Oakley Capital has published results for the year ended 31 December 2014 that show the net asset value has barely moved – up from 200p to 201p.
Oakley Capital invests through two limited partnerships – Oakley Capital Private Equity and Oakley Capital Private Equity II. The first fund is now fully invested and is returning capital to investors, notably after the sale of Daisy Group. It has made investors 2.2x their money and an IRR of 39% so far. The second fund is still investing. The major valuation changes in Fund I related to a reduction in the value of Broadstone and an uplift in the values of Verivox and Time Out.
Acquisitions during the year included North Sails, a leading marine technology group which includes a worldwide leading sail maker and apparel brand; Facile.it, Italy’s largest price comparison website; Educas Europe, an entity established to invest in private schools in Europe; and, in 2015, Damovo Europe, a provider of enterprise information communication technology (ICT) services and solutions led by Matthew Riley, founder of Daisy. Fund II also had one exit during the period – Intergenia, which made a 1.4x gross return, with an IRR of 48%.
Oakley expanded the fund by £130m in 2015 and plans to use the cash to co-invest alongside Fund II.
OCL : Busy year for Oakley Capital