Q2 2026 Oakley Capital Investments Ltd Earnings Call

September 10, 2026

Speaker #1: It's going closer to 17% to 18%. We are seeing an increasing number of investments in scalable platforms, by building from the bottom up and spotting the right thesis and teams to do it with.

Steven Tredget: Growth closer to 17% to 18%. We are seeing an increasing number of investments in scalable platforms by building from the bottom up and spotting the right thesis and teams to do it with. Phenna and Affinitas are two great examples of scarce, valuable assets that we are creating that are building scale through M&A in highly fragmented markets. Whilst they are organically growing fast in their respective industries, budgeted organic growth is single digit. Thirdly, there are those businesses in the early years of ownership in which we are investing for growth at the cost of near-term reported EBITDA. Assured Data Protection is one example, where to support their fast pace of growth, employee count has been doubled in the last year, giving them a near-term negative EBITDA, while sales were up over 40% in H1. We have some underperformance with headwinds in the portfolio.

Speaker #1: FENA and Affinitas are two great examples of scarce, valuable assets that we're creating, that are building scale through M&A in highly fragmented markets. And whilst they're organically growing faster than their respective industries, budgeted organic growth is single-digit.

Speaker #1: Thirdly, there are those businesses in the early years of ownership in which we're investing for growth at the cost of near-term reported EBITDA. Short Data Protection is one example, where, to support their fast pace of growth, employee count has been doubled in the last year.

Speaker #1: Giving them a near-term negative EBITDA, while sales are up over 40% in the first half. And then we have some underperformance with headwinds in the portfolio, which we've already mentioned: enrollments have been more muted at IU Group, impacting top-line growth, higher post a period of expansion.

Steven Tredget: As we have already mentioned, enrollments have been unmuted at IU Group, impacting top-line growth. At Liberty Dental Group, costs have been high post a period of expansion. There is focus on optimizing the business over the next 12 months. No current corporate presentation can go without reference to AI. It is a topic we covered in more depth at the full year results and the capital markets day. Through four years of investing through the lens of AI, thanks to the internal resource of the AI lab, we believe our AI adoption and use cases are well ahead of many of our peers. Internally, with wide AI adoption and a proprietary platform, we have improved deal sourcing and enhanced investment decision making using our historic data while supporting our portfolio companies through their AI journeys.

Steven Tredget: As we have already mentioned, enrollments have been unmuted at IU Group, impacting top-line growth. At Liberty, costs have been high post a period of expansion. There is focus on optimizing the business over the next 12 months. No current corporate presentation can go without reference to AI. It is a topic we covered in more depth at the full year results and the capital markets day. Through four years of investing through the lens of AI, thanks to the internal resource of the AI lab, we believe our AI adoption and use cases are well ahead of many of our peers. Internally, with wide AI adoption and a proprietary platform, we have improved deal sourcing and enhanced investment decision making using our historic data while supporting our portfolio companies through their AI journeys.

Speaker #1: But there is focus on optimizing the business over the next 12 months. No current corporate presentation can go without reference to AI. It's a topic we've covered in more depth at the full-year results and the Capital Markets Day.

Speaker #1: Through four years, we're investing through the lens of AI, and thanks to the internal resource of the AI lab, we believe our AI adoption and use cases are well ahead of many of our peers.

Speaker #1: Internally, with wide AI adoption and a proprietary platform, we've improved deal sourcing and enhanced investment decision-making, using historic data while supporting our journeys.

Speaker #1: In some cases, this has already led to significant AI-led transformations, as we saw at VELEX prior to its acquisition by Clio. But there are many less revolutionary projects underway that are making meaningful enhancements.

