Oakley Capital Investments posts 6% NAV return and 15% TSR in 2025
Oakley Capital Investments Limited (OCI) has wrapped up 2025 with a steady uplift in Net Asset Value and a stronger share price performance. The company reported a NAV per share of 738 pence and a total NAV return per share of +6% (+45 pence), translating into a 15% total shareholder return for the year. In a choppy market for private assets, most of the value uplift came from earnings growth, not multiple expansion, which matters.
Here is what stood out, why it matters, and what to watch next.
Key numbers from OCI’s 2025 trading update
| NAV | £1,233 million |
| NAV per share | 738 pence |
| Total NAV return per share (incl. dividends) | +6% (+45 pence) |
| Ex-FX NAV return | +3% (+23 pence) |
| Total shareholder return | 15% |
| Investments | £197 million (16% of year-end NAV) |
| Proceeds from exits and refinancings | £92 million |
| Share buyback (2025) | £50 million, c.9.7 million shares cancelled, +11 pence NAV per share benefit |
| Liquidity at year-end | £191 million (£95 million cash, £96 million undrawn facility) |
| Credit facility | £325 million five-year facility, with option to increase by £75 million |
| Outstanding commitments | £992 million (c.£300 million not expected to be drawn) |
NAV and returns: earnings-led growth, FX drag
NAV rose to £1,233 million, or 738 pence per share. The full-year total NAV return per share was +6% including dividends. Strip out foreign exchange and the return was +3%, so currency movements helped. Importantly, roughly 90% of the 45 pence net valuation gain came from earnings growth in portfolio companies, not higher valuation multiples. That is the kind of quality you want in private equity marks.
Since 30 September 2025, NAV per share return was +1% (+8 pence). Contributors included vLex (now Clio), Phenna, TechInsights, North Sails and Bright Stars, partly offset by the share price decline of listed Time Out Group.
Portfolio performance: buy-and-build engines doing the heavy lifting
OCI’s portfolio delivered a “robust” year, supported by earnings growth and exits. Oakley kept valuation assumptions conservative, with half the portfolio held at or below the acquisition multiple. About 35% of NAV comes from investments made in the last two years, so it is a relatively young book with room to mature.
Strength was broad but clearest in two areas:
- Business Services and Education platforms that continued buy-and-build activity – adding acquisitions that enhance earnings.
- Data providers and digital marketplaces – benefiting from healthy demand.
There were softer spots too: Steer Automotive, ACE Education and Contabo experienced weaker trading. It is helpful that these are named, as it gives a more balanced view of risk across the portfolio.
Exits and refinancings: £92 million back, with a standout >6x return
OCI’s look-through proceeds were £92 million in 2025, split as follows:
- Realisations: £57 million – from the partial sale of vLex and the realisation of atHome.
- Refinancings: £35 million – including WebPros, Dexters, ECOMMERCE ONE, and a partial prepayment from Wishcard.
The sale of vLex generated a gross return of more than 6x, highlighting the quality of Oakley’s origination and exit discipline. It also shows that strategic buyers are still willing to pay up for scaled, founder-led assets.
Deployments: £197 million invested across 10 new platforms and more
OCI invested £197 million, equivalent to 16% of year-end NAV. That breaks down into:
- New platform deals: £96 million – ten new investments, with notable Q4 activity in Paraty Tech (Spanish hotel demand generation), Brevo (French customer engagement) and James Perse (global luxury clothing and lifestyle brand).
- Follow-ons: £82 million – including Bridewell’s strategic combination with ITRACING, plus M&A at Affinitas, Infravadis and Konzept & Marketing.
- Venture: £19 million – via the Oakley Touring Fund, including Netradyne and Daloopa.
Post period-end, OCI also completed Athena Racing at c.£13 million – a founding team in the new America’s Cup Partnership. The competition has moved to a shared governance model where teams hold permanent equity, aiming to build long-term franchise value comparable to Formula 1.
Capital allocation: buybacks, bigger facility, and commitments for the next cycle
OCI finished its 2025 £50 million buyback on 8 January 2026, purchasing and cancelling around 9.7 million shares and adding 11 pence to NAV per share. For 2026, the company has allocated a minimum of £20 million for buybacks.
On the balance sheet, OCI refinanced in April into a new five-year £325 million facility, up by £100 million, with an option to add a further £75 million subject to lender approval. Year-end liquidity stood at £191 million, split between £95 million cash and £96 million undrawn facilities.
Commitments rose too. OCI made a €500 million commitment to Oakley Capital Fund VI, taking total outstanding commitments to £992 million at 31 December 2025. Of that, approximately £300 million is not expected to be drawn. Management expects these commitments to be deployed into new investments over the next five years.
Why this update matters for shareholders
- Earnings-led NAV growth – About 90% of valuation uplift came from company earnings, not higher market multiples. That is a sturdier foundation for future returns.
- Healthy deal cadence – £197 million invested, ten new platforms and multiple follow-ons suggest Oakley’s origination engine remains active.
- Proceeds and recycling – £92 million back, including a headline >6x gross return on vLex, supports capital recycling without over-reliance on exits.
- Supportive capital management – £50 million buyback completed, new larger facility, and ample liquidity give OCI flexibility into 2026.
Watch-outs and what could move the shares next
- FX sensitivity – Excluding FX, returns were +3% versus +6% reported. Currency can cut both ways.
- Mixed trading in pockets – Steer Automotive, ACE Education and Contabo were weaker; keep an eye on any follow-up commentary in March.
- Young portfolio – With around 35% of NAV invested in the last two years, execution on integration and growth will be key.
- Deployment runway – There are £992 million of commitments, though c.£300 million are not expected to be drawn. The pacing of Fund VI deployment will influence future NAV growth.
My take: steady progress with credible catalysts
This is a solid, earnings-led print. A 6% NAV total return in 2025 with a 15% total shareholder return shows the market is acknowledging delivery. The engine room – buy-and-build in Business Services and Education, plus data-led assets – continues to do the heavy lifting, and the vLex exit underlines Oakley’s ability to realise value.
Capital allocation is sensible: buybacks to enhance NAV per share, a larger facility to stay nimble, and clear visibility on commitments over five years. The near-term catalyst is the audited results on 12 March 2026 and any colour on the 11 new investments made in the period. If operational momentum continues and exits remain available, OCI has the ingredients for further NAV compounding.
Helpful definitions
- NAV per share: the value of all assets minus liabilities, divided by shares outstanding.
- Total NAV return: change in NAV per share plus dividends over the period.
- Total shareholder return (TSR): share price performance plus dividends over the period.
- Buy-and-build: acquiring bolt-on companies to expand scale, capabilities and earnings.
- Refinancing proceeds: cash returned to investors when portfolio companies raise new debt and pay distributions.
Dates and links
- Audited annual results expected: 12 March 2026.
- Video introduction to OCI
