Oakley Capital Investments 2025: Steady NAV Growth, Active Dealflow, and a Clear AI Angle
Oakley Capital Investments (OCI) has posted a solid set of final results for the year ended 31 December 2025. The headline: NAV per share rose to 738 pence, delivering a total NAV return of +6% (+45p). Strip out foreign exchange and it was +3% (+23p), which tells you sterling weakness helped. Shareholders saw a 15% total return in the year, and the long-term record remains impressive with a 10-year NAV return CAGR of 15% and a 10-year share price total return of +362%.
There is plenty here for retail investors: ongoing buybacks, active portfolio management, and a thoughtful stance on AI. Plus, OCI has moved to the Main Market and into the FTSE 250, which should broaden the shareholder base.
2025 headline numbers investors should know
| NAV per share | 738 pence |
| Total NAV | £1,233 million |
| Total NAV return | +6% (+45p); +3% (+23p) excluding FX |
| Total shareholder return | 15% |
| 10-year NAV return CAGR | 15% |
| 10-year share price total return | +362%, outperforming FTSE All-Share by +239% and MSCI World by +114% |
| Portfolio LTM EBITDA growth | 11% (2024: 15%) |
| Average valuation (EV/EBITDA) | 16.3x (2024: 16.4x) |
| Average net debt/EBITDA | 4.1x (2024: 4.1x) |
| Investments during 2025 | £197 million |
| Proceeds from exits and refinancings | £92 million |
| Liquidity at year-end | £191 million (cash £95 million; undrawn credit £96 million) |
| Outstanding commitments | £992 million (c.£300 million not expected to be called) |
Jargon buster: NAV is net asset value – think of it as the value of OCI’s underlying investments after liabilities, per share. EV/EBITDA is a standard valuation multiple. LTM means last twelve months.
What drove NAV in 2025: a few stand-out movers
OCI helpfully breaks out the key NAV per share drivers in pence. This year was a game of positives outweighing a notable negative:
- Clio: +33p, mainly from a significant uplift linked to the realisation of vLex.
- Phenna Group: +23p, thanks to robust demand for testing and inspection and accretive M&A.
- TechInsights: +13p, riding the AI boom’s demand for chip intelligence.
- Time Out Group: -32p, reflecting share price weakness on media headwinds and a discounted share issuance.
Net-net, this is a decent mix. The downside at Time Out shows listed market volatility can leak into private equity NAVs when there are publicly quoted holdings, but the operational performers did their job.
Deal activity: £197 million deployed, £92 million returned
OCI stayed busy on both fronts – investing and taking money off the table:
- Total investment of £197 million, equivalent to 16% of year-end NAV.
- £96 million into 10 new platforms, including Brevo, Infravadis, G3 and NOX.
- £79 million of follow-ons, including Bridewell’s strategic combination with I‑TRACING, and M&A at Affinitas, Infravadis and Konzept & Marketing.
- £22 million into venture – new and follow-on – including Wingspan and ProRata, plus further direct investment.
Proceeds totalled £92 million on a look-through basis, split between £57 million from exits – headlined by the sale of vLex at a >6x gross return – and £35 million from refinancings. That >6x number is a strong validation of Oakley’s value creation playbook, and it explains the Clio uplift.
Capital allocation, buybacks and balance sheet firepower
The capital allocation policy has been evolved, with a clear emphasis on regular buybacks:
- £50 million buyback programme completed on 8 January 2026, enhancing NAV per share by 11p over the programme.
- A minimum £20 million buyback programme for 2026 has commenced.
On commitments and liquidity:
- New €500 million commitment to Oakley Capital Fund VI, taking outstanding commitments to £992 million, of which around £300 million is not expected to be called. This is targeted to be invested over the next five years.
- Liquidity of £191 million at year-end – £95 million cash and £96 million of undrawn credit lines.
My take: buybacks signal confidence and provide tangible per-share accretion. The commitments are sizable, but the five-year deployment horizon, expected uncalled portion, liquidity and ongoing proceeds should help balance funding.
Portfolio quality and AI positioning: where the upside could come from
OCI’s private equity portfolio spans 38 companies across Technology, Education, Consumer and Business Services. The average hold period is just under 3.5 years, with a strong tilt to founder-led, recurring-revenue business models – the sort that often endure cycles well.
On AI, OCI is not sitting on the sidelines. Oakley launched the Oakley Touring Fund in 2024 to target AI-native B2B solutions and set up the Oakley AI lab to support adoption across the group and portfolio. Importantly:
- About two thirds of portfolio value sits in businesses tied to physical delivery or tangible products – areas AI is unlikely to disintermediate – where the opportunity is to enhance revenue growth, margins and productivity.
- The remainder is digital. Here, AI offers efficiency and effectiveness gains rather than existential risk, with 16% of NAV in software companies that are vertical, mission-critical, and backed by proprietary data, high switching costs and regulatory lock-in.
That mix feels sensible: operational uplift from AI across the base, with specific tailwinds for data-rich and mission-critical software assets.
Main Market move, FTSE 250 inclusion and board refresh
OCI has transferred its listing to the Main Market of the London Stock Exchange and is now included in the FTSE 250. That typically means greater index ownership and potentially improved liquidity in the shares. Alongside this, OCI revised its capital allocation policy and added to the boardroom bench:
- Christopher Samuel becomes Chair, effective 13 March 2026.
- Kiernan Bell joins as an Independent Non-Executive Director.
The messaging from the board is clear: keep compounding through cycles, lean into AI where it adds value, and keep returning capital through consistent buybacks.
Positives, watch-outs, and what matters next
What looks good
- Resilient delivery: +6% NAV return, 15% TSR, and a long-term record that continues to outstrip UK equities.
- Accretive capital returns: £50 million buyback added 11p to NAV per share, with a 2026 programme underway.
- Clear AI strategy: Touring Fund and AI lab give OCI an internal edge, not just marketing gloss.
- Healthy liquidity and active exits: £191 million of liquidity and £92 million of proceeds in the year, including a standout >6x vLex exit.
What to keep an eye on
- Growth moderation: portfolio LTM EBITDA growth slowed to 11% from 15% in 2024.
- Valuations and leverage: average EV/EBITDA at 16.3x and net debt/EBITDA at 4.1x mean execution and cash generation need to stay strong, especially if rates remain higher for longer.
- FX tailwinds: ex-FX NAV return was +3% vs +6% headline – currency moved in OCI’s favour this year.
- Public holdings sensitivity: the Time Out Group drag shows listed exposure can knock NAV in choppy markets.
Key dates and access to the presentation
- Results webcast: 9:00am, Thursday 12 March 2026. Watch here: live video webcast.
- Next update: Q1 2026 trading update expected on 29 April 2026.
Bottom line: a solid year with optionality
OCI delivered steady NAV growth, bought back a meaningful chunk of shares, and kept the flywheel turning on exits and new deals. The move to the Main Market and FTSE 250 status should widen the audience, while the AI strategy adds practical upside to a portfolio already tilted to recurring revenue and founder energy.
It is not all plain sailing – growth has cooled a touch and valuations remain full – but the mix of resilient assets, active ownership and disciplined capital allocation gives OCI a fair shot at continuing to compound from here.
