Results for the Six Months ended 30 June 2021

RNS Number : 1929L

Oakley Capital Investments Limited

09 September 2021

9 September 2021

Oakley Capital Investments Limited

Interim Results for the Six Months ended 30 June 2021

Oakley Capital Investments Limited¹ ("OCI" or the "Company") today announces its interim results for the six months ended 30 June 2021. OCI is a listed investment company providing consistent, long-term returns in excess of the FTSE All-Share Index by investing in the funds managed by Oakley Capital² ("Oakley").

The Oakley Funds invest primarily in unquoted, pan-European businesses across three sectors: Technology, Consumer and Education. Oakley creates value and sustainable growth through performance improvement, business transformation and M&A.

Strong earnings growth from a digitally-focused portfolio drives total NAV return of 11%. Net Assets reach £804m, with £172m cash available for new investments following four new platform deals

INTERIM FINANCIAL HIGHLIGHTS

●	Net Asset Value ("NAV") per share of 445 pence and NAV of £804 million
●	Total NAV return of 11% since 31 December 2020 (+45 pence) and 26% since 30 June 2020 (+94 pence)
●	Increase in portfolio valuation was driven 75% by EBITDA growth and 25% by increase in EV/EBITDA multiple
●	Total shareholder return of 28%
●	The Company invested £95 million and its share of proceeds was £51 million
●	Cash of £172 million at 30 June 2021
●	Outstanding Oakley Fund commitments of £438 million
●	Half-year dividend of 2.25 pence per share, to be paid on 14 October 2021 to shareholders on the register on or before 24 September 2021

PORTFOLIO HIGHLIGHTS

●	Average portfolio company year-on-year EBITDA growth of 35% (2020 annual results: 20%)
●	Average portfolio company valuation multiple (EV/EBITDA) of 12.3x (2020 annual results: 11.8x)
●	Average net debt to EBITDA ratio of 3.5x (2020 annual results: 3.9x)
●	14 of 21 portfolio companies met or exceeded their pre-COVID budgets
●	7 0 % of portfolio companies delivering their products or services digitally is key performance driver
●	In addition to the increase in Time Out's share price (+16 pence NAV per share uplift), the largest drivers of NAV movement were:

-	IU Group (+15 pence) - financial growth driven by increased student intake, which grew 70% year on year
-	TechInsights (+6 pence) - strong performance underpinned by a continuing shift to recurring revenues and an expected rebound in the semiconductor industry
-	Wishcard Technologies (+5 pence) - voucher sales continue to show robust growth across B2B and online channels
-	Foreign Exchange (-14 pence) - 4.3% increase in GBP:EUR had a negative impact on NAV

PROCEEDS

OCI's share of proceeds from divestments, refinancings and repayment of loans amounted to £51 million, consisting of:

●	IU Group - £29 million from refinancing
●	Daisy Group - £17 million from full repayment of an OCI loan to portfolio company
●	Daisy Group - £5 million from the exit of Fund II's stake in the Digital Wholesale Solutions division

INVESTMENTS IN THE PERIOD

OCI made a total look-through investment of £95 million which, aside from some minor follow-on investments, was attributable to four new platform deals:

●	idealista (Fund IV) - £43 million - Southern Europe's leading property portal
●	Dexters (Fund IV) - £13 million - London's premier independent chartered surveyors and estate agents
●	ICP Education (Fund IV) - £27 million - leading independent group of U.K. children's nurseries
●	ECOMMERCE ONE (Origin Fund) - £6 million - provider of ecommerce software in German-speaking Europe

CASH & COMMITMENTS

●	Balance sheet - O CI has no leverage and had cash on the balance sheet of £172 million at 30 June 2021, comprising 21% of NAV
●	Recent commitments - OCI's total commitment to the Oakley Capital Origin Fund, which closed in January 2021, was €129 (£111) million
●	Outstanding commitments - total Oakley Fund commitments are £438 million

INVESTMENTS POST PERIOD END

Notable transactions completing after 30 June 2021 include:

●	ACE Education - Fund III exit and Origin follow-on investment: Origin invested alongside Groupe Amaury to benefit from strong growth potential and the commercial and strategic benefits Amaury offers ACE Education, via its strength in the French market
●	Ekon - transformational acquisition: Fund III's combination of PRIMAVERA with Ekon creates the largest independent provider of business software in Iberia
●	WindStar Medical - first bolt-on acquisition: adding L.A.B. Cosmetics to WindStar's platform wins access to the 'clean beauty' industry where growth is outpacing the wider beauty market
●	Ocean Technologies Group - fifth bolt-on deal: acquiring SAAS provider COMPAS continues the transformation of the business into a diversified software platform for the maritime industry
●	OCI purchased for cancellation two million ordinary shares at a price of 354 pence per share

OUTLOOK

Robust earnings growth, strong prospects for investments and realisations, and ample dry powder lay the foundations for a successful full year:

●	Earnings growth - the tech-focused portfolio continues to benefit from accelerating megatrends including the shift to online for consumers and businesses, and global demand for quality, accessible education
●	Cash - significant 'dry powder' means OCI is well-placed to meet its commitments to the Oakley Funds as they make new investments during a period of significant opportunity
●	Activity - strong prospects for investments and realisations thanks to Oakley's proven and repeatable sourcing strategy, rich pipeline and portfolio of highly attractive assets

The Half-Year Report and Accounts are available on the Company's website:

https://oakleycapitalinvestments.com/investor-centre/publications/

A video overview of the six-month performance is also available here:

https://oakleycapitalinvestments.com/videos/

Caroline Foulger, Chair of Oakley Capital Investments Limited, commented:

"OCI's portfolio has sustained its pattern of strong performance in spite of ongoing COVID-related uncertainty. Impressive earnings growth continues to drive NAV growth, helped by the digital focus of the portfolio companies and the products and services they deliver. The Board is pleased to underline that we remain confident in the long-term outlook for the Oakley Funds and their ability to continue generating consistent value for investors."

Peter Dubens, Managing Partner of Oakley Capital Limited, commented:

"During the period, we continued to demonstrate our capacity to originate and execute off-market deals through our network of business founders, laying the foundations for future growth. Looking ahead, our investment pipeline is very encouraging thanks to our track record as partner of choice for ambitious entrepreneurs and management teams, with whom we adopt proven value creation strategies."

- ends -

Results presentation

A live presentation of the results, delivered by Oakley Capital Partner Steven Tredget, will take place at 09:00 BST today, Thursday 9 September 2021. The presentation will available to view via video webcast at the following link: https://www.investis-live.com/oakley-capital/6127a0e2c746d50a00a93918/yelf

A recording will be made available on the Company's website shortly after the meeting.

For further information please contact:

Oakley Capital Limited

+44 20 7766 6900

Steven Tredget, Investor Relations

Greenbrook Communications Limited

+44 20 7952 2000

Alex Jones / Michael Russell

Liberum Capital Limited (Financial Adviser & Broker)

+44 20 3100 2000

Chris Clarke / Darren Vickers / Owen Matthews

Notes:

LEI Number: 213800KW6MZUK12CQ815

¹ About Oakley Capital Investments Limited ("OCI")

OCI is a Specialist Fund Segment ("SFS") traded investment vehicle that aims to provide shareholders with consistent long-term capital growth in excess of the FTSE All-Share Index by providing liquid access to private equity returns through investment in the Oakley Funds.

A video introduction to OCI is available at https://oakleycapitalinvestments.com/videos/

The contents of the OCI website are not incorporated into, and do not form part of, this announcement.

² The Oakley Funds

Oakley Capital Private Equity L.P. and its successor funds, Oakley Capital Private Equity II, Oakley Capital Private Equity III, Oakley Capital IV and Oakley Capital Origin Fund are unlisted lower-mid to mid-market private equity funds that aim to provide investors with significant long-term capital appreciation. The investment strategy of the Funds is to focus on buy-out opportunities in industries with the potential for growth, consolidation and performance improvement.

Oakley Capital, the Investment Adviser

Founded in 2002, Oakley Capital Limited has demonstrated the repeated ability to source attractive growth assets at attractive prices. To do this it relies on its sector and regional expertise, its ability to tackle transaction complexity and its deal generating entrepreneur network.

Important information

Specialist Fund Segment securities are not admitted to the Official List of the Financial Conduct Authority. Therefore, the Company has not been required to satisfy the eligibility criteria for admission to listing on the Official List and is not required to comply with the Financial Conduct Authority's Listing Rules.

The Specialist Fund Segment is intended for institutional, professional, professionally advised and knowledgeable investors who understand, or who have been advised of, the potential risk from investing in companies admitted to the Specialist Fund Segment.

This announcement may include "forward-looking statements". These forward-looking statements are statements regarding the Company's objectives, intentions, beliefs or current expectations with respect to, amongst other things, the Company's financial position, business strategy, results of operations, liquidity, prospects and growth. Forward-looking statements are subject to risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Accordingly the Company's actual future financial results, operational performance and achievements may differ materially from those expressed in, or implied by, the statements. Given these uncertainties, prospective investors are cautioned not to place any undue reliance on such forward-looking statements, which speak only as at the date of this announcement. The Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statements contained herein to reflect actual results or any change in the Company's expectations with regard to them or any change in events, conditions or circumstances on which any such statements are based unless required to do so by the Financial Services and Markets Act 2000, the Listing Rules or Prospectus Regulation Rules of the Financial Conduct Authority or other applicable laws, regulations or rules.

CHAIR'S STATEMENT

Digital focus underpins NAV growth and new investments.

It is very pleasing to report that amidst the ongoing disruption caused by COVID-19, OCI has continued to perform strongly during the period, sustaining a pattern of above-average returns. EBITDA growth of 35% across the investment portfolio underpinned a total NAV return per share of 11% in the six-month period (and 26% over 12 months), thanks to the pronounced digital focus of the companies in the portfolio, as well as the active management provided by the Funds' adviser Oakley Capital. OCI has also benefitted from Oakley's ability to continue sourcing promising investment opportunities at attractive valuations, and several new investments were made by the Funds during the period, laying the foundation for future growth.

While some of our underlying companies remain affected by the pandemic, the Board is pleased to see how many businesses continued to perform well, led most notably by IU Group (formerly Career Partner Group). The tech-focused education business was one of the biggest contributors to NAV growth and is now Germany's largest and fastest-growing university, buoyed by increased demand for quality online learning. Another example of strong performance is market-leading property portal idealista, a new platform investment completed early this year which is already reporting robust growth thanks to growing demand across Southern Europe.

