REG - Oakley Capital Inv. - Q3 Trading Update and Board Appointments

Oakley Capital InvestmentsAnnouncement

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RNS Number : 1977F  Oakley Capital Investments Limited  29 October 2025

29 October 2025

Oakley Capital Investments Limited

Q3 Trading Update and Board Appointments

Oakley Capital Investments Limited(1) ("OCI" or the "Company") today
announces its quarterly trading update for the three months ended 30
September 2025 together with the appointment of Non-Executive Directors and
Chair Designate. OCI is a listed investment company and constituent member of
the FTSE 250 Index, providing consistent, long-term returns in excess of the
FTSE All-Share Index by investing in funds managed by
Oakley Capital(2) ("Oakley").

The Oakley Funds(3) invest primarily in unquoted, profitable, pan-European
businesses with recurring revenues, and 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.

Valuations broadly flat in a challenging market environment

Highlights for the three months ended 30 September 2025

 ●    Net Asset Value ("NAV") per share: 730 pence; NAV: £1,246 million
 ●    Total NAV per share return: -1.5% (-11 pence)
 ●    Total shareholder return: 9.4%
 ●    Investments of £56 million
 ●    Share buybacks: c.£29 million of shares repurchased and cancelled during the
      nine months to 30 September 2025
 ●    Cash and undrawn credit facilities: £222 million

NAV change

The Company's unaudited NAV, based on a revaluation of all portfolio companies
as at 30 September 2025, was £1,246 million, which represents a NAV per share
of 730 pence and a 1.5% (-11 pence) decrease from 30 June 2025. In aggregate,
portfolio company valuations were broadly flat in the quarter despite a
challenging market backdrop. Of the companies in the main buyout funds, ten
valuations rose, ten declined and fifteen did not materially change. The NAV
per share includes the impact of financing costs and expenses in the period
(-10 pence).

Portfolio overview

Whilst retaining a cautious view on valuation multiples, trading performance
continued to be robust in the quarter, demonstrating the portfolio's ability
to deliver sustainable earnings growth through a variety of market and
macroeconomic environments. Portfolio companies providing content & IP
services, testing & compliance solutions, and high-quality K12 education
were the best performers, benefitting from healthy demand for their services.
In addition, value-accretive acquisitions by Oakley's largest buy-and-build
platforms in Business Services and Education further contributed to NAV
growth. However, these gains were offset by the decline in Time Out's share
price as well as by weaker performance at some portfolio companies including
ACE Education and ProductLife Group.

Transactions

During the period, OCI made look-through investments totalling £56 million.
This was attributable to new investments in global strategic advisory business
G3, and Smythson, a luxury lifestyle brand; new investments by Touring Capital
and PROfounders; as well as bolt-on deals for K12 investments, Steer, Konzept
& Marketing and Phenna Group. With the closure of Fund II, its interests
in North Sails have been transferred to a lower cost structure continuation
vehicle, which will also provide improved liquidity options to OCI going
forward.

Oakley also announced several transactions during the period that closed after
the period end. They include an investment in Italian healthcare insurance
services provider ONHC, for which OCI's look-through investment was £10
million, as well as Oakley's partial exit from K12 investments, which
generated £27 million in look-through proceeds for OCI.

Further transactions announced post-period end include an investment in NOX, a
premium padel equipment brand, for which OCI's look-through investment is
anticipated to be c.£9 million, as well as Oakley's sale of its stake in
atHome, operator of Luxembourg's leading property and automotive marketplaces,
which is expected to generate c.£16 million in look-through proceeds for OCI.
These transactions are expected to complete in Q4.

Cash & commitments

OCI's total liquidity as at 30 September 2025 was £222 million, comprising
£126 million of cash on the balance sheet and £96 million in undrawn credit
facilities. Ahead of the c.$300 million close of the Oakley Touring Fund, OCI
was able to make an additional commitment of c.$15 million to the fund, taking
advantage of its already attractive performance and strong future prospects.
This took total outstanding commitments to the Oakley Funds to £1,077 million
as at Q3 2025, of which c.£300 million is not expected to be drawn. This will
be deployed into new investments over the next five years.

As part of the 2025 £50 million buyback programme, OCI has acquired and
cancelled 5.8 million shares for an aggregate £29 million during the nine
months to 30 September 2025, generating a NAV per share gain of 7 pence over
the same period.

Appointment of Chair Designate and Non-Executive Director

 

OCI is pleased to announce the appointment of Christopher Samuel and Kiernan
Bell as Independent Non-Executive Directors, effective 17 November 2025.
Christopher Samuel will become Chair of the Board in March 2026 after a
planned transition period and both appointments are subject to shareholder
approval at the Company's 2026 AGM.

 

Please see OCI's separate RNS on these appointments here
(https://www.oakleycapitalinvestments.com/investor-centre/regulatory-news/) .

 

OCI's latest quarterly factsheet can be accessed here
(https://www.oakleycapitalinvestments.com/investor-centre/factsheets-and-publications/)
.

- ends -

 

For further information please contact:

Oakley Capital Limited

+44 20 7766 6900

Steven Tredget

Greenbrook

+44 20 7952 2000

Rob White / Michael Russell / Theo Bryan

Deutsche Numis (Financial Adviser & Broker)

+44 20 7260 1000

Nathan Brown / Matt Goss

 

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/
(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) The Oakley Funds

Oakley Capital Private Equity II, 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 has now been admitted to the Official List of the
Financial Conduct Authority. Therefore, the Company is now required to satisfy
the eligibility criteria for admission to listing on the Official List 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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