Oakley Capital Investments Limited1 (LON:OCI) has announced its interim results for the six months ended 30 June 2026. OCI is a listed investment company which has delivered long-term returns in excess of the FTSE All-Share Index by investing in funds managed by Oakley Capital2. OCI has 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, 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.
Earnings-led NAV growth delivered by maturing portfolio companies
Highlights for the six months ended 30 June 2026
Performance
| ● | Net Asset Value (“NAV”) per share of 782 pence and NAV of £1,289 million |
| ● | Total NAV Return per share of 6.0% (+44 pence), or 6.5% (+48 pence) excluding the impact of foreign exchange |
| ● | Total Shareholder Return of -16%, compared with a weighted average of -18% across the listed private equity sector, largely reflecting stock market weakness during the first quarter |
| ● | Ten-year annual compounding Total NAV return of 15% |
Portfolio
| ● | Weighted average organic LTM EBITDA growth across the underlying private equity portfolio of 9% (FY2025: 11%) |
| ● | Average portfolio company valuation multiple (EV/EBITDA) of 16.4x (FY2025: 16.3x) |
| ● | Average net debt/EBITDA ratio of 4.4x (FY2025: 4.1x) |
| ● | Underlying portfolio value increase was driven c.80% by EBITDA growth and c.20% by multiple expansion |
| ● | The key NAV drivers within the portfolio were: |
| o Phenna Group (+13 pence): continued organic growth and strong M&A momentum | |
| o North Sails (+9 pence): sustained operational progress and a period of consistent delivery across all divisions | |
| o TechInsights (+8 pence): strong subscription revenue growth and healthy renewal rates from existing customers | |
| o Exaforce (+5 pence): a successful $125 million Series B funding round, more than doubling its value |
Investments
| ● | OCI made total look-through investments of £43 million in total: |
| o £19 million in new platform deals including Groupe Senef, GB1 and Infinity | |
| o £24 million in follow-on investments including Artemis Group (formerly Konzept & Marketing), ProductLife Group and ECOMMERCE ONE | |
| ● | Investments signed during or after the period and expected to complete in H2 2026 include Graphwise (c.£20 million), XTEL (c.£33 million) and GLAS (c.£55 million) |
Proceeds
OCI’s look-through share of proceeds during the period totalled £10 million, comprising refinancing proceeds, deferred consideration and earnout receipts. This included a £6 million cash distribution to OCI following the refinancing of North Sails.
Capital allocation
| ● | Share buybacks: Commenced programme to buy back at least £20 million worth of shares in 2026. From the programme’s launch to 30 June 2026 OCI acquired and cancelled c.1.9 million shares for aggregate consideration of £9.4 million, increasing NAV per share by 3 pence. |
| ● | Commitments: Outstanding commitments of £940 million at 30 June 2026, of which c.£300 million are not anticipated to be called. This balance is expected to be invested over the next five years. |
| ● | Cash and credit facilities: Total liquidity of £155 million, comprising £81 million of cash and £74 million of undrawn credit facilities. Following the period end, the Company exercised the £75 million accordion under its existing facility, following Board and lender approval. |
Board and governance
| ● | Christopher Samuel was appointed Independent Chair of OCI on 13 March 2026, succeeding Steve Pearce, who had served as Interim Chair and remains an Independent Director of the Company. |
| ● | As the Board looks to optimise the balance sheet and capital allocation, it anticipates potential proceeds from future portfolio realisations in the near to medium term. Meanwhile it continues to progress strategic initiatives to enhance shareholder value and improve balance sheet strength. |
Portfolio overview
The portfolio continued to demonstrate its underlying strength during the first half, with approximately 80% of performance driven by earnings growth. The three biggest contributors to portfolio performance were some of the more mature assets: Phenna, North Sails and TechInsights. All three companies have benefitted from Oakley’s value creation strategies, including significant and transformative M&A, improved quality of earnings, strengthened executive teams and diversified revenue bases.
The weighted average organic LTM EBITDA growth of 9% (FY2025: 11%) reflects both the size and success of some of the portfolio’s larger assets, which naturally display lower earnings growth, as well as the increasing number of buy-and-build platforms, where M&A is a significant driver of growth.
Diversified across Oakley’s core sectors of Technology, Education, Consumer and Business Services, the portfolio comprises founder-led businesses with strong market positions, recurring or repeat revenues and exposure to structural growth. Against a backdrop of rapid technological change, these characteristics matter. Oakley believes the portfolio is well positioned both to withstand potential AI disruption and to capture the opportunities it creates:
| ● | A portfolio positioned for resilience and transformation – Around 70% of the portfolio involves the physical delivery of products or services, making these businesses inherently more difficult for AI to displace. Meanwhile, Oakley is using AI to transform, enhance and optimise existing portfolio companies, from improving productivity and customer workflows to developing better products and services. |
| ● | Direct exposure to AI-native businesses – Through the Oakley Touring strategy, OCI also has targeted exposure to a new generation of enterprise technology businesses being built around AI, where advances in the technology are fundamental to the investment opportunity. As an example, Exaforce, an AI-powered security operations platform, was one of the four largest contributors to OCI’s NAV growth during the period. |
There is further upside from the Oakley Touring team, as specialist expertise and insights benefit the wider platform and underlying investments, helping Oakley stay ahead of developments and better identify the opportunities and risks created by AI.
Oakley Capital Investments Chair Christopher Samuel said:
“OCI delivered a positive financial performance in a challenging market, with a 6% Total NAV Return driven principally by earnings growth across the underlying portfolio. This reflects continued operational progress and reinforces the Board’s confidence in the quality and resilience of OCI’s assets.
“The share price has not reflected that progress, and addressing the discount remains a clear priority for the Board. We are actively progressing a number of strategic initiatives designed to enhance shareholder value and improve balance sheet strength, and expect to say more on these in the coming months. With a high-quality portfolio continuing to create value, Oakley’s differentiated investment model and a number of potential catalysts ahead, we are optimistic about the opportunities to deliver attractive returns for shareholders.”
Oakley Capital Co-Founder and Managing Partner Peter Dubens said:
“We have always looked to invest at the forefront of the structural shifts reshaping markets, and today there is no bigger shift than AI. The pace of change is extraordinary and we see significant opportunities both to back the founders building the next generation of businesses and to help our existing portfolio harness AI to accelerate growth and productivity.
“Founder participation remains fundamental to how Oakley invests. We are also using our experience and networks to create new platforms from scratch, identifying the right trends and people and applying Oakley’s capabilities to build significant businesses that can unlock value for our investors.”
The Company’s Q3 2026 trading update is expected to be released on 28 October 2026.
Notes:
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.