There is a common thread running through these stories that also touches so many more Oakley Fund companies: the growth in global internet usage. This is by no means a new megatrend, but it has gained potency during COVID-19 as more businesses and consumers shift to online, driving demand for the services and products that Oakley's portfolio provides. For example, WebPros' webhosting "software-as-a-service" today supports the operations of more than 80 million websites around the world, Grupo Primavera is helping thousands of Iberian SMEs to migrate their IT systems to the cloud. Meanwhile, more and more consumers are logging on to 7NXT's online fitness classes and nutrition plans. The digital focus of the portfolio means that over 75% of revenues are recurring or subscription-based, providing a degree of income certainty.

New investments

We are encouraged to see the same digital focus informing new investments. In addition to idealista, Oakley made three platform investments during the period, including ECOMMERCE ONE whose software supports online sales for merchants across German-speaking Europe. This transaction essentially combines one business introduced through the Oakley Network of entrepreneurs with another company, which demonstrates yet again the Investment Adviser's ability to execute complex transactions in a much sought-after sector by leveraging its connections to source leading opportunities, outside a traditional, often expensive auction process.

Cash and Commitments

A healthy cash balance provides firepower for new investments. At the end of the period, OCI had no debt and cash reserves of £172m, amounting to 21% of NAV. The Board believes this puts OCI in a strong position to take advantage of a promising period for fresh investments in existing Oakley Funds and the opportunity to commit to future funds. History shows that, on average, fund vintages that follow a macroeconomic downturn tend to outperform.

Environmental, Social and Governance & sustainability

At OCI we are committed to promoting responsible investing as a way to de-risk investments and support value creation, since research shows that companies with higher ESG scores tend to outperform the wider market. Oakley integrates ESG considerations throughout its investment cycle, from origination to growth and exit. We have been encouraged by Oakley's further investment in its ESG capabilities, this period helping portfolio companies to adopt more sustainable business practices. This is already beginning to bear fruit: two companies, Alessi and North Sails Apparel, have achieved coveted B Corp status. In addition, OCI is developing its own direct Corporate Social Responsibility strategy to roll out in due course.

Transparency in communications

The Board has made it a priority to enhance shareholder communications and boost transparency by further developing our digital communications. Last year we invested in producing our inaugural digital Annual Report, supported by interactive graphics and video. We are incredibly pleased that this has been recognised by industry body the Association of Investment Companies ('AIC') which awarded OCI "Best Report and Accounts 2021 - Alternative". To boost communication and transparency further we have taken the decision to increase the frequency of OCI's NAV reporting to the market by moving to quarterly updates commencing in 2022.

Discount

At OCI we strongly believe that improved, more frequent communications will help shareholders and would-be investors to better understand our underlying investment strategy, our portfolio and the drivers of NAV growth. While OCI's share price currently sits below the NAV per share, we are confident that these measures, together with ongoing share buybacks and repeated performance, will help the price to better reflect the quality and recurring growth of our underlying assets.

Share purchases

The Board is committed to continuing its programme of share buybacks as an essential tool for value creation, while pursuing a careful approach to cash management that balances buybacks with cash inflows, the pace of existing Fund investment and possible future Fund commitments. Post-period end, the Board authorised a buy-back of 2 million shares, which were acquired and cancelled at a price of 354p. It is also pleasing to see sustained share purchases by Board members and Oakley partners during the period, and their combined holding has now reached 11%, ensuring that the interests of the Board and Oakley Capital are aligned with our shareholders. At the same time, the shareholder registry has further diversified, and the top ten shareholders' combined holding has fallen further from 80% in 2018 to 64% as at 30 June 2021. We continue to welcome an increasing number of private investors onto the register, attracted by the liquid access and superior returns that OCI provides.

Dividend

In April, a final dividend of 2.25 pence per share was paid for the period ended 31 December 2020. We are pleased to announce that an interim dividend of 2.25 pence per share will be paid in October 2021.

Outlook

Whilst the global economy has generally rebounded strongly from the depths of COVID-19, the ongoing pandemic continues to cause uncertainty for certain businesses. In this environment, it is reassuring to see that our underlying portfolio companies have continued to perform well, thanks to the digital focus of their business models, and a strong focus on active management, which you can read more about in the Investment Adviser's report. At the same time, Oakley has continued its solid track record in sourcing promising, proprietary investments, thereby avoiding the more expensive deals that bedevil the wider private equity industry, thus laying the foundations for future, sustainable NAV growth. The Board is pleased to underline that we remain confident in the long-term outlook for the Oakley Funds and their ability to continue generating consistent value for investors.

Caroline Foulger

Chair

8 September 2021

INVESTMENT ADVISERS REPORT

Oakley's effective origination strategy means the firm continues to unearth attractive, proprietary investment opportunities.

It is testament to the resilience of private equity that the industry has rebounded so strongly since the depths of the pandemic. Over the past 18 months, deal-making and fundraising have surged to new records, and private equity firms are now sitting on more than $2.2 trillion of so-called "dry powder"1 ready to pour into new investments. That is pushing up valuations, especially in the "hot" sectors that have performed so well during the pandemic, such as technology and business software. This market exuberance inevitably raises investor concerns about the impact it may have on future returns as more money chases fewer deals. The good news is that Oakley's effective origination strategy means the firm continues to unearth attractive, proprietary investment opportunities in sought-after sectors. At the same time, Oakley's portfolio of tech-enabled businesses continues to profit from the exciting megatrends that have accelerated during the pandemic.

Sustaining EBITDA growth

While some companies remain impacted by COVID-19 restrictions, the majority of Oakley's investments performed well during the period. On average, EBITDA across the portfolio grew 35% over the last 12 months, buoyed by growing trends including the shift to online shopping, the migration of business IT to the cloud and the increasing international demand for quality, accessible education. EBITDA growth is also supported by a programme of investment to help portfolio companies realise their full potential. During the period, Oakley continued to enable management teams to recruit key talent, professionalise their business models by enhancing business processes and controls, transform their digital marketing and e-commerce offerings and execute transformational M&A. A strong example of this is Ekon's recent combination with PRIMAVERA to create Iberia's leading independent provider of business software, with a mission to help thousands of SMEs in the region to migrate their IT systems to the cloud. Oakley's focus on sustainability and ESG factors, the screening process pre-investment and through ownership to exit, not only helps mitigate investment risk, but helps build value by de-risking business models for future investors. During the period, North Sails became the second portfolio company to gain coveted B Corp status, underlining the company's commitment to sustainable growth.

Effective origination

Oakley has also continued to benefit from an origination strategy that is proven to uncover the most promising investment deals. The opportunity to invest in ECOMMERCE ONE was introduced to us by a German tech entrepreneur with deep sector expertise who Oakley had previously partnered with on its investment in consumer technology company Wishcard Technologies Group in 2019. The ECOMMERCE ONE deal, completed in June this year, demonstrates the effectiveness of Oakley's entrepreneur network for sourcing proprietary deals as well as leveraging valuable market insights to help assess opportunities. Proactive sector screening is another key part of Oakley's origination strategy. Our investment in children's nursery group ICP Education followed a detailed sector screening exercise that identified attractive and compelling market drivers in early years education. ICP also builds on our significant experience as one of the most active investors in Europe's education sector. Meanwhile, our investment in London estate agents Dexters demonstrates our willingness to embrace complex investment situations, building on our track record and capabilities to unearth pockets of value that can form the foundation for future market leaders. These latest investments have sustained our long-term record: 75% of investments are uncontested deals and 40% are carve-outs.

The case for reinvestments

The growing surplus of capital in the private equity market means there is robust interest in acquiring our businesses when it comes to exit, supporting high valuations. Often, Oakley decides to reinvest in its businesses to ensure investors can continue to benefit from the strong growth of its most promising portfolio companies. In 2019 Oakley reinvested in WebPros, which has continued to generate double-digit earnings growth. In July this year, and immediately after the period end, Origin reinvested in ACE Education alongside France's Groupe Amaury in order to benefit from the growing demand for quality, vocational higher education across Europe. Our collaboration with Amaury also demonstrates Oakley's ability to forge deep strategic partnerships with other like-minded investors that help to expand our networks and capabilities. Our reinvestment in WebPros was made alongside CVC, Europe's largest private equity investor. Meanwhile, our partnership with EQT on idealista builds on our joint collaboration with Facile, Italy's leading price comparison website.

Hybrid working delivers

The disruption caused by the COVID-19 pandemic has forced businesses to completely change the way they work, and private equity is no exception, with key activities including deal-making and fundraising impacted. Last year, Oakley successfully raised the maiden Origin fund, largely completing its investor meetings and due diligence virtually. The benefits of maintaining a flexible approach to hybrid working through a mix of working in the office and at home, sustained by digital communications, are very clear: improved efficiencies, reach and accessibility across the firm. Better collaboration between teams and across offices supports better outcomes in terms of finding new deals and building successful businesses. The success from rolling out our hybrid working model without compromising Oakley's culture has given us the confidence to expand our geographic footprint, even during a pandemic. Oakley's Milan office will open later this year, adding to our existing hubs in London, Munich and Luxembourg, boosting the firm's ability to find new deals, deepen its network and support portfolio companies in an important market for Oakley.

The way ahead

As cash-rich private equity investors explore new strategies to allocate their capital, Oakley remains resolutely focused on its core, proven investment strategy: backing high-growth, attractive private businesses in the European mid-market. Indeed, we believe this strategy will continue to provide promising opportunities as companies remain private for longer, and more founders turn to private equity not just for capital but also to leverage their know-how and support as they seek to grow their businesses post-pandemic. Oakley has a rich pipeline of exciting investment prospects thanks to its strong origination platform. It has the right sector focus and track record, and a well-resourced investment team and operating platform, to help companies grow, generate jobs and wealth, and to sustain strong returns for investors

¹ Source: S&P Global Market Intelligence.

ENVIRONMENTAL, SOCIAL & GOVERNANCE

The Board has endorsed Oakley's policy to advise on the investment of the Company's resources in a responsible manner. In the period, Oakley has focused on the following key areas of ESG, consistent with its belief that investing responsibly protects and creates value:

Cybersecurity

Cybersecurity maturity assessments have been undertaken across the portfolio (with some still ongoing) and bespoke roadmaps for improvement have been developed.

Climate

Oakley has joined initiative Climate International ('iCI') - a private equity action group on climate change, with a collective commitment to understand and reduce carbon emissions of private equity-backed companies and secure sustainable investment performance.

Diversity & Inclusion

D&I Committee and working groups have been formed with a focus on recruitment, culture and training.

