Q3 2025: NAV dips 1.5% while shareholders gain 9.4%
Oakley Capital Investments (OCI) has reported a modest 1.5% dip in NAV per share to 730 pence for the quarter to 30 September 2025, even as total shareholder return came in at a punchy 9.4% for the period. That divergence tells you sentiment towards the shares improved despite a broadly flat portfolio valuation.
OCI sits in the FTSE 250 and invests mainly via Oakley Capital’s private equity funds. The focus is on profitable, private European businesses across Technology, Education, Consumer and Business Services – with a heavy emphasis on recurring revenues and buy-and-build strategies (using acquisitions to scale platforms).
In short: valuations held up, costs edged NAV lower, and the market liked what it saw.
Key numbers at a glance
| NAV | £1,246 million |
| NAV per share | 730 pence |
| Total NAV per share return (Q3) | -1.5% (-11 pence) |
| Total shareholder return (Q3) | 9.4% |
| Investments during the period | £56 million (look-through) |
| Cash | £126 million |
| Undrawn credit facilities | £96 million |
| Total liquidity | £222 million |
| Share buybacks (9M 2025) | c.£29 million (5.8 million shares; +7p to NAV per share over the period) |
| Total outstanding commitments | £1,077 million (c.£300 million not expected to be drawn) |
Quick jargon buster:
- NAV is net asset value – the value of the portfolio minus liabilities, per share.
- Total shareholder return is the share price move plus dividends over the period.
- Look-through investment is OCI’s share of the underlying deals made by Oakley’s funds.
Portfolio performance: steady overall, with clear winners and a few drags
OCI revalued all portfolio companies at quarter-end and, in aggregate, the book was broadly flat. Ten holdings rose, ten fell, and fifteen were little changed. The 11 pence drop in NAV per share includes a 10 pence headwind from financing costs and expenses.
Operationally, trading was described as robust. The best performers were businesses offering content and IP services, testing and compliance solutions, and high-quality K12 education – areas benefitting from stable demand and recurring revenue. Add-on M&A within Business Services and Education platforms also helped, which is classic Oakley playbook territory.
Offsetting this, Time Out’s share price declined, and there was weaker performance at ACE Education and ProductLife Group. The mix netted out to “flat” valuations in what OCI called a challenging market backdrop – not a bad outcome given the environment.
Deal flow: new investments, bolt-ons, and post-period exits
OCI’s look-through deployment during the quarter totalled £56 million. That included:
- New investments in G3 (global strategic advisory) and Smythson (luxury lifestyle brand).
- New investments by Touring Capital and PROfounders (Oakley’s venture funds).
- Bolt-on deals for K12 investments, Steer, Konzept & Marketing, and Phenna Group.
There was also a structural move: with the closure of Fund II, interests in North Sails have been transferred to a lower-cost continuation vehicle. A continuation vehicle typically extends ownership of an asset under a new structure, often aiming to lower fees and provide investors – including OCI – with better liquidity options.
Post-period, activity continued:
- Investment in ONHC (Italian healthcare insurance services) with £10 million look-through from OCI.
- Partial exit from K12 investments, generating £27 million of look-through proceeds for OCI.
- Further expected Q4 completions: investment in NOX (premium padel equipment brand) at c.£9 million look-through, and the sale of atHome (Luxembourg property and automotive marketplaces) for c.£16 million look-through proceeds.
In plain English: capital is being recycled. New deals are being funded, and some cash is coming back via partial exits and sales, which should help future liquidity.
Liquidity, commitments and buybacks: the balancing act
OCI ended Q3 with £222 million of liquidity, split between £126 million cash and £96 million undrawn facilities. Outstanding commitments to Oakley funds stand at £1,077 million, with c.£300 million not expected to be drawn. The remaining commitments are expected to be deployed into new investments over the next five years.
OCI also increased its commitment to the Touring Venture Fund by c.$15 million ahead of its c.$300 million close, citing attractive performance and strong prospects.
On capital returns, the 2025 £50 million buyback programme is ticking along: £29 million of shares were repurchased and cancelled in the first nine months, adding 7 pence to NAV per share over that period. Buybacks are often used when boards see value in the shares – frequently when there’s a discount to NAV – although OCI has not disclosed the current discount in this RNS.
Overall, liquidity looks adequate for near-term needs, with additional proceeds expected from announced exits. The commitment profile does require ongoing recycling of capital, but that is standard for listed private equity models like OCI’s.
Governance refresh: Chair designate and a new independent NED
Two Board changes are coming. Christopher Samuel and Kiernan Bell will join as Independent Non-Executive Directors on 17 November 2025. After a transition period, Samuel will become Chair in March 2026. Both appointments are subject to shareholder approval at the 2026 AGM.
The planned handover should provide continuity and signals a steady approach to governance. OCI notes a separate RNS on the appointments and a quarterly factsheet, though specific details are not disclosed in this announcement.
What I think this means for investors
Positives worth noting
- Resilient portfolio: Flat valuations in a tough market suggest good underlying trading, especially in recurring-revenue niches like testing and K12 education.
- Active value creation: Ongoing bolt-ons across platforms are doing the heavy lifting – classic buy-and-build momentum.
- Capital recycling: Post-period exits and partial realisations add welcome liquidity and validate valuations.
- Shareholder-friendly: The buyback programme is enhancing NAV per share, with a tangible 7p benefit over nine months.
Watch-outs and uncertainties
- Costs matter: Financing costs and expenses knocked 10 pence off NAV per share this quarter. If rates stay higher-for-longer, that drag may persist.
- Mixed performance: Laggards like Time Out, ACE Education and ProductLife remind us dispersion within the portfolio is real.
- Commitment overhang: Outstanding commitments are sizeable versus disclosed liquidity, so continued exits and credit lines remain important.
Bottom line: steady execution, with catalysts into Q4
This is a solid, workmanlike update from OCI. NAV slipped modestly due to costs, but underlying valuations held firm. Deal activity is healthy, and announced exits should support cash needs while the buyback continues to compound value per share.
For those following listed private equity, the key into Q4 will be completion of the ONHC, NOX and atHome transactions, plus any further realisations. The incoming Chair designate adds governance clarity for 2026. Not glamorous, but quietly reassuring – and the market’s 9.4% TSR vote of confidence this quarter suggests investors agree.
