Oakley Capital Investments: CMD takeaways: Return outlook intact at larger scale

Research evidence excerpt

Oakley Capital Investments: CMD takeaways: Return outlook intact at larger scale

Equity Research

European Investment Companies

14 May 2026

Oakley Capital Investments

CMD takeaways: Return outlook

intact at larger scale

Yesterday's CMD underscored the breadth of value drivers a OCIO.L/OCI LN OVERWEIGHT

NEUTRALeven as OCI continues to deploy capital at progressively EuropeanCompaniesInvestment

larger fund sizes. Confidence reiterated in near-term Price Target GBp 725

realisations. A 38% disc for a vehicle that gives access to one Price (13-May-26) GBp 471 Potential Upside/Downside +53.9%

Source: Bloomberg, Barclays Researchof the best-performing mid-market managers appears

anomalous.

Conor Finn, CFA

Confident on realisations, likely extension of 2026 buybacks: Exits from the Oakley funds +44 (0)20 7116 6066

have been comfortably ahead of global buyout averages in the 2022-2025 period (See Figure 1). conor.finn@barclays.com

At the FY2025 results, management were upbeat on exit prospects with four companies in the Barclays, UK

exit phase (we note media reports of potential exit activity for Dexters, which experienced a Rishikesh Panathuparambil Suresh

record 2025 although more recent market conditions for sales activity is challenging). We expect +91 (0)22 6175 4071

that realisation proceeds will be used to fund a combination of initiatives, including an rishikesh.suresh@barclays.com

extension of the minimum £20m buyback programme for 2026 to c.£50m (in line with 2025), RCF Barclays, UK

repayment and capital calls. There are further avenues for liquidity in our view, such as a

potential refinancing of the North Sails preference share exposure which currently represents

5% of NAV.

FIGURE 1. Distributions from Oakley Funds relative to global buyouts

% of NAV

30%

25% 24%

25%