OCI NAV OVERVIEW

OCI's NAV grew from £728 million to £804 million, an increase of 11% since 31 December 2020 to 445 pence per share.

Proceeds during the period¹

During the period, OCI's share of proceeds from divestments, refinancings and repayment of loans amounted to £51 million, consisting of:

· Realisations - £5 million - the exit of Fund II's stake in the Digital Wholesale Solutions division of the Daisy Group;

· Refinancings - £29 million - the refinancing of IU Group;

· Direct debt repayment - £17 million - the full repayment of a loan to the Daisy Group.

Investments during the period¹

During the period, OCI made total look-through investments of £95 million, of which £89 million were platform investments, and £6 million were bolt-on and follow-on investments, comprising:

· Platform investments - £89 million - the acquisitions of idealista (Fund IV), Dexters (Fund IV), ICP Education (Fund IV) and ECOMMERCE ONE (Origin Fund);

· Bolt-on and follow-on investments - £6 million - a bolt-on to Grupo Primavera, and further investments into North Sails and Globe-Trotter.

¹ Proceeds and investments are included on a look-through basis.

OUTSTANDING COMMITMENTS OF OCI

Outstanding commitments to the Oakley Funds as at 30 June 2021 were £437.8 million, of which £212.9 million was to Fund IV and £107.7 million to the Origin Fund, both of which are currently in their investment period. Funds I and II are in the realisation phase and Fund III has reached the end of its investment period with future acquisitions limited to bolt-on investments to the current portfolio.

OCI has no leverage and had cash on the balance sheet of £171.5 million at 30 June 2021. Cash has decreased from £223.1m at 31 December 2020, largely due to two capital calls to finance Fund IV's investments in idealista and ICP Education. Cash represents 21% of total NAV at 30 June 2021 (31% at 31 December 2020).

Fund	Fund vintage	Total commitment (€m)	Outstanding at 30 June 2021 (€m)	Outstanding at 30 June 2021 (£m)	% of NAV
Oakley Fund I	2007	202.4	2.8	2.4	0
Oakley Fund II	2013	190.0	13.3	11.4	1
Oakley Fund III	2016	325.8	120.6	103.4	13
Oakley Fund IV	2019	400.0	248.0	212.9	27
Origin Fund	2020	129.3	125.4	107.7	13
Outstanding commitments			510.1	437.8	54
Cash and cash equivalents				171.5	21
Net outstanding commitments unfunded by cash resources at the year end				266.3	33

OVERVIEW OF OCI'S UNDERLYING INVESTMENTS

OCI's NAV at 30 June 2021 was £804 million, a NAV per share of 445 pence.

Investments		Sector	Location	Year of investment	Open cost	Fair value

Fund I
Time Out		Consumer	Global	2010	£57.9m	£32.9m
OCI's proportionate allocation of Fund I investments (on a look through basis)						£32.9m
Other Assets and Liabilities						(£3.5m)
OCI's investment in Fund I						£29.4m

Fund II
North Sails		Consumer	Global	2014	£43.8m	£34.3m
Daisy		Technology	UK	2015	£8.5m	£11.5m
OCI's proportionate allocation of Fund II investments (on a look through basis)						£45.8m
Other Assets and Liabilities						£4.0m
OCI's investment in Fund II						£49.8m
Fund III
Casa & atHome		Technology	Italy/Luxembourg	2017	£0.0m	£8.5m
Schülerhilfe		Education	Germany	2017	£30.0m	£45.9m
TechInsights		Technology	Canada	2017	£0.3m	£25.8m
ACE Education		Education	France	2017	£6.9m	£15.8m
IU Group		Education	Germany	2018	£0.0m	£99.0m
Facile		Technology	Italy	2018	£20.0m	£40.3m
Grupo Primavera		Technology	Spain	2019	£22.6m	£22.6m
Iconic BrandCo		Consumer	Italy/UK	2019/2020	16.3m	£16.3m
OCI's proportionate allocation of Fund III investments (on a look through basis)						£274.4m
Other Assets and Liabilities						(£42.1m)
OCI's investment in Fund III						£232.3m
Fund IV
Ocean Technologies Group		Education	Norway/UK	2019	£20.8m	£26.5m
Wishcard Technologies Group		Consumer	Germany	2019	£15.8m	£29.4m
Contabo		Technology	Germany	2019	£4.8m	£18.4m
WebPros		Technology	Switzerland/USA	2020	£43.4m	£55.6m
Windstar		Consumer	Germany	2020	£29.2m	£29.2m
idealista		Technology	Spain	2021	£41.5m	£41.5m
Dexters		Consumer	UK	2021	£13.4m	£14.7m
ICP Education		Education	UK	2021	£26.9m	£26.9m
OCI's proportionate allocation of Fund IV investments (on a look through basis)						£242.2m
Other Assets and Liabilities						(£82.7m)
OCI's investment in Fund IV						£159.5m

Origin Fund
7NXT		Technology	Germany	2020	£10.2m	£13.9m
ECOMMERCE ONE		Technology	Germany	2021	£5.8m	£5.8m
OCI's proportionate allocation of Origin Fund investments (on a look through basis)						£19.7m
Other Assets and Liabilities						(£16.1m)
OCI's investment in Origin Fund						£3.6m

Direct investment
Time Out	Equity	Consumer	Global			£40.1m
North Sails	Debt	Consumer	Global			£66.6m
North Sails Apparel	Debt	Consumer	Global			£44.3m
Fund Facilities	Debt	n/a	n/a			£6.9m
Total direct investments						£157.9m

Total OCI investments						£632.5m
Cash, other assets and liabilities						£171.9m

Total OCI NAV						£804.4m

Other Assets and Liabilities comprise OCI's share of, primarily, cash, receivables and third-party fund debt facilities.

Direct equity securities

Investor's confidence in Time Out's ability to bounce back from the pandemic was reflected in a significant increase in the share price from 35.5p at 31 December 2020 to 59.5p at 30 June 2021. 2020 was a challenging year for Time Out due to the unprecedented impact of COVID-19, however the measures that the Company has taken to adapt the re-opening of the Time Out Markets and the further strengthening of the balance sheet by successfully completing an equity placing in April, raising £17 million, has enabled the performance of the business to improve in 2021.

Direct debt securities

The Company provides debt facilities to certain portfolio companies. These are provided at market interest rates, allowing OCI to generate higher returns than would be earned on cash reserves.

Fund II exited the Digital Wholesale Solutions division of the Daisy Group. A direct loan of £17.5 million, including interest was repaid to OCI using part of the proceeds from the realisation. At the period end, loans to the portfolio company North Sails were £110.9 million.

The Company also provides an annual revolving credit facility to Fund I which was renewed in June 2021.

SUPPLEMENTARY INFORMATION

DIRECTORS' REPORT

Financial prospects and position

The Board has considered the sustainability and resilience of the Company's business model over the long term, including consideration of the impacts of COVID-19, and has based its assessment of the prospects of the Company on this consideration. This period of assessment of long-term prospects is greater than the period over which the Board has assessed the Company's viability.

The Board considers three years as the most appropriate time period over which to assess the long-term viability of the Company, as required by the AIC Code. This time period has been chosen as a reasonable period over which the Board can reasonably, and with a sufficient degree of likelihood, assess the Company's prospects and over which the existing Oakley Fund commitments will largely be drawn.

The Board has established procedures which provide a reasonable basis to make proper judgments on an ongoing basis as to the principal risks, financial position and prospects of the Company.

Regular reporting to the Risk Committee of the Board provides for ongoing analysis and monitoring against risk appetite. Strategic considerations of the Board as it relates to financial prospects of the Company include:

· Use of leverage. The Company has to date chosen not to lever its balance sheet.

· Foreign exchange risk hedging. The Company does not hedge its foreign exchange exposure due to the unpredictable timing and quantum of private equity fund capital calls and distributions.

· Cash management - monitoring of cash flow forecasts enabling the Company to meet ongoing commitments to the Funds.

· Commitment to future Oakley Fund contributions based on analyses of liquidity forecasts and investment opportunities

· Utilising, periodically, surplus cash balances to implement share buy-backs for cancellation.

After making enquiries and given the nature of the Company and its investments, the Directors, after due consideration, conclude that the Company will be able to continue for the foreseeable future (being a period of 12 months from the date of this report). Furthermore, the Directors are not aware of any material uncertainty regarding the Company's ability to do so.

In reaching this conclusion, the Directors have assessed the nature of the Company's assets and cash flow forecasts and consider that adverse investment performance should not have a material impact on the Company's ability to meet its liabilities as they fall due. Accordingly, they are satisfied that it is appropriate to adopt a going concern basis in preparing these Consolidated Financial Statements.

Responsibility statement of the Directors in respect of the Annual Report

Each of the Directors, whose names and functions are listed in the Directors and Advisers section of this report, confirms that, to the best of his/her knowledge:

· the Interim Report includes a fair review of the development and performance of the business and the position of the Company;

· the consolidated interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting and give a true and fair view of the assets, liabilities, financial position and results of the Company, and are in compliance with the requirements set out in the Bermuda Companies Act 1981 (as amended);

· the Interim Report includes a fair review of the information required by:

a) 4.2.7R of the Disclosure Guidance and Transparency Rules, being an indication of important events that have occurred during the first six months of the current financial year and their impact on the consolidated interim financial statements, and a description of the principal risks and uncertainties for the remaining six months of the year; and

b) 4.2.8R of the Disclosure Guidance and Transparency Rules, being all related party transactions that have taken place in the first six months of the current financial year which have materially affected the financial position or performance of the Company during that period and any changes in the related party transactions described in the Annual Report and accounts that could materially affect the financial position or performance of the Company during the first six months of the current financial year; and

· the consolidated interim financial statements should be read in conjunction with the latest Annual Report and financial statements which were prepared in accordance with IFRS. These financial statements provide the information necessary to assess the Company's position and performance, business model and strategy, and is fair, balanced and understandable.

On behalf of the Board.

Caroline Foulger

Chair

8 September 2021

Principal Risks and Uncertainties

During the period under review, the Risk Committee has continued to identify, assess, monitor and manage risks within the Company, including those that would impact its future performance, solvency, liquidity or reputation. This review includes the monitoring of risk exposure compared with the risk appetite established by the Board.

Key risks and uncertainties of the Company are assessed on a scale, considering their impact and likelihood. The Committee monitors detailed and, wherever possible, quantifiable indicators of the Company's exposure to risk, segmented into five core categories, summarised below. During 2021, regular consideration was given to the impact COVID-19 had in each of the five categories of risk.

