Oakley Capital Investments delivered a 6% net asset value return in the first half of 2026, while its listed shares produced a negative 16% total shareholder return as the gap between public-market pricing and underlying private assets remained a priority for the board.
Net asset value reached £1.289bn at 30 June, equivalent to 782p a share, up 44p from the end of 2025. Excluding foreign-exchange movements, the return was 6.5%.
The underlying portfolio generated weighted average organic EBITDA growth of 9% over the latest 12-month period, compared with 11% at the end of 2025.
OCI invested £43m on a look-through basis during the half, including £19m in new platform transactions and £24m in follow-on investments. It received £10m of proceeds, including £6m following a refinancing at North Sails.
Liquidity stood at £155m at the end of June, comprising £81m of cash and £74m of undrawn credit facilities. The company subsequently exercised a £75m accordion within its existing credit facility.
The results underline a recurring feature of listed private equity: underlying portfolio values and earnings can move differently from the public share price of the investment vehicle.
OCI’s total shareholder return of -16% during the period compared with a weighted average of -18% across the listed private-equity sector. Market weakness during the first quarter contributed to the decline, but the company’s share-price discount remains a strategic issue.
Chair Christopher Samuel said: “The share price has not reflected that progress, and addressing the discount remains a clear priority for the Board.”
OCI began a programme to repurchase at least £20m of shares during 2026. By the end of June it had acquired and cancelled approximately 1.9m shares for £9.4m, increasing net asset value per share by around 3p.
Buybacks can be particularly accretive for investment companies trading below NAV because each share purchased at a discount increases the proportionate asset value attributable to the remaining shares.
The capital still has an opportunity cost. OCI continues to fund new investments, with transactions signed during or after the reporting period including expected commitments of roughly £20m to Graphwise, £33m to XTEL, and £55m to GLAS.
The company reported outstanding commitments of £940m at 30 June, of which around £300m is not expected to be called. That leaves approximately £640m anticipated for investment over the coming years.
Balancing those future calls with buybacks, new transactions, liquidity, and realisation proceeds is therefore central to capital allocation.
Performance within the portfolio was led by several assets. Phenna contributed 13p to NAV growth, North Sails added 9p, TechInsights contributed 8p, and Exaforce added 5p.
The portfolio is concentrated across technology, education, consumer, and business services, with Oakley favouring profitable pan-European companies with recurring revenues and opportunities for operational development or acquisition-led growth.
Technology exposure creates both growth potential and valuation risk. Software and data businesses may benefit from AI-related investment and productivity demand, while established products can face disruption as customers reconsider workflows and suppliers.
Private valuations ultimately need to be supported by earnings growth, financing events, or exits, particularly when listed investors apply a substantial discount to stated NAV.
The divergence between a 6% NAV gain and a 16% negative shareholder return means the board’s strategic initiatives will remain closely watched. Portfolio growth alone may not narrow the discount if public-market investors remain cautious about private-asset valuations, future commitments, or the timing of realisations.
OCI’s ten-year annualised NAV return stands at 15%, while its ten-year share-price total return is reported at 344%.
The next phase will depend on portfolio exits, completion of planned investments, and whether buybacks and balance-sheet measures narrow the gap between underlying asset performance and the price investors are prepared to pay for the listed vehicle.
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