Steven Tredget: In some cases, this has already led to significant AI-led transformations, as we saw at vLex prior to its acquisition by Clio. There are many less revolutionary projects underway that are making meaningful enhancements. For example, hosting.com has launched its AI customer service solution, which now deals with at least 50% of all interactions, and is achieving this at a higher customer satisfaction rating than the human solution and resulted in an annual cost saving of $3 million. Of course, no one knows the extent of the future AI revolution, nor its likely impacts. No doubt there will be unexpected disruption within the Oakley portfolio. However, of comfort to shareholders should be the extent of defensibility within the portfolio. As is illustrated here in this breakdown of the portfolio delivery mode, 70% of the portfolio involves some form of physical delivery.

Speaker #1: For example, Hosting.com has launched its AI customer service solution, which now deals with at least 50% of all interactions. It is achieving this at a higher customer satisfaction rating than the human solution, and has resulted in an annual cost saving of $3 million.

Speaker #1: Of course, no one knows the extent of the future AI revolution, nor its likely impacts, and no doubt there'll be unexpected disruption within the Oakley portfolio.

Speaker #1: However, I've comforted the shareholders that the extent of defensibility within the portfolio is strong. As is illustrated here in this breakdown of the portfolio delivery mode, 70% of the portfolio involves some form of physical delivery.

Speaker #1: These are AI-insulated services that require a human in the loop: field services, education, and branded goods, to name a few. And whilst we believe that our software and data assets, like Sajid, have defensible positions as systems of record, which are taking advantage of AI to enhance their customer position, they're only 20% of assets when it comes to AI. The real excitement within Oakley is the AI-native investments that are being made in the Turing Fund.

Steven Tredget: These are AI-insulated services that require a human in the loop. Field services, education, and branded goods, to name a few. Whilst we believe that our software and data assets like Cegid have defendable positions as systems of record, which are taking advantage of AI to enhance their customer position. They are only 20% of asset value. Of course, when it comes to AI, the real excitement within Oakley is the AI native investments that are being made in the Touring Fund. To give us an update on the fund strategy and progress within the portfolio, we filmed a catch-up with Samir Kumar, one of the leading Touring Fund partners. Since he is based on the West Coast, we felt this was more civilized than waking him up at 1:00 AM to have the conversation live. Hi, Samir.

Speaker #1: To give us an update on the fund's strategy and progress within the portfolio, we filmed a catch-up with Samir Kumar, one of the leading Turing Fund partners.

Steven Tredget: To give us an update on the fund strategy and progress within the portfolio, we filmed a catch-up with Samir Kumar, one of the leading Touring Fund partners. Since he is based on the West Coast, we felt this was more civilized than waking him up at 1:00 AM to have the conversation live. Hi, Samir. Thank you for joining today to give us an update on the Oakley Touring Fund and its portfolio companies.

Speaker #1: Since it's based on the West Coast, we felt this was more civilized than waking up at 1:00 a.m. to have the conversation live.

Speaker #2: Hi, Samir. Thank you for joining today to give us an update on the Oakley Turing Fund and its portfolio companies.

Steven Tredget: Thank you for joining today to give us an update on the Oakley Touring Fund and its portfolio companies.

Speaker #3: Hi, Steven. It's great to be with you this morning.

Speaker #2: For those less familiar with the Oakley Turing Fund, could you start by outlining its strategy and how the team and its approach are differentiated?

Samir Kumar: Hi, Steven. It's great to be with you this morning.

Steven Tredget: For those less familiar with the Oakley Touring Fund, could you start by outlining its strategy, and how the team and its approach is differentiated?

Speaker #3: Absolutely. So, we started Turing Capital in 2023, and this was right after the big ChatGPT moment, which is the start of the current AI wave that we're in.

Samir Kumar: Absolutely. We started Touring Capital in 2023, and this was right after the big ChatGPT moment, which is the start of the current AI wave that we're in. We're investing in AI native software companies focused on B2B and focused on enterprise software. What does it mean to be AI native? It means companies that have fundamentally transformed in terms of how they build software, but also the kinds of product experiences and services that they can offer their customers. It's AI native, both in the product, but also in how it's been built. We are doing mostly Series A and Series B, and we're seeing companies getting to scale product market fit much earlier in this AI native era than we've seen in prior technology platform shifts.