Principal risks

Financial performance

Risks and uncertainties	Impact	Mitigation

The Company's investment activities expose it to a variety of financial risks that include credit, liquidity, interest rate, currency and valuation risk. Further details are disclosed in Note 5 to the Consolidated Financial Statements.	The main driver of the Company's performance is the valuation of the underlying portfolio companies held by the Oakley Funds as well as its direct investments. The Audit Committee and Risk Committee consider valuation methods and estimates used by Oakley to value the Funds. This includes monitoring the movements in the valuations of the underlying portfolio on a quarterly basis and challenges movements which differ from expectations. Material changes in valuations have a significant impact on performance.	During the period, the Board considered the impact of COVID-19 on valuations. Specifically, this included monitoring the impact on operating and financial performance of portfolio companies. Whilst some impact remains, the portfolio has continued to benefit from an investment focus on technology-enabled businesses. The credit risk of lending to the Oakley Funds or direct debt investments in portfolio companies is considered on a case-by-case and aggregate basis by the Board and Risk Committee. Direct credit investments continued to be reduced during 2021, with North Sails and a loan to Oakley Fund I being the only investments remaining, as part of a continued strategy towards a clear focus on Fund investments. Strength in GBP has had a negative impact on the Company's NAV in 2021. However, the Company holds investments in portfolio companies located outside the UK, notably Western Europe, which are valued in non-GBP currencies. The Company may hedge the foreign exchange exposure to any non-GBP investments as deemed appropriate by the Board from time to time. The Risk Committee considers potential hedging strategies for recommendation to the Board, and has to date recommended not to hedge any currency risk aside from keeping a nominal amount of cash holding in GBP for servicing ~three years' operating expenses. The Company is indirectly exposed to interest rate risk through the debt facilities held by the Oakley Funds. The fixed interest rate direct debt investments on OCI's balance sheet has a weighted duration of less than one year at any given time, thus not considered a material interest rate or inflation risk. This risk is therefore not currently deemed to be significant given the current low interest rate environment, but is regularly monitored by the Board.

Company performance

Risks and uncertainties	Impact	Mitigation

The Risk Committee monitors and manages a Board-set appetite on Company performance with a clear focus on stakeholder interests as measured by share price. Shareholder return, NAV return, share price discount to NAV and dividend yield are all actively monitored and actions recommended for Board approval as deemed appropriate.	The Company considers the most impactful drivers of its performance to be the pipeline of Fund investments available for investment, relative to liquid cash positions, and underlying portfolio Company performance in the Fund investments. Reputational risk, sustainability considerations and dividend policy are also factored into performance management.	Consistent with guidelines and tolerances set by the Board, the Committee considers potential corrective action within its control, in the event of tolerances being exceeded. The availability of investment pipeline, i.e. future Oakley Fund investment opportunities, are considered in tandem with the opportunity cost of potential cash drag relative to liquidity risk. Dividend policy and share buy-back programmes are also considered in tandem with liquidity risk.

Operational risk

Risks and uncertainties Risks and uncertainties	Impact	Mitigation

(i) Outsourcing The Company relies heavily upon the services provided by contracted third-party advisers. The valuation of the underlying portfolio companies, cyber security, data management, accounting records and maintenance of regulatory and legal requirements, depend on the effective operation of key service providers.	(i) Outsourcing Significant disruption of service providers could have adverse impacts on timing and quality of financial reporting and safeguarding of assets.	(i) Outsourcing Through the Management Engagement Committee, regular reviews of the performance of service providers (including the Administrative Agent and Investment Adviser) are conducted. The performance assessment considers cost, efficiency, internal controls, performance, key person risk and compliance with the terms of arrangements. The results of these reviews are shared with the Board and monitored by the Risk Committee as part of the appetite. From 1 July 2021, Oakley Capital Limited replaced Mayflower Management Services (Bermuda) Limited as the Administrator. The Administrator is responsible for the Company's general administrative requirements such as the calculation of the net asset value and net asset value per share and maintenance of the Company's accounting records. Oakley Capital Limited is a related party to the Company. Prior to appointment, an independent fairness opinion was obtained and no issues were found with the arrangement. There is a clear segregation of duties between the Administrator and the Investment Adviser functions.

(ii) Governance The effective operation of the Board, including its composition and skills mix, is key to the continued success of the Company and is monitored by the Risk Committee and overseen by the Nomination Committee of the Board.	(ii) Governance Strong governance is recognised as a key performance measure and is embedded in all activities of the Company. Good governance has a positive impact on performance.	(ii) Governance The Company has a clear commitment to governance with tone set by the Board. The Nomination Committee is responsible for selection of Directors and evaluation of the Board and individual Directors annually. The Company implements strict policies to track, monitor and mitigate conflicts of interest on both an individual and transactional basis. All Directors were re-appointed at the AGM of the Company on 26 July 2021. The Risk Committee maintains a register of potential conflicts of interest for appropriate mitigation in the event of perceived conflicts, and ensures appropriate implementation of necessary protocol when decisions are taken.

Regulatory risk

Risks and uncertainties	Impact	Mitigation

Changes in legislation, regulation and/or government policy could significantly impact the Company's performance.	Cost and resourcing implications of new and/or changing regulation can result in material impacts to the Company. Compliance failures can further result in penalties, censure or reputational damage.	The Governance, Regulatory and Compliance Committee tracks and reports on emerging regulatory, tax and legal developments potentially impacting the Company. These are monitored within the Company's risk framework. The Committee receives regular reporting and input from the Company's legal counsel (both UK and Bermuda), financial adviser, and Oakley's internal compliance team.

Liquidity risk

Risks and uncertainties	Impact	Mitigation

As the Company invests in illiquid private equity closed-ended funds and direct private debt and equity investments, forecasting cash flows is a key component in managing liquidity risk. These cash flow forecasts include significant estimates as to timing and quantum of cash inflows and outflows.	The ability to meet ongoing operational liquidity needs and capital calls related to Fund commitments is of the highest priority for the Company. The level of new Fund commitment is driven from longer-term future Fund cash flow projections, which are considered within a range of probabilities.	The Company maintains a level of liquidity to enable it, based on cash flow projections, to meet its capital commitments to the Oakley Funds as well as being able to participate in any other potential investment opportunities within its strategy. Cash flow models are reviewed at least quarterly to manage cash throughout the investment cycle. This enables the Company to fulfil its commitments as they fall due, manage longer-term commitments, actively manage liquid cash resources, and consider the capacity to commit to future Oakley Funds. The Risk Committee actively monitors future cash flow forecasts with a focus on understanding key assumptions and estimates, and maintenance of liquidity within established risk tolerances.

SHAREHOLDER INFORMATION

Financial calendar

The announcement and publication of the Company's results is expected in the months shown below:

January	Trading update for the year announced
March	Final results for the year announced, Annual Report published
April	Payment of final dividend
July	Interim trading update announced
September	Interim results announced, Interim Report published
October	Payment of interim dividend

Dividend

The final dividend proposed in respect of the period ended 30 June 2021 is 2.25 pence per share.

Ex-dividend date (date from which shares are transferred without dividend)	23 September 2021
Record date (last date for registering transfers to receive the dividend)	24 September 2021
Dividend payment date	14 October 2021

Share dealing

Investors wishing to purchase or sell shares in the Company may do so through a stockbroker, financial adviser, bank or share-dealing platforms.

To purchase this investment, you must have read the Key Information Document ('KID') before the trade can be executed. In accordance with Article 15 of the PRIIPs RTS (2017/653), an updated KID is available on the Company's website at https://oakleycapitalinvestments.com/publication-category/other-publications/

If you are proposing to use Computershare Investor Services PLC to purchase shares, please contact them directly and they will provide you with the KID either by email or post.

You can contact them on +44 370 703 0084.

Important information

Past performance is not a reliable indicator of future results. The value of OCI shares can fall as well as rise and you may get back less than you invested when you decide to sell your shares.

WHY INVEST IN LISTED PRIVATE EQUITY?

Private equity targets investments in privately owned businesses across all sectors, from recognisable household names to companies with significant growth potential. It then seeks to help these companies maximise their value during the holding period. While private equity funds are not accessible to most private investors, one attractive alternative is buying shares in listed investment companies that provide access to these funds and the performance of the private companies they back.

A bigger pond and superior performance

The number of public companies in North America and Europe is decreasing by just over 2% per annum, reflecting a simultaneous decline in IPOs and an increase in delistings and take-private transactions. In contrast, private equity continues to grow in scale and sophistication, with the industry reaching $4.5 trillion in global assets under management at the end of the first half of 2020¹.This has resulted in the number of private equity-backed companies increasing by over 8% per annum, a trend that looks set to continue as businesses favour access to abundant levels of capital and expertise to drive long-term growth, without the distractions of public ownership².

Global private equity has achieved consistently strong returns throughout the past decade and has continued to outperform during the COVID-19 pandemic, as the asset class's long-term investment horizon is well placed to weather short-term disruption. The sector benefits from portfolio diversity and reduced volatility through exposure to a range of fast-growing companies, often in sectors that are harder to access through public markets. As a result, the global private equity benchmark has consistently outperformed the FTSE All-share index during the past ten years, with both revenue and profit growth consistently superior to listed companies globally.

Democratising access to private equity returns

Due to the investment ticket size and the conventional ten-year term of commitment required, typical private equity fund investors are large institutions such as pension funds, insurance companies or sovereign wealth funds. For most retail investors, private equity funds are unattainable.

Listed private equity offers a solution to these barriers. Private equity investment trusts are publicly listed companies that commit capital to private equity funds. Investors can buy and sell shares as with any public company, reducing the minimum level of investment required to the price of one share. This increases liquidity for the fund, whilst allowing retail investors to benefit from superior returns.

A hands-on approach

Private equity investment isn't solely about access to capital. It also allows high-quality private companies to benefit from private equity managers' operational professionals, who bring deep sector expertise and engage with companies on a daily basis. They may hold seats on boards, enabling them to embed deeply within organisations and directly oversee the enhancement of a company's value.

Management fees reflect the value of this active approach, meaning that they are typically higher than those of a public equity fund. However, the benefits of an engaged, experienced manager are manifested in the Fund's returns. When selecting a manager, therefore, it is important to choose one that has a strong track record.

The Company has been listed since 2007 and provides access to Oakley Capital's proven record of sourcing high-quality, diversified investments; supporting their growth through active management; and selling them at attractive multiples. The companies Oakley backs, typically enjoy a set of key characteristics: market leader in their chosen niche; stable, recurring revenue streams; diversified customer bases; opportunities to expand service proposition; and scope for mergers and acquisitions. The result for shareholders is access to a globally diversified, carefully selected portfolio which provides market-leading returns.

