OCI Oakley Capital Investments Limited

24 April 2024

Oakley Capital Investments Limited

Trading update for the three months ended 31 March 2024

Oakley Capital Investments Limited¹ ("OCI" or the "Company") today announces its quarterly trading update for the three months ended 31 March 2024. 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").

The Oakley Funds³ invest primarily in unquoted, profitable, pan-European businesses with recurring revenues, and across four focus sectors. Oakley's origination capabilities with proven value creation drivers help management teams accelerate growth and produce consistently superior returns for investors.

Robust portfolio performance and significant investment opportunities

Highlights for the three months ended 31 March 2024

·      Net Asset Value ("NAV") per share of 693 pence and NAV of £1,222 million

·      Total NAV per share return of 1.6% since 31 December 2023 (+11 pence)

·      £27 million of new investments

·      Cash and undrawn credit facilities of £349 million

·      Outstanding commitments of £977 million

NAV growth

The Company's unaudited NAV, based on a revaluation of all portfolio companies as at 31 March 2024, was £1,222 million, which represents a NAV per share of 693 pence. The total NAV per share return was 1.6% (+11 pence) since 31 December 2023, and 4.4% (+29 pence) since 31 March 2023. The main drivers of the Q1 total NAV return include 23 pence of valuation gains in the underlying portfolio companies offset by 6 pence of foreign exchange losses.

Portfolio company performance

The underlying businesses in the portfolio continue to perform well in an uncertain macroeconomic environment, benefitting from robust demand for their products and services as well as from value creation strategies. Oakley continues to help the portfolio companies acquire new businesses, expand into new markets, shift their models to recurring or subscription revenues, as well as leverage AI opportunities. Valuation gains, driven almost entirely by EBITDA growth, were split across Oakley's four core sectors: Technology, Consumer, Education and Business Services.

Transactions

An attractive backdrop for new investments led to OCI making look-through investments in the period of £27 million which was attributable to Alerce, new investments by Touring Capital and PROfounders, as well as bolt-on deals for Liberty Dental Group and Affinitas. OCI made additional look-through investments post-period end of c.£95 million, largely attributable to two new deals announced during the period including Steer Automotive Group, the UK's leading B2B automotive services platform, and Horizons Optical, a provider of healthcare software used to make premium spectacle lenses. There were no divestments during the period.

Cash & commitments

OCI had cash of £249 million and £100 million of undrawn credit facilities as at 31 March 2024. Total outstanding commitments to existing Oakley Funds were £977 million at the period end. This will be deployed into new investments over the next five years. The Board closely monitors anticipated fund drawdowns and projected liquidity and will continue its long-term commitment to share buybacks when appropriate.

OCI's latest quarterly factsheet can be accessed here.

- ends -

For further information please contact:

Oakley Capital Limited

+44 20 7766 6900

Steven Tredget

Greenbrook Communications Limited

+44 20 7952 2000

Rob White / Michael Russell

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 Specialist Fund Segment ("SFS") traded investment vehicle that 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.

³The Oakley Funds

Oakley Capital Private Equity L.P. and its successor funds, Oakley Capital Private Equity II, Oakley Capital Private Equity III, Oakley Capital IV, Oakley Capital V, Oakley Capital Origin Fund 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.

For more information on the Oakley Fund strategies in which OCI invests, please click here.

Important information

Specialist Fund Segment securities are not admitted to the Official List of the Financial Conduct Authority. Therefore, the Company has not been required to satisfy the eligibility criteria for admission to listing on the Official List and is not required to comply with the Financial Conduct Authority's Listing Rules.

The Specialist Fund Segment is intended for institutional, professional, professionally advised and knowledgeable investors who understand, or who have been advised of, the potential risk from investing in companies admitted to the Specialist Fund Segment.

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.