Speaker #3: And we're investing in AI-native software companies focused on B2B and focused on enterprise software. And what does it mean to be AI-native? It means companies that have fundamentally transformed in terms of how they build software, but also the kinds of product experiences and services that they can offer their customers.

Speaker #3: So, it's AI-native both in the product and in how it's been built. We are doing mostly Series A and Series B, and we're seeing companies achieve scale and product-market fit much earlier in this AI-native era than we saw in prior technology platform shifts.

Speaker #2: Samir, to give us a sense of this strategy in practice, could you give us an overview of the current portfolio and how it's positioned?

Steven Tredget: Samir, to give us a sense of this strategy in practice, could you give us an overview of the current portfolio and how it is positioned?

Speaker #3: Absolutely. So, I think it's useful to think about how we segment our portfolio in Turing, and generally, we're thinking about three core segments. Let me give you a flavor of what those are.

Samir Kumar: Absolutely. I think it is useful to think about how we segment our portfolio in Touring, and generally, we are thinking about three core segments, and let me give you a flavor of what those are. The largest one, where we have the most number of our portfolio companies, are what we call vertical systems of action. This is really the evolution of vertical AI or vertical enterprise software in the AI and agent native era. To give you two examples of companies that would be in this bucket, let us take Numa as an example. Numa is reinventing the front office in car dealerships and how customers interact with the car dealer, whether it is to get the car serviced or buy new parts, and using AI native capabilities to be able to make that a much more efficient experience and a much more higher level of customer satisfaction.

Speaker #3: The largest one, where we have the most number of our portfolio companies, are what we call vertical systems of action. And this is really the evolution of vertical AI, or vertical enterprise software in the AI and agent-native era.

Speaker #3: And to give you two examples of companies that would be in this bucket, let's take Numa as an example. Numa is reinventing the front office in car dealerships and how customers interact with the car dealer, whether it's to get the car serviced or buy new parts, and using AI-native capabilities to make that a much more efficient experience and deliver a much higher level of customer satisfaction.

Speaker #3: Another example is Dalupa, which is in AI for financial services, building a very large, highly coveted, prized data set of very accurate historical financial data. That has led to collaborations with OpenAI, Anthropic, and most recently, with Google on Gemini.

Samir Kumar: Another example is Daloopa, which is in AI for financial services, building a very large, highly coveted, prized data set of very accurate historical financial data. That has led to collaborations with OpenAI, Anthropic, and most recently, with Google on Gemini because of how valuable that data is to these large frontier model companies. The second category is physical AI, where we think about how the online and digital world interfaces with the physical world that we all live in, and how software tools and agents are able to impact and modify workflows and activities in the physical world. A good example is Netradyne. Netradyne is focused on building NVIDIA-powered and Qualcomm-powered AI cameras that are used to then train drivers to behave more safely or become better drivers.

Speaker #3: Because of how valuable that data is to these large frontier model companies. The second category is physical AI, where we think about how the online and digital world interface with the physical world that we all live in, and how software tools and agents are able to impact and modify workflows and activities in the physical world.

Speaker #3: So a good example is Netradyne. Netradyne is focused on building NVIDIA-powered and Qualcomm-powered AI cameras that are used to then train drivers to behave more safely or become better drivers.

Speaker #3: But it's using the same technology as what goes into autonomous vehicles, but instead of it driving the vehicle, it's being used to make the human driver safer.

Speaker #3: And then if we think about the last bucket, which is the next generation of AI infrastructure, the entire infrastructure stack, how we run AI, the how do we secure it, how do we deploy it, that's all being currently defined and redefined from prior eras.