¹ Source: Preqin.

² Source: Pitchbook.

FINANCIAL STATEMENTS

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)

The financial statements and notes to the financial statements are unaudited for the periods to and as at 30 June 2020 and 30 June 2021. All 31 December 2020 balance sheet items and 12 month figures to 31 December 2020 are audited.

	Notes	6 months ended 30 June 2021 £'000	6 months ended 30 June 2020 £'000
Income
Interest income		4,949	5,375
Net realised gains (losses) on investments at fair value through profit and loss	6, 7	21,926	191,260
Net change in unrealised gains (losses) on investments at fair value through profit and loss	6, 7	59,458	(189,109)
Net foreign currency gains (losses)		(3,945)	15,670
Other income		114	147
Total Income		82,502	23,343

Expenses	10	(1,960)	(5,475)

Profit attributable to equity shareholders/total comprehensive income		80,542	17,868

Earnings per share
Basic and diluted earnings per share	11	0.45	0.09

CONSOLIDATED BALANCE SHEET (UNAUDITED)

	Notes	As at 30 June 2021 £'000	As at 31 December 2020 £'000	As at 30 June 2020 £'000
Assets
Non-current assets
Investments	6, 7	632,532	505,124	431,139
		632,532	505,124	431,139

Current assets
Trade and other receivables		833	33	150
Cash and cash equivalents		171,517	223,090	261,495
		172,350	223,123	261,645
Total assets		804,882	728,247	692,784
Liabilities
Current liabilities
Trade and other payables		453	297	892
Total liabilities		453	297	892
Net assets attributable to shareholders		804,429	727,950	691,892
Equity
Share capital	13	1,806	1,806	1,943
Share premium	13	188,144	188,144	222,179
Retained earnings		614,479	538,000	467,770
Total shareholders' equity		804,429	727,950	691,892
Net asset per ordinary share
Basic and diluted net assets per share	12	4.45	4.03	3.56
Ordinary shares in issue		180,600	180,600	194,260

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)

	Share capital £'000	Share premium £'000	Retained earnings £'000	Total shareholders' equity £'000
Balance at 1 January 2020	1,986	229,728	454,294	686,008
Profit for the period/total comprehensive income	-	-	17,868	17,868
Ordinary shares repurchased and cancelled	(43)	(7,549)	-	(7,592)
Dividends	-	-	(4,392)	(4,392)
Total transactions with equity shareholders	(43)	(7,549)	(4,392)	(11,984)
Balance at 30 June 2020	1,943	222,179	467,770	691,892
Profit for the period/total comprehensive income	-	-	74,518	74,518
Ordinary shares repurchased and cancelled	(137)	(34,035)	-	(34,172)
Dividends	-	-	(4,288)	(4,288)
Total transactions with equity shareholders	(137)	(34,035)	(4,288)	(38,460)
Balance at 31 December 2020	1,806	188,144	538,000	727,950
Profit for the period/total comprehensive income	-	-	80,542	80,542
Ordinary shares repurchased and cancelled	-	-	-	-
Dividends	-	-	(4,063)	(4,063)
Total transactions with equity shareholders	-	-	(4,063)	(4,063)
Balance at 30 June 2021	1,806	188,144	614,479	804,429

CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)

	Notes	6 months ended 30 June 2021 £'000	6 months ended 30 June 2020 £'000
Cash flows from operating activities
Purchases of investments	6	(87,584)	(48,320)
Sales of investments	6	42,806	280,948
Accrued interest repayments and other income	6	3,627	4,855
Expenses paid		(2,604)	(18,427)
Bank interest received		190	17
Net cash provided by (used in) operating activities		(43,565)	219,073
Cash flows from financing activities
Purchase of ordinary shares	13	-	(17,722)
Dividends paid		(4,063)	(4,392)
Net cash provided by (used in) financing activities		(4,063)	(22,114)
Net increase in cash and cash equivalents		(47,628)	196,959
Cash and cash equivalents at beginning of period		223,090	48,866
Net increase (decrease) in cash and cash equivalents		(47,628)	196,959
Effect of foreign exchange rate changes		(3,945)	15,670
Cash and cash equivalents at end of period		171,517	261,495

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

1. Reporting entity

Oakley Capital Investments Limited (the 'Company') is a closed-end investment company incorporated under the laws of Bermuda on 28 June 2007.

The Company invests in the following private equity funds structures (the 'Funds'):

Fund Group name	Country of establishment	Limited partnerships included
Fund I	Bermuda	Oakley Capital Private Equity L.P.¹
Fund II	Bermuda	OCPE II Master L.P. Oakley Capital Private Equity II-A L.P.¹ Oakley Capital Private Equity II-B L.P. Oakley Capital Private Equity II-C L.P.
Fund III	Bermuda	OCPE III Master L.P. Oakley Capital Private Equity III-A L.P.¹ Oakley Capital Private Equity III-B L.P. Oakley Capital Private Equity III-C L.P.
Fund IV	Luxembourg	Oakley Capital IV Master SCSp Oakley Capital Private Equity IV-A SCSp¹ Oakley Capital Private Equity IV-B SCSp Oakley Capital Private Equity IV-C SCSp
Origin Fund	Luxembourg	Oakley Capital Origin Master SCSp Oakley Capital Private Equity Origin A SCSp¹ Oakley Capital Private Equity Origin B SCSp Oakley Capital Private Equity Origin C SCSp
OCPE Education²	Bermuda	OCPE Education L.P. OCPE Education (Feeder) L.P.

¹ Denotes the limited partnership in which the Company has made a direct investment.

² The Company ceased to invest in OCPE Education on 24 April 2020.

The defined term "Company" shall, where the context requires for the purposes of consolidation, include the Company's sole and wholly owned subsidiary, OCI Financing (Bermuda) Limited ('OCI Financing'). OCI Financing provides financing to NSG Apparel BV, an entity that forms part of the North Sails Group in which Fund II invests.

The Company is listed on the Specialist Fund Segment ('SFS') of the London Stock Exchange ('LSE'), with the ticker symbol "OCI".

2. Basis of preparation

The consolidated interim financial statements of the Company have been prepared on a going concern basis and under the historical cost convention, except for financial instruments at fair value through profit and loss, which are measured at fair value. The consolidated interim financial statements of the Company are unaudited.

COVID-19 continues to cause disruption to economies around the world, however the roll-out of the vaccination programme and adjustment to new ways of working has meant that uncertainty is gradually decreasing. As a result, private equity activity has rebounded strongly during the first six months of 2021 and consequently valuations have increased, particularly in the sectors that have remained resilient, such as technology and business software.

The Board of Directors considers that it is appropriate to adopt the going concern basis of accounting in preparing these consolidated Financial Statements. In reaching this assessment, the Board of Directors has considered a wide range of information relating to the present and future conditions, including the continued impact of COVID-19 on some of the portfolio companies of the Funds, as well as the impact on investment and sale expectations for each of the Funds, cash flow projections and the longer-term strategy of the Company.

As part of the assessment, the Board of Directors:

· Assessed liquidity, solvency, and capital management. The Company considered liquidity risk as the risk that the Company will encounter difficulty in meeting obligations arising from its financial liabilities that are settled by delivering cash or another financial asset, or that such obligations will have to be settled in a manner disadvantageous to the Company. Unfunded commitments to the Funds are irrevocable and can exceed cash and cash equivalents available to the Company. Based on current cash flow projections and barring unforeseen events, the Company expects to be able to meet its obligations as they fall due.

As at 30 June 2021, cash and cash equivalents of the Company amounted to £171,517,000. The Company had total unfunded capital and unquoted debt security commitments of £439,112,000 relating to the Funds which are expected to be called over the next four to five years. Under the Company's by-laws, the Company is permitted to borrow up to 25% of total shareholders' equity which would amount to approximately £201,107,000 for the period ending 30 June 2021. As at 30 June 2021, the Company had not made arrangements to secure any debt facilities. The Directors consider the Company to have sufficient resources and liquidity and can continue to operate for a period of at
least 12 months.

· Considered the estimates inherent to the valuations of the Funds and the unquoted debt securities. The Company's approach to valuations was consistent with the prior period's approach. In addition, key assumptions and estimates relating to the valuation of the unquoted debt instruments were considered. This included assessment of counterparty risk, interest rates and future cashflow projections.

· Assessed the operational resilience of the Company's critical functions which includes monitoring the Company's key service providers.

The Board of Directors considers it appropriate to prepare the consolidated interim financial statements of the Company on the going concern basis, including having consideration of the residual impact of COVID-19 on its operations and that of the portfolio companies of the Funds.

The judgements, assumptions and estimates involved in the Company's accounting policies that are considered by the Board of Directors to be the most important to the Company's results and financial condition are the fair valuation of its investments and the assessment that the Company meets the definition of an investment entity.

2.1 Basis for compliance

The consolidated interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting and should be read in conjunction with the latest Annual Report and Financial Statements as at and for the year ended 31 December 2020, which were prepared in accordance with International Financial Reporting Standards ('IFRS'). These consolidated interim financial statements do not include all the information required for a complete set of IFRS financial statements. However, the explanatory notes are included to explain events and transactions that are significant to an understanding of changes in the Company's financial position and performance since the last annual consolidated financial statements.

The consolidated interim financial statements were authorised for issue on 8 September 2021 by the Company's Board of Directors.

2.2 Functional and presentation currency

The consolidated interim financial statements are presented in Pound Sterling ('Pounds'), which is the Company's functional currency.

3. Significant accounting policies

The accounting policies used are consistent with those applied in the latest annual consolidated financial statements. There are no new standards that have been issued or are effective in the period that have an effect on the financial statements. There are some amendments to standards that became effective during the period, however none have an impact on the financial statements.

4. Critical accounting estimates, assumptions, and judgements

The reported results of the Company are sensitive to the accounting policies, assumptions and estimates that underlie the preparation of its consolidated interim financial statements. IFRS require the Board of Directors, in preparing the Company's consolidated interim financial statements, to select suitable accounting policies, apply them consistently and make judgements and estimates that are reasonable and prudent. The Company's estimates and assumptions are based on historical experience and the Board of Directors' expectation of future events and are reviewed periodically. The actual outcome may be materially different from that anticipated. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods.

