Oakley Capital Investments (OCI) announced that its net asset value (NAV) reached GBP 1.29 billion at the end of June 2026, translating to a NAV per share of 782 pence. The figure represents a 44‑pence rise from the start of the year and delivers a 6% total NAV return for the first half of 2026.
Unrealised portfolio gains contributed 56 pence per share, 80% of which stemmed from earnings growth. Realised investment losses and foreign‑exchange headwinds reduced NAV by 5 pence and 4 pence per share respectively, while share buybacks added 3 pence of accretion.
The portfolio’s average valuation stood at 16.4 times EV/EBITDA, with net debt at 4.4 times EBITDA. About three‑quarters of portfolio company debt now matures from 2030 onward, and weighted‑average organic EBITDA growth was 9%, rising to 17‑18% when M&A effects are included. OCI’s shares traded at a 33% discount to NAV, above the long‑run average discount of roughly 20%.
Top contributors to NAV were Phenna (+13 pence per share), North Sails (+9 pence) and TechInsights (+8 pence). Phenna’s EBITDA grew from GBP 50 million at entry to over GBP 200 million, supported by 15 acquisitions signed year‑to‑date. TechInsights added the acquisition of Synergy Research Group during the period.
Detractors included Cegid, down 4 pence per share after a software multiple contraction linked to its planned merger with Silae, and IU Group, which faced softer B2C intake in Germany. PLG reduced NAV by 2 pence amid demand weakness and integration challenges.
The Oakley Touring Venture Fund, launched in 2023 to back AI‑native B2B software, recorded eight mark‑ups and one early exit (SafeBase). Portfolio highlights include CuspAI, which progressed from an EUR 89 million post‑money valuation to a EUR 2.6 billion Series B round that featured a $100 million investment from Jeff Bezos’s personal foundation.
New investments disclosed were GroupsnF (French vertical ERP), GLAS (cross‑border loan administrator managing over USD 750 billion), Graphwise (knowledge‑graph provider with >30% ARR growth) and XTEL (vertical SaaS for consumer‑goods firms). OCI evaluated more than 4,000 opportunities in the past year, with roughly 500 in the near‑term pipeline and 50 deals under close watch. H1 deployment amounted to GBP 43 million.
Liquidity remains robust, with GBP 230 million of liquid resources and total outstanding commitments of GBP 940 million across Oakley funds. The firm expects up to GBP 200 million of realization proceeds over the next 12 months, with at least four companies entering exit processes. OCI committed to a minimum GBP 20 million of share repurchases in 2026, having bought back GBP 9.4 million to June and GBP 13 million year‑to‑date, delivering 4 pence of accretion.
Shares edged up 0.41% in pre‑market trading to $526.16, still 18.3% below the 52‑week high of $578 and 24.7% above the 52‑week low of $422. InvestingPro’s financial‑health score assigned OCI a 2.94 out of 5, rated “Good.”
