- Oakley Capital Investments Limited (DI)
- 12 March 2026 09:33:50
Source: Sharecast
The FTSE 250 investment company said net asset value per share stood at 738p at the end of December, equivalent to total NAV of £1.23bn.
Total NAV return per share rose 6% over the year, or 3% excluding foreign exchange effects, while the company reported a 10-year NAV return compound annual growth rate of 15%.
Oakley Capital Investments invests primarily in unquoted, profitable European companies through funds managed by Oakley Capital, focusing on the technology, education, consumer and business services sectors.
Portfolio companies delivered average last-twelve-months EBITDA growth of 11%, compared with 15% a year earlier, while the average valuation multiple was broadly stable at 16.3 times EV-to-EBITDA.
Net debt across the portfolio remained unchanged at 4.1 times EBITDA.
Several investments drove changes in net asset value during the year.
Clio contributed 33p following a significant uplift linked to the sale of vLex, while Phenna Group added 23p as demand for its testing and inspection services increased and acquisitions boosted growth.
TechInsights added 13p, supported by strong demand for its semiconductor intelligence platform amid the boom in artificial intelligence.
Time Out Group detracted 32p after a fall in its share price tied to headwinds in its media division and a discounted equity issuance.
The company invested £197m during the year, equivalent to 16% of year-end NAV, including £96m in 10 new platform investments such as Brevo, Infravadis, G3 and NOX.
A further £79m was deployed into follow-on investments, including Bridewell’s strategic combination with I-Tracing and acquisitions by Affinitas, Infravadis and Konzept & Marketing.
Venture and direct investments accounted for an additional £22m.
OCI’s look-through share of proceeds from exits and refinancings totalled £92m during the year, including £57m from disposals such as the sale of vLex at more than six times gross return, and £35m from refinancings.
Capital allocation included the completion of a £50m share buyback programme in January, which the company said enhanced NAV per share by 11p.
A new programme with a minimum commitment of £20m for 2026 has since begun.
OCI also committed €500m to Oakley Capital Fund VI, bringing total outstanding commitments to £992m, of which around £300m is not expected to be called.
Liquidity stood at £191m at year-end, including £95m of cash and £96m of undrawn credit facilities.
During the year the company transferred its listing to the main market of the London Stock Exchange and joined the FTSE 250 index, while Christopher Samuel would succeed Steve Pearce as chair from 13 March.
“Despite a challenging economic environment in 2025, the portfolio continued to generate solid earnings growth and deliver successful exits,” said interim chair Steve Pearce.
“The board's focus on shareholder value drove the move to the main market as well as a revised capital allocation policy, with increased and recurring share buybacks.
“We're confident, however, that Oakley is positioned to take advantage of the AI revolution and has the right portfolio diversification, the right skillset and the right strategy to continue delivering attractive, resilient returns for our shareholders.”
Peter Dubens, managing partner of Oakley Capital, said the current market conditions could provide attractive opportunities for private equity investors.
“Historically, some of the strongest-performing private equity vintages have been deployed during periods of heightened uncertainty.
“We believe the current market environment presents a compelling opportunity to partner with more exceptional entrepreneurs at attractive entry points.”
At 0900 GMT, shares in Oakley Capital Investments were up 0.4% at 508p.
Reporting by Josh White for Sharecast.com.