In preparing the consolidated interim financial statements, significant judgements were made in applying the Company's accounting policies and the key sources of estimation uncertainty were consistent with those applied to the annual consolidated financial statements as at and for the year ended 31 December 2020.

(a) Fair valuation of investments

The fair values assigned to investments held at fair value through profit and loss are based upon available information at the time and do not necessarily represent amounts which might ultimately be realised. Because of the inherent uncertainty of valuation, these estimated fair values may differ significantly from the values that would have been used had a ready market for the investments existed, and those differences could be material.

Investments held at fair value through profit and loss are valued by the Company in accordance with relevant IFRS requirements. Judgement is required in order to determine the appropriate valuation methodology under these standards. Subsequently, judgement is required in assessing the net asset value of the Funds and determining the inputs into the valuation models used for the unquoted debt securities. Inputs include making assessments of future cash flows and determining appropriate discount rates.

(b) Assessment as an investment entity

Entities that meet the definition of an investment entity within IFRS 10 are required to account for investments in controlled entities, as well as investments in associates and joint ventures, at fair value through profit and loss.

The Board of Directors has concluded that the Company meets the definition of an investment entity as its strategic objective is to invest in the Funds on behalf of its investors for the purpose of generating returns in the form of investment income and capital appreciation.

5. Financial risk management

The Board of Directors, the Company's Risk Committee (the 'Risk Committee') and Oakley Capital Limited (the 'Investment Adviser') attribute great importance to professional risk management, proper understanding and negotiation of appropriate terms and conditions and active monitoring, including a thorough analysis of reports and financial statements and ongoing review of investments made. The Company has investment guidelines that set out its overall business strategies, its tolerance for risk and its general risk management philosophy and has established processes to monitor and control the economic impact of these risks. The Investment Adviser provides the Board of Directors with recommendations as to the Company's asset allocation and annual investment levels that are consistent with the Company's objectives. The Risk Committee develops and agrees policies for managing the risks.

The Company has exposures to the following risks from financial instruments: credit risk, liquidity risk and market risk (including interest rate risk, currency risk, and price risk). The Company's overall risk management process focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Company's financial performance.

During the period under review, the Risk Committee has continued to identify, assess, monitor, and manage risks within the Company, including those that would impact its future performance, solvency, liquidity, or reputation. This review includes the monitoring of risk exposure compared with the risk appetite established by the Board.

Key risks and uncertainties of the Company are assessed on a scale, considering their impact and likelihood. The Committee monitors detailed and, wherever possible, quantifiable indicators of the Company's exposure to risk, segmented into five core categories. During 2021, regular consideration was given to the impact COVID-19 had in each of the five categories of risk.

6. Investments

Investments as at 30 June 2021:

	31 December 2020 Fair Value £'000	Purchases/ Capital Calls £'000	Total Sales¹/ Distributions £'000	Realised gains (losses)² £'000	Interest and other £'000	Change in unrealised gains (losses)³ £'000	30 June 2021 Fair Value £'000
Oakley funds
Fund I	16,149	-	-	(446)		13,681	29,384
Fund II	53,210	-	-	834		(4,200)	49,844
Fund III	217,866	-	(21,998)	25,392		11,002	232,262
Fund IV	66,360	76,077	-	(2,319)		19,381	159,499
Origin	1,133	645	-	(1,535)		3,409	3,652
Total Oakley funds	354,718	76,722	(21,998)	21,926	-	43,273	474,641
Quoted equity securities
Time Out Group Plc	23,940		-	-	-	16,185	40,125
Total quoted equity securities	23,940	-	-	-	-	16,185	40,125
Unquoted debt securities
Ellisfield (Bermuda) Limited	17,264		(17,545)	-	281	-	-
Fund I	6,645	6,862	(6,890)	-	247	-	6,864
NSG Apparel	38,709	4,000		-	1,630	-	44,339
Oakley NS (Bermuda) LP	63,848			-	2,715	-	66,563
Total unquoted debt securities	126,466	10,862	(24,435)	-	4,873	-	117,766
Total investments	505,124	87,584	(46,433)	21,926	4,873	59,458	632,532

¹ Total sales include redemptions, loan repayments (including accrued interest and arrangement fees) and transfers.

² Realised gains/(losses) include realised gains/(losses) on underlying fund portfolio investments sold in the period, and income and expenses of the underlying fund during the period.

³ Unrealised gains/(losses) include FX on the conversion of period end fund holdings from the Fund's reporting currency (Euros) to Pounds, plus unrealised gains/(losses) on the Fund's portfolio investments and any change in OCI's share of fund holdings. Changes in Provisional Profit Allocation ('carry') are apportioned across the realised and unrealised gains.

Investments as at 31 December 2020:

	31 December 2019 Fair Value £'000	Purchases/ Capital Calls £'000	Total sales¹/ Distributions £'000	Realised gains (losses)² '000	Interest and other £'000	Change in Unrealised gains (losses)³ £'000	31 December 2020 Fair Value £'000
Oakley funds
Fund I	33,358	10,906	-	-	-	(28,115)	16,149
Fund II	57,182	8,689	(16,993)	10,455	-	(6,123)	53,210
Fund III	310,068	-	(186,493)	123,345	-	(29,054)	217,866
Fund IV	19,708	32,018	-	-	-	14,634	66,360
Origin Fund	-	2,856	-	-	-	(1,723)	1,133
Total Oakley funds	420,316	54,469	(203,486)	133,800	-	(50,381)	354,718
Direct investment funds
OCPE Education (Feeder) LP	74,984	-	(94,210)	74,736	-	(55,510)	-
Total direct investment funds	74,984	-	(94,210)	74,736	-	(55,510)	-
Total funds	495,300	54,469	(297,696)	208,536	-	(105,891)	354,718
Quoted equity securities
Time Out Group Plc	38,510	12,625	-	-	-	(27,195)	23,940
Total quoted equity securities	38,510	12,625	-	-	-	(27,195)	23,940
Unquoted debt securities
Ellisfield (Bermuda) Limited	15,796	-	-	-	1,468	-	17,264
Fund I	9,435	1,000	(4,432)	-	642	-	6,645
Fund II	4,398	3,333	(7,985)	-	254	-	-
NSG Apparel BV	29,992	6,990	-	-	1,727	-	38,709
Oakley Capital III Limited	731	-	(732)	-	1	-	-
Oakley NS (Bermuda) LP	43,490	15,066	-	-	5,292	-	63,848
Time Out Group Plc	23,314	2,500	(27,071)	-	1,257	-	-
Total unquoted debt securities	127,156	28,889	(40,220)	-	10,641	-	126,466
Total investments	660,966	95,983	(337,916)	208,536	10,641	(133,086)	505,124

¹ Total sales include redemptions, loan repayments (including accrued interest and arrangement fees) and transfers.

² Realised gains/(losses) include realised gains/(losses) on underlying fund portfolio investments sold in the period, and income and expenses of the underlying fund during the period.

Investments as at 30 June 2020:

	31 December 2019 Fair value '000	Purchases/Capital Calls £'000	Total sales¹/ Distributions £'000	Realised gains (losses)² £'000	Interest and other £'000	Change in Unrealised gains (losses)³ £'000	30 June 2020 Fair Value £'000
Oakley Funds
Fund I	33,358	10,906	-	-	-	(25,485)	18,779
Fund II	57,182	-	(16,993)	10,455	-	(5,983)	44,661
Fund III	310,068	-	(143,666)	107,690	-	(74,883)	199,209
Fund IV	19,708	-	-	-	-	(2,751)	16,957
Total Oakley Funds	420,316	10,906	(160,659)	118,145	-	(109,102)	279,606
Co-investment Funds
OCPE Education (Feeder) LP	74,984	-	(92,589)	73,115	-	(55,510)	-
Total co-investment Funds	74,984	-	(92,589)	73,115	-	(55,510)	-
Total Funds	495,300	10,906	(253,248)	191,260	-	(164,612)	279,606
Quoted equity securities
Time Out Group Plc	38,510	12,625	-	-	-	(24,497)	26,638
Total quoted equity securities	38,510	12,625	-	-	-	(24,497)	26,638
Unquoted debt securities
Ellisfield (Bermuda) Limited	15,796	-	-	-	562	-	16,358
Fund I	9,435	1,000	(2,124)	-	326	-	8,637
Fund II	4,398	1,983	(2,628)	-	174	-	3,927
Fund III	-	-	-	-	-	-	-
NSG Apparel BV	29,992	4,240	-	-	645	-	34,877
Oakley Capital III Limited	731	-	(732)	-	1	-	-
Oakley NS (Bermuda) LP	43,490	15,066	-	-	2,540	-	61,096
Time Out Group Plc	23,314	2,500	(27,071)	-	1,257	-	-
Total unquoted debt securities	127,156	24,789	(32,555)	-	5,505	-	124,895
Total investments	660,966	48,320	(285,803)	191,260	5,505	(189,109)	431,139

¹ Total sales include redemptions, loan repayments (including accrued interest and arrangement fees) and transfers.

² Realised gains/(losses) include realised gains/(losses) on underlying fund portfolio investments sold in the period, and income and expenses of the underlying fund during the period.

Quoted equity securities and unquoted debt securities are additional direct investments in certain of the portfolio companies of the Funds.

7. Disclosure about fair value of financial instruments

The Company has adopted IFRS 13 in respect of disclosures about the degree of reliability of fair value measurements. These fair value measurements are categorised into different levels in the fair value hierarchy based on the inputs to valuation techniques used. The Company classifies financial instruments measured at fair value in the investment portfolio according to the following hierarchy:

Level I: Quoted prices (unadjusted) in active markets for identical instruments that the Company can access at the measurement date. Level I investments include quoted equity instruments.

Level II: Inputs other than quoted prices included within Level I that are observable for the instrument, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

Level III: Inputs that are not based on observable market data. Level III investments include private equity funds and unquoted debt securities.

The level in the fair value hierarchy within which the fair value measurement is categorised is determined on the basis of the lowest level input that is significant to the fair value measurement in its entirety. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgement, considering factors specific to the instrument. The determination of what constitutes 'observable' requires significant judgement by the Company.

The Company considers observable data to be market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market.