Samir Kumar: It is using the same technology as what goes into autonomous vehicles, but instead of it driving the vehicle, it is being used to make the human driver safer. If we think about the last bucket, which is the next generation of AI infrastructure, the entire infrastructure stack, how we run AI, how do we secure it, how do we deploy it, that is all being currently defined and redefined from prior eras. Core horizontal capabilities, like how we serve up models, how do we do what is called inference for models. Parasail is a good example of a company that is in that space and is a high-growth company that is serving up AI models and providing inference.

Speaker #3: So, core horizontal capabilities like how we serve up models—how we do what's called inference for models—Parasail is a good example of a company that is in that space and is a high-growth company that is serving up AI models and providing inference.

Speaker #2: Samir, could you give us an example of one of the current companies in the portfolio, and maybe explain why you invested and how you built it?

Steven Tredget: Sumedh, could you give us an example of one of those current companies in the portfolio and maybe why you invested, how you sourced it? Give us a Touring case study.

Speaker #2: Could you give us a Turing case study?

Speaker #3: Absolutely. So let's take CUSP AI, which is based in Cambridge, UK, as an example of one of the companies that has really exceeded all expectations on performance in our portfolio.

Samir Kumar: Absolutely. Let's take CuspAI, which is based in Cambridge, UK, as an example of one of the companies that has really exceeded all expectations on performance in our portfolio. CuspAI is focused on applying AI to the hardest problems we face as a society and a civilization in material science, coming up with new materials to take on hard problems like carbon capture, water purification, the future of semiconductor fabrication. The exciting opportunity as an AI for science company is to take the current advances in AI and be able to search through the very large space of different kinds of materials for different types of problems in a much more efficient way than was ever possible in the past. The co-founder of CuspAI, Professor Max Welling, is someone I have known for many, many years, going on 10 plus years at this point.

Speaker #3: CUSP AI is focused on applying AI to the hardest problems we face as a society and as a civilization in material science. This includes coming up with new materials to tackle challenging issues like carbon capture, water purification, and the future of semiconductor fabrication. The exciting opportunity as an AI-for-science company is to take current advances in AI and be able to search through the very large space of different kinds of materials for different types of problems, in a much more efficient way than was ever possible in the past.

Speaker #3: The co-founder of CUSP, Professor Max Welling, is someone I have known for many, many years—going on 10-plus years at this point. And as their seed round was coming together, it was already filled with some of the best VCs across Europe.

Speaker #3: But because of the relationship that we had with Max, we were able to get an allocation and join their seed round at an $89 million post-valuation.

Samir Kumar: As their seed round was coming together, it was already filled with some of the best VCs across Europe. But because of the relationship that we had with Max, we were able to get an allocation and join their seed round at an 89 million post-valuation. I am excited to say that just a little over two years later, they have closed a Series B at a 2.6 billion valuation, also notably Jeff Bezos joining the round with a $100 million check from his personal foundation.

Speaker #3: And I'm excited to say that just a little over two years later, they have closed a Series B at a $2.6 billion valuation. And also notably, Jeff Bezos joined the round with a $100 million check from his personal foundation.

Speaker #2: That's fantastic, and congratulations on such early progress.

Speaker #3: Thank you.

Speaker #2: Given that many of the portfolio companies are pre-profit or pre-positive cash flow, how confident can we be around valuations? And are these much longer holds, and do they have a higher failure rate by virtue of them being venture investments?

Steven Tredget: That's fantastic, and congratulations on such early progress.

Samir Kumar: Thank you.

Steven Tredget: Given many of the portfolio companies are pre-profits or pre-positive cash flow, how confident can we be around valuations, and are these much longer holds, and have a higher failure rate by virtue of them being venture investments?

Speaker #3: Yeah, so I think it's a great question. And I think maybe where we should start is by looking at the current health of the portfolio.

Speaker #3: So, I'm proud to say we've had eight markups in the portfolio, and one very early exit that was completely unanticipated—which was SafeBase. I think these are representative of where things are going when it comes to how companies will grow and evolve, as well as a new exit landscape that's emerging.

