Oakley Capital Investments Limited
Oakley Capital Investments Limited (OCI) is a Bermuda-incorporated, closed-ended listed private equity investment company (Main Market, London Stock Exchange; FTSE 250 constituent from September 2025) that invests in private equity and venture funds managed by its Investment Adviser, Oakley Capital, which backs fast-growing, founder-led European businesses across Technology, Education, Consumer and Business Services. OCI also holds two legacy Direct Investments, North Sails and Time Out. The Company generates returns through NAV growth in its underlying fund investments and realisations, rather than trading revenue.
10 annual reports read, FY2016 to FY2025
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: FCA NSM (2), Company website (8)
FY2026Next report expected 18 Mar 2027
- Open the reportJSONComing soonSixty seconds on the FY2025 report
Oakley Capital Investments is a London-listed company that puts its money into private equity funds run by Oakley Capital, which back growing European businesses. It has no sales in the usual sense; it makes money when its investments rise in value. Profit after tax for 2025 was £58.6m, up from £26.9m the year before. The report credits gains across its fund investments, including the sale of vLex at well above its previous valuation. Against that, its direct stake in Time Out lost £54m as Time Out's share price fell. Cash at the year end was £95.2m, while borrowings rose to £226.4m from £105.6m. No new money was raised from shareholders. In March 2025 the company scrapped its dividend and instead spent £47.1m buying back its own shares. Management says it enters 2026 "with strong momentum". The auditor gave a clean opinion. The report notes it has promised a further £992m to Oakley funds over the coming years, and names being able to meet such promises as a key risk.
From the reportevery line sits on the page it namesWhat drove revenueUnrealised and realised gains on Oakley Fund investments
Total income of £78.4m for FY25 comprised net realised gains £31.1m, net unrealised gains £43.3m and interest income £5.0m
page 181AndInterest/dividend income on direct debt and equity instruments (North Sails preferred equity 5% coupon, Time Out debt security)
Interest income on investments designated at fair value £3.9m (debt £0.9m, equity £2.9m)
page 204What moved the margintailwindShift of portfolio companies to recurring/subscription revenue models
Almost three-quarters of portfolio companies now benefit from largely, or partially, recurring revenues; Assured Data Protection c.100% recurring revenue with >60% ARR growth
page 18AndtailwindBolt-on M&A and buy-and-build consolidation
Oakley executed more than 70 bolt-on acquisitions across the portfolio in 2025, particularly in Business Services and Education
page 18What management saidOCI enters 2026 as a FTSE 250 constituent with strong momentum and a compelling proposition for investors.
page 16After the year endNo significant subsequent events identified by the Board from 31 December 2025 through to 11 March 2026 (date financial statements authorised for issue), per Note 23
page 207The dividendIn March 2025 the Board cancelled future dividends in favour of an annual recurring share buyback programme (minimum £20m, increased to £50m for 2025, completed 8 January 2026 via repurchase of 9.7m shares for £50m). OCI had paid a nominal dividend since 2016 despite not generating income sufficient to cover it; final FY2024 dividend of 2.25p (£3.9m) was paid in April 2025 and was the last dividend declared.
page 19Going concern and the auditKPMG Audit Limited issued an unqualified (unmodified) opinion that the consolidated financial statements present fairly the Group's position as at 31 December 2025. Key audit matter: valuation of unquoted (Level 3) investments, representing 92% (2024: 87%) of total assets, given the judgement in unobservable inputs. Directors adopted the going concern basis, assessed over a 12-month period, and a 3-year viability statement period, concluding cash of £95.2m plus liquidity was sufficient against £992.1m of unfunded commitments expected to be called over 4-5 years.
page 178The risks it names first- PR1 Liquidity risk — inability to meet commitments to Oakley Funds or execute capital allocation strategy in a timely mannerp.123
- PR2 Portfolio risk — valuation risk (decline in valuation of privately held assets) and concentration risk (overexposure to specific investments, sectors, geographies or currencies)p.124
- PR3 Counterparty risk — default by a counterparty (lending institutions, fund-level or portfolio-company-level counterparties) on contractual obligationsp.125
- OR4 Performance risk — returns underperforming market benchmarks or listed private equity peersp.126
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