The following table analyses the Company's investments measured at fair value as of 30 June 2021 by the level in the fair value hierarchy into which the fair value measurement is categorised:

	Level I £'000	Level III £'000	Total £'000
Funds	-	474,641	474,641
Quoted equity securities	40,125	-	40,125
Unquoted debt securities	-	117,766	117,766
Total investments measured at fair value	40,125	592,407	632,532

The following table analyses the Company's investments measured at fair value as of 31 December 2020 by the level in the fair value hierarchy into which the fair value measurement is categorised:

	Level I £'000	Level III £'000	Total £'000
Funds	-	354,718	354,718
Quoted equity securities	23,940	-	23,940
Unquoted debt securities	-	126,466	126,466
Total investments measured at fair value	23,490	481,184	505,124

The following table analyses the Company's investments measured at fair value as of 30 June 2020 by the level in the fair value hierarchy into which the fair value measurement is categorised:

	Level I £'000	Level III £'000	Total £'000
Funds	-	279,606	279,606
Quoted equity securities	26,638	-	26,638
Unquoted debt securities	-	124,895	124,895
Total investments measured at fair value	26,638	404,501	431,139

Level I

Quoted equity investment values are based on quoted market prices in active markets and are therefore classified within Level I investments. The Company does not adjust the quoted price for these investments.

Level II

The Company did not hold any Level II investments as of 30 June 2021, 31 December 2020, or 30 June 2020.

Level III

The Company has determined that Funds and unquoted debt securities fall into Level III. Funds and unquoted debt securities are measured in accordance with The International Private Equity and Venture Capital Valuation ('IPEV') Guidelines with reference to the most appropriate information available at the time of measurement. The consolidated interim financial statements as of 30 June 2021 include Level III investments in the amount of £592,407,000; representing approximately 73.64% of shareholders' equity (31 December 2020: £481,184,000; 66.10% and 30 June 2020: £404,501,000; 58.46%).

Funds

The Company primarily invests in portfolio companies via the Funds as a Limited Partner. The Funds are unquoted equity securities. The Company's investments in unquoted equity securities are recognised in the consolidated balance sheet at fair value, in accordance with IPEV Valuation Guidelines and IFRS 13 and are considered Level III investments.

The valuation of unquoted fund investments is based on the latest available net asset value ('NAV') of the Fund as reported by the corresponding general partner or administrator, provided that the NAV has been appropriately determined using fair value principles in accordance with IFRS 13.

The NAV of a Fund is calculated after determining the fair value of that Fund's investment in any portfolio company. The fair value is determined by the Investment Adviser by calculating the Enterprise Value ('EV') of the portfolio company and then adding excess cash and deducting financial instruments, such as external debt, ranking ahead of the Fund's highest-ranking instrument in the portfolio company.

A common method of determining the EV is to apply a market-based multiple (e.g. an average multiple based on a selection of comparable quoted companies) to the "maintainable" earnings or revenues of the portfolio company. This market-based approach presumes that the comparative companies are correctly valued by the market. A discount is sometimes applied to market-based multiples to adjust for points of difference between the comparatives and the company being valued.

As at 30 June 2021, the value of the Funds' investments, other assets and liabilities attributable to the Company based on its respective percentage interest in each Fund was as follows:

	Fund I €'000	Fund II €'000	Fund III €'000	Fund IV €'000	Origin €'000
Investments	38,299	53,385	366,559	290,650	23,022
Debt financing	(5,625)	(1,087)	(57,419)	(104,664)	(19,079)
Estimated performance fee payable	-	-	(46,891)	(8,454)	(94)
Other net assets	1,558	5,771	8,336	8,297	406
Total value of the Fund attributable to the Company (€'000)	34,233	58,069	270,586	185,829	4,255
Total value of the Fund attributable to the Company (£'000)	29,384	49,844	232,262	159,499	3,652

As at 31 December 2020, the value of the Funds' investments, other assets and liabilities attributable to the Company based on its respective percentage interest in each Fund was as follows:

	Fund I €'000	Fund II €'000	Fund III €'000	Fund IV €'000	Origin €'000
Investments	21,600	58,723	334,940	168,957	11,530
Debt financing	(5,199)	(3,684)	(53,907)	(98,373)	(11,756)
Estimated performance fee payable	-	-	(41,135)	(2,041)	-
Other net assets	1,645	4,420	3,555	5,610	1,493
Total value of the Fund attributable to the Company (€'000)	18,046	59,459	243,453	74,153	1,267
Total value of the Fund attributable to the Company (£'000)	16,149	53,210	217,866	66,360	1,133

As at 30 June 2020, the value of the Funds' investments, other assets and liabilities attributable to the Company based on its respective percentage interest in each Fund was as follows:

	Fund I €'000	Fund II €'000	Fund III €'000	Fund IV €'000
Investments	23,761	50,043	292,849	110,075
Debt financing	(6,282)	(5,134)	(48,072)	(98,767)
Estimated performance fee payable	-	-	(29,093)	-
Other net assets	3,195	4,262	3,637	7,361
Total value of the Fund attributable to the Company (€'000)	20,674	49,171	219,321	18,669
Total value of the Fund attributable to the Company (£'000)	18,779	44,661	199,209	16,957

The Company records its investments in the Funds at the NAV reported by the Funds which it considers to be fair value. The NAV as reported by the Funds' general partner or administrator is considered to be the key unobservable input. The Company has the following control procedures in place to evaluate whether the NAV of the underlying Fund investments represents a reliable estimate of fair value and is calculated in a manner consistent with IFRS 13:

Thorough initial due diligence processes and the Board of Directors performing ongoing monitoring procedures, primarily discussions with the Investment Adviser.

Comparison of historical realisations to last reported fair values.

Review of the quarterly financial statements and the annual audited NAV of the respective Fund.

Unquoted debt securities

The fair values of the Company's investments in unquoted debt securities are derived from a discounted cash flow calculation based on expected future cash flows to be received, discounted at an appropriate rate. Expected future cash flows include interest received and principal repayment at maturity.

Unobservable inputs for Level III investments

Funds

In arriving at the fair value of the unquoted Fund investments, the key input used by the Company is the NAV as provided by the general partner or administrator of the relevant Fund. The Company recognises that the NAVs of the Funds are highly sensitive to movements in the fair values of the underlying portfolio companies.

The underlying portfolio companies owned by the Funds may include both quoted and unquoted companies. Quoted portfolio companies are valued based on market prices, and no unobservable inputs are used. Unquoted portfolio companies are valued by the Investment Adviser based on a market approach for which significant judgement is applied. Consideration has also been given by the Investment Adviser to the impact of COVID-19 for the valuations at 30 June 2020, 31 December 2020 and 30 June 2021.

For the purposes of sensitivity analysis, the Company considers a 10% adjustment to the fair value of the unquoted portfolio companies of the Funds as reasonable. For the period ending 30 June 2021 a 10% increase to the fair value of the unquoted portfolio companies held by the Funds would result in a 6.8% movement in net assets attributable to shareholders (31 December 2020: 6.1% and 30 June 2020: 5.5%). A 10% decrease to the fair value of the unquoted portfolio companies held by the Funds would have an equal and opposite effect.

Unquoted debt securities

In arriving at the fair value of the unquoted debt securities, the key inputs used by the Company are future cash flows expected to be received until maturity of the debt securities and the discount factor applied. The discount factor applied is an unobservable input and ranges between 6.5% and 10% considering contractual interest rates charged on debt, risk free rate and assessment of credit risk.

For the purposes of sensitivity analysis, the Company considers a 1% adjustment to the discount factor applied as reasonable. For the period ending 30 June 2021 a 1% increase to the discount factor would result in a 0.1% movement in net assets attributable to shareholders (31 December 2020: 0.2% and 30 June 2020: 0.5%). A 1% decrease to the discount factor would have an equal and opposite effect.

Transfers between Levels

There were no transfers between the Levels during the periods ended 30 June 2021, 31 December 2020, or 30 June 2020.

Level I and Level III reconciliation

The changes in investments measured at fair value, for which the Company has used Level I and Level III inputs to determine fair value as of 30 June 2021, 31 December 2020, and 30 June 2020, are as follows:

Level I Investments:	As at 30 June 2021 £'000	As at 31 Dec 2020 £'000	As at 30 June 2020 £'000
Quoted equity securities
Fair value at beginning of period	23,940	38,510	38,510
Purchases	-	12,625	12,625
Net change in unrealised gains (losses) on investments	16,185	(27,195)	(24,497)
Fair value of Level I investments at end of period	40,125	23,940	26,638

Level III Investments:	Funds £'000	Unquoted debt securities £'000	Total £'000
For the six months ended 30 June 2021
Fair value at beginning of period	354,718	126,466	481,184
Purchases	76,722	10,862	87,584
Proceeds on disposal (including interest)	(21,998)	(24,435)	(46,433)
Realised gain on sale	21,926	-	21,926
Interest income and other fee income	-	4,873	4,873
Net change in unrealised gains (losses) on investments	43,273	-	43,273
Fair value at end of period	474,641	117,766	592,407

Level III Investments:	Funds £'000	Unquoted debt securities £'000	Total £'000
For the year ended 31 December 2020
Fair value at beginning of year	495,300	127,156	622,456
Purchases	54,469	28,889	83,358
Proceeds on disposals (including interest)	(297,696)	(40,220)	(337,916)
Realised gain on sale	208,536	-	208,536
Interest income and other fee income	-	10,641	10,641
Net change in unrealised gains (losses) on investments	(105,891)	-	(105,891)
Fair value at end of year	354,718	126,466	481,184

Level III Investments:	Funds £'000	Unquoted debt securities £'000	Total £'000
For the six months ended 30 June 2020
Fair value at beginning of period	495,300	127,156	622,456
Purchases	10,906	24,789	35,695
Proceeds on disposals (including interest)	(253,248)	(32,555)	(285,803)
Realised gain on sale	191,260	-	191,260
Interest income and other fee income	-	5,505	5,505
Net change in unrealised gains (losses) on investments	(164,612)	-	(164,612)
Fair value at end of period	279,606	124,895	404,501

Financial instruments not carried at fair value

Financial instruments, other than financial instruments at fair value through profit and loss, where carrying values are equal to fair values:

	As at 30 June 2021 £'000	As at 31 Dec 2020 £'000	As at 30 June 2020 £'000
Cash and cash equivalents	171,517	223,090	261,495
Trade and other receivables	833	33	150
Trade and other payables	(453)	(297)	(892)

8. Segment information

The Company has two reportable segments, as described below. For each of them, the Board of Directors receives detailed reports on at least a quarterly basis. The following summary describes the operations in each of the Company's reportable segments:

· Fund investments

· Direct investments

Balance sheet and income and expense items which cannot be clearly allocated to one of the segments are shown in the column "Unallocated" in the following tables.

The reportable operating segments derive their revenue primarily by seeking investments to achieve an attractive return in relation to the risk being taken. The return consists of interest, dividends and/or unrealised and realised capital gains.

