Oakley Capital Investments (OCI) Q3 2026 TU earnings summary

Executive summary

• Agreed sale of fund interests valued at £272m at 31 March 2026 for £257m, a 5.75% discount, with buyers assuming £244m of outstanding commitments.

• The transaction provides third-party evidence for fund valuations and is expected to strengthen liquidity and support shareholder returns.

• Q3 NAV was £1,294m, or 791p per share, up 1.2% QoQ; figures exclude the transaction, expected to complete in November 2026.

Financial highlights

• NAV return per share was +6.7% YoY (+50p) and +1.2% QoQ (+9p) to 30 September 2026.

• Look-through investments totalled £39m in Q3, including £25m for new Fund VI investment XTEL, £5m in venture funds and £9m of portfolio-company bolt-ons.

• During 9M 2026, 3.3m shares were repurchased and cancelled for £17m, generating a 5.1p NAV-per-share gain.

Outlook and guidance

• Pro forma for the sale, remaining commitments expected to be called total ~£480m over five years; ~£200m of total ~£680m commitments was not expected to be called.

• Pro forma total liquidity is ~£327m; commitment cover rises from 0.21x to 0.48x.

• Portfolio exits and deferred sale proceeds may create capacity for further buybacks after ongoing commitments and other capital needs; timing of realisations is uncertain.