-ended investment fund trading on the main market of the London Stock Exchange as an Official List Company. OCI aims to provide shareholders with consistent long-term capital growth in excess of the FTSE All-Share Index by providing liquid access to private equity returns through investment in the Oakley Funds.
A video introduction to OCI is available at https://oakleycapitalinvestments.com/videos/
The contents of the OCI website are not incorporated into, and do not form part of, this announcement.
2 Oakley Capital, the Investment Adviser
Founded in 2002, Oakley Capital Limited has demonstrated the repeated ability to source attractive growth assets at attractive prices. To do this it relies on its sector and regional expertise, its ability to tackle transaction complexity and its deal generating entrepreneur network.
3 Index returns are provided in pound sterling
4 The Oakley Funds
Oakley Capital Private Equity III, Oakley Capital IV, Oakley Capital V, Oakley Capital VI, Oakley Capital Origin and Oakley Capital Origin II are unlisted lower-mid to mid-market private equity funds that aim to provide investors with significant long-term capital appreciation. The investment strategy of the Funds is to focus on buy-out opportunities in industries with the potential for growth, consolidation and performance improvement. The Oakley family of funds also includes Oakley PROfounders Fund III and Oakley Touring Venture Fund, which are venture capital funds focused on investments in entrepreneur-led, disruptive, technology led companies.
Important information
Oakley Capital Investments is admitted to the Official List of the Financial Conduct Authority. Therefore, the Company is required to satisfy the eligibility criteria for admission to listing on the Official List and is required to comply with the Financial Conduct Authority's Listing Rules, including in relation to transactions with related parties, financial reporting, contents of shareholder circulars and other continuing obligations.
This announcement may include "forward-looking statements". These forward-looking statements are statements regarding the Company's objectives, intentions, beliefs or current expectations with respect to, amongst other things, the Company's financial position, business strategy, results of operations, liquidity, prospects and growth. Forward-looking statements are subject to risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Accordingly, the Company's actual future financial results, operational performance and achievements may differ materially from those expressed in, or implied by, the statements. Given these uncertainties, prospective investors are cautioned not to place any undue reliance on such forward-looking statements, which speak only as at the date of this announcement. The Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statements contained herein to reflect actual results or any change in the Company's expectations with regard to them or any change in events, conditions or circumstances on which any such statements are based unless required to do so by the Financial Services and Markets Act 2000, the Listing Rules or Prospectus Regulation Rules of the Financial Conduct Authority or other applicable laws, regulations or rules.
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