The financial information provided to the Board of Directors with respect to total assets and liabilities is presented in a manner consistent with the consolidated financial statements. The assessment of the performance of the operating segments is based on measurements consistent with IFRS. With the exception of capital calls payable, liabilities are not considered to be segment liabilities but rather managed at the corporate level.

There have been no transactions between the reportable segments during the period ended 30 June 2021 and 2020.

The segment information for the six-month period ended 30 June 2021 is as follows:

	Fund investments £'000	Direct investments and loans £'000	Total operating segments £'000	Unallocated £'000	Total £'000
Net realised gains on financial assets at fair value through profit and loss	21,926	-	21,926	-	21,926
Net unrealised gains (losses) on financial assets at fair value through profit and loss	43,273	16,185	59,458	-	59,458
Interest Income	-	4,759	4,759	190	4,949
Net foreign currency gains (losses)	-	-	-	(3,945)	(3,945)
Other Income	-	114	114	-	114
Expenses	-	-	-	(1,960)	(1,960)
Profit (loss) for the period	65,199	21,058	86,257	(5,715)	80,542
Total assets	474,641	157,891	632,532	172,350	804,882
Total liabilities	-	-	-	(453)	(453)
Net assets	474,641	157,891	632,532	171,897	804,429
Total assets include:
Financial assets at fair value through profit and loss	474,641	157,891	632,532	-	632,532
Cash and others	-	-	-	172,350	172,350

The segment information for the year ended 31 December 2020 is as follows:

	Fund investments £'000	Direct investments and loans £'000	Total operating segments £'000	Corporate £'000	Total £'000
Net realised gains on financial assets at fair value through profit and loss	208,536	-	208,536	-	208,536
Net change in unrealised gains (losses) on financial assets at fair value through profit and loss	(105,891)	(27,195)	(133,086)	-	(133,086)
Interest income	-	10,251	10,251	215	10,466
Net foreign currency gains (losses)	-	-	-	13,700	13,700
Other income	-	390	390	-	390
Expenses	(4,044)	(220)	(4,266)	(3,354)	(7,620)
Profit (loss) for the year	98,601	(16,774)	81,825	10,561	92,386
Total assets	354,718	150,406	505,124	223,123	728,247
Total liabilities	-	-	-	(297)	(297)
Net assets	354,718	150,406	505,124	222,826	727,950
Total assets include:
Financial assets at fair value through profit and loss	354,718	150,406	505,124	-	505,124
Cash and others	-	-	-	223,123	223,123

The segment information for the six-month period ended 30 June 2020 is as follows:

	Fund investments £'000	Direct investments and loans '000	Total operating segments £'000	Unallocated £'000	Total £'000
Net realised gains on financial assets at fair value through profit and loss	191,260	-	191,260	-	191,260
Net unrealised gains (losses) on financial assets at fair value through profit and loss	(164,612)	(24,497)	(189,109)	-	(189,109)
Interest income	-	5,358	5,358	17	5,375
Net foreign currency gains (losses)	-	-	-	15,670	15,670
Other income	-	147	147	-	147
Expenses	-	-	-	(5,475)	(5,475)
Profit (loss) for the period	26,648	(18,992)	7,656	10,212	17,868
Total assets	279,606	151,533	431,139	261,645	692,784
Total liabilities	-	-	-	(892)	(892)
Net assets	279,606	151,533	431,139	260,753	691,892
Total assets include:
Financial assets at fair value through profit and loss	279,606	151,533	431,139	-	431,139
Cash and others	-	-	-	261,645	261,645

9. Investment-related fees

Included in Investment related fees are operational and performance fees paid to Oakley Capital Manager Limited (the 'Administrative Agent'). The Administrative Agent has been appointed by the Company to provide operational assistance and services to the Board with respect to the Company's direct investments and generally to administer the assets of the Company, as provided for in the Operational Services Agreement.

a) Operational fees

Prior to 30 June 2020, the Administrative Agent was paid an operational services fee of 2% per annum of the net asset value of certain of the Company's direct investments. During 2019, the operational services fee was calculated by reference to all of the Company's direct investments. With effect from 1 January 2020, operational services fees relating to direct debt investments were eliminated, so that the operational services fee became payable only by reference to the net asset value of the Company's direct equity investments. With effect from 1 July 2020, no further operational services fees are payable by reference to the Company's current direct equity investments.

The operational services fee for the period ended 30 June 2021 were nil (30 June 2020: £621,000). There are no amounts outstanding as at 30 June 2021 (31 December 2020: none; 30 June 2020: none).

b) Performance fees

The Administrative Agent is paid a performance fee of 20% of profits (after expenses) from the full or partial realisation on disposal of any direct equity investments subject to an 8% preferred return. With effect from 1 July 2020, no performance fees have been payable by reference to the Company's current direct equity investments.

There were no performance fees for the period ended 30 June 2021 (30 June 2020: £3,320,000). There are no amounts outstanding as at 30 June 2021 (31 December 2020: none; 30 June 2020: none).

10. Expenses

	6 months ended 30 June 2021 £'000	6 months ended 30 June 2020 £'000
Performance fees	-	3,320
Operational and advisory fees	-	621
Professional fees	376	664
Other expenses	1,583	870
	1,960	5,475

11. Earnings per share

The earnings per share calculation uses the weighted average number of shares in issue during the period.

	6 months ended 30 June 2021	6 months ended 30 June 2020
Basic and diluted earnings per share	£0.45	£0.09
Profit for the period ('000)	£80,542	£17,868
Weighted average number of shares outstanding ('000)	180,600	196,797

12. Net asset value per share

The net asset value per share calculation uses the number of shares in issue at the end of the period.

	As at 30 June 2021	As at 31 Dec 2020	As at 30 June 2020
Basic and diluted net asset value per share	£4.45	£4.03	£3.56
Net assets attributable to shareholders ('000)	£804,429	£727,950	£691,892
Number of shares in issue at period end ('000)	180,600	180,600	194,260

13. Share capital

The authorised share capital of the Company is 280,000,000 ordinary shares of a par value of £0.01 each. Ordinary shares are listed and traded on the SFS of the LSE. Each ordinary share confers the right to one vote and shareholders have the right to receive dividends.

During the six-month period ending 30 June 2021, the Company did not undertake any share purchases.

During the six-month period ending 31 December 2020, the Company purchased the following ordinary shares:

	Number of ordinary shares	Purchase price (£'000)
3 December 2020	6,947,000	18,068
2 October 2020	3,053,000	7,786
29 July 2020	3,660,000	8,318

During the six-month period ending 30 June 2020, the Company purchased the following ordinary shares:

	Number of ordinary shares	Purchase price (£'000)
18 June 2020	1,340,000	2,775
18 March 2020	3,000,000	4,818

The ordinary shares purchased by the Company were cancelled and are available for re-issue.

As at 30 June 2021, the Company's issued and fully paid share capital was 180,599,936 ordinary shares (31 December 2020: 180,599,936 and 30 June 2020: 194,259,936).

	As at 30 June 2021 '000	As at 31 Dec 2020 '000	As at 30 June 2020 '000
Ordinary shares outstanding at the beginning of the period	180,600	198,600	198,600
Ordinary shares purchased	-	(18,000)	(4,340)
Ordinary shares outstanding at the end of the period	180,600	180,600	194,260

As set out in "Events after balance sheet date", following the period end on the 29 July 2021 a share buyback was undertaken by the Company. 2,000,000 Shares were repurchased at a gross price of £3.54 per share for a net consideration of £7,151,000.

14. Commitments

The Company had the following capital commitments in Euros as at period end:

	Original Commitment '000	Outstanding as at 30 June 2021 '000	Outstanding as at 31 Dec 2020 '000	Outstanding as at 30 June 2020 '000
Fund I	202,398	2,834	2,834	2,834
Fund II	190,000	13,300	13,300	13,300
Fund III	325,780	120,539	120,539	120,539
Fund IV	400,000	248,000	334,000	370,000
Origin	129,300	125,420	101,850	-
Total outstanding commitments (€'000)	1,247,478	510,093	572,523	506,673
Total outstanding commitments (£'000)	1,070,797	437,848	512,351	460,235

The Company had the following unquoted debt security commitments at period end:

	Original Commitment £'000	Outstanding as at 30 June 2021 £'000	Outstanding as at 31 Dec 2020 £'000	Outstanding as at 30 June 2020 £'000
Fund I	8,000	1,136	5,000	5,000
Fund II	-	-	-	16,217
Oakley NS (Bermuda) LP1	54,710	128	128	130
Total Outstanding Commitments (£'000)	62,710	1,264	5,128	21,347

¹ As at 30 June 2021, the original commitment to Oakley NS (Bermuda) LP was £33,850,000.

15. Related parties

Related party transactions not disclosed elsewhere in the Consolidated Financial Statements are as follows:

Peter Dubens, a Director of the Company, and his alternate, David Till, are also Directors of the Investment Adviser, an entity which provides services to, and receives compensation from, the Company and is also the sole shareholder of Oakley Capital Manager Limited (the 'Administrative Agent') which is considered a related party to the Company given the direct control this Director has over this entity. Non-investment related fees due to these service providers for the period ended 30 June 2021 were £816,000 (30 June 2020: £397,000). At 30 June 2021 the Company was owed £401,000 by the service providers (31 December 2020: owed £96,000 to the service providers; 30 June 2020: owed £573,000 to the service providers); the balance comprises fees paid in advance for services not yet rendered of £625,000 (31 December 2020: none; 30 June 2020: none) and liabilities of £224,000 (31 December: £96,000; 30 June 2020: £573,000). Investment-related fees are disclosed in Note 9.

The agreements between the Company and these service providers are based on normal commercial terms.

16. Events after balance sheet date

On the 20th July 2021 there were two non-adjusting events which took place. The first was the disposal of ACE Education, an investment within Fund III, with OCI's indirect share of proceeds being £15,899,000. The second was the subsequent acquisition by the Origin Fund of ACE Education as a follow-on investment of which OCI's indirect investment amounted to £9,637,000.

On the 29th July 2021 a share buyback was undertaken by the Company. 2,000,000 shares were repurchased at a gross price of £3.54 per share for a net consideration of £7,151,000.

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Companies

Oakley Capital Investments Ltd. (DI) (OCI)

Friday, 15th November 2024

COMPANIES COVERED:

TTG LAND SOLI

M&A activity sees TT Electronics share price jump after Volex goes public with unsolicited approach, Solid State slips off news of order delay and Land Securities tops FTSE-100 in wake of earnings update.

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