Oakley Capital Investments Reports 7% NAV Growth and Confirms Main Market Listing

• Big Commitment: A hefty €500 million commitment was made to Oakley Capital Fund VI. This takes total outstanding commitments to the Oakley Funds to £1,070 million. Crucially, around £300 million of this isn’t expected to be drawn, representing committed firepower for new deals over the next five years, with the first significant drawdown for Fund VI likely in late 2026.
• Firepower Ready: Total liquidity stood at a very comfortable £257 million (cash £108m + undrawn facilities £149m) as of 30th June. This was bolstered by a refinancing in April, securing a new £325 million five-year credit facility – an increase of £100 million. Plenty of dry powder.
• Buybacks in Focus: The Board made a clear shift in capital return policy, cancelling future dividends and opting for a substantial share buyback programme. The initial £20m minimum annual programme was quickly upgraded to a £50 million programme for 2025. By 30th June, they’d already snapped up and cancelled c.4.5 million shares for c.£21.4 million. This signals a strong belief that the shares trade below intrinsic value and that buybacks are the most accretive way to return capital right now.

The Main Event: Graduating to the Main Market

This isn’t just housekeeping; it’s a strategic upgrade. OCI has successfully navigated the process to transfer its listing from the Specialist Fund Segment (SFS) to the Premium Segment of the London Stock Exchange’s Main Market.

Why does this matter?

• Enhanced Marketability & Access: Main Market listings are generally more visible and accessible to a wider pool of investors, particularly larger institutional funds whose mandates often restrict them to the Official List.
• Increased Liquidity Potential: Broader investor access typically translates into deeper liquidity for the shares – making it easier to buy and sell in size.
• Perception & Standing: It elevates OCI’s profile and aligns it with other major listed investment companies, potentially leading to a re-rating over time.

The shares are expected to start unconditional trading on the Main Market on 1st August 2025. A significant milestone.

The Bottom Line: Steady Progress & Strategic Shifts

Oakley Capital Investments has delivered solid NAV growth in the first half, powered by a standout exit and strong underlying portfolio performance, despite a challenging backdrop. They’re actively reinvesting proceeds and committing substantial capital to Oakley’s future funds.

The decisive shift to buybacks (and away from dividends) reflects a pragmatic assessment of where shareholder value can best be enhanced currently. Coupled with the significant upgrade to a Main Market listing, OCI is clearly taking steps to improve its market profile, accessibility, and potentially its long-term valuation.

Unaudited interim results land on 11th September, offering a deeper dive. For now, the message is clear: execution is strong, the strategy is evolving, and OCI is positioning itself for the next phase. One to keep firmly on the radar.