Samir Kumar: Yeah. I think it's a great question, and I think maybe where we should start is by looking at the current health of the portfolio. I am proud to say we have had eight markups in the portfolio and one very early exit that was completely unanticipated, which was SafeBase. I think these are representative of where things are going when it comes to how companies will grow and evolve, as well as a new exit landscape that is emerging. Companies are achieving scale much quicker. They are getting to demonstrations of product market fit quicker. It also means that their capital intensity is getting pulled in, is happening earlier in the life cycle of the company. At the same time, we are seeing a new exit landscape, a new set of acquirers that are going to acquire early-stage companies.

Speaker #3: Companies are achieving scale much quicker. They're getting to demonstrations of product-market fit faster. It also means that their capital intensity is being pulled in and is happening earlier in the lifecycle of the company.

Speaker #3: But at the same time, we're seeing a new exit landscape, a new set of acquirers that are going to acquire early-stage companies. And what we're also seeing is that their willingness and ability to pay up is also greater than what we would have expected, let's say, in the cloud SaaS era.

Speaker #3: And so I think all of these things combined come together to support going earlier and making investments, let's say, more at the Series A stage than at the Series B stage.

Samir Kumar: What we are also seeing is that their willingness and ability to pay up is also greater than what we would have expected, let us say, in the cloud SaaS era. I think all of these things combined come together to support going earlier and making investments, let us say, more at the Series A stage than at the Series B stage. I think we will see more of this in our portfolio. I think we will see more consolidation, a vibrant M&A ecosystem of acquirers that people would not traditionally associate with paying heavy premiums for acquiring early-stage software companies.

Speaker #3: And I think we'll see more of this in our portfolio. I think we'll see more consolidation, a vibrant M&A ecosystem, and acquirers that people would not traditionally associate with paying heavy premiums for acquiring early-stage software companies.

Speaker #2: It's all very well to talk about these amazing businesses, but I suspect there's a lot of competition for the kind of businesses you describe. And that will only intensify right now.

Speaker #2: Plus, in addition to that, there must be a lot of imposter companies in the world of AI opportunities. How are you able to source these deals and, in turn, back the right ones?

Steven Tredget: It is all very well talking about all these amazing businesses, but I suspect there is a lot of competition for the kind of businesses you describe, and that will have only intensified right now. Plus, in addition to that, there must be a lot of imposter companies in the world of AI opportunities. How are you able to source these deals and in turn back the right ones?

Speaker #3: No, that's exactly the right thing to focus on, which is that the best companies are going to have a lot of interest—heavy competition from lots of funds.

Speaker #3: We rely on the history of our relationships, especially with founders. And I think part of the excitement in collaborating with Oakley is the shared view on betting on founders.

Samir Kumar: No, that is exactly the right thing to focus on, which is the best companies are going to have a lot of interest, heavy competition from lots of funds. We rely on the history of our relationships, especially with founders, and I think part of the excitement in collaborating with Oakley is the shared view on betting on founders and being able to assess founders, have longstanding relationships with them. Ideally, we have bet on them in the past. That is one of the ways we get access is founders from our past track records are building something new. We have the history, we have the relationship, and that allows us to get in. But also because we have been in venture for 25 plus years, longstanding relationships with both early-stage firms, growth-stage firms, that send us a lot of deals that are vetted, that are part of their portfolio.

Speaker #3: And being able to assess founders, have long-standing relationships with them—ideally, we've backed them in the past. That's one of the ways we get access: founders from our past track record are building something new.

Speaker #3: We have the history, we have the relationship, and that allows us to get in. But also, because we've been in venture for 25-plus years, we have long-standing relationships with both early-stage firms and growth-stage firms that send us a lot of deals that are vetted and that are part of their portfolio.

Speaker #3: Now, to your point about noise, in this era, every company has a .ai in their name and so considers themselves to be AI-native. But it's upon us to be able to separate what is hype from who has something real and credible that we can bet on.

Speaker #3: And that is just the ability to diligence these deals in a, I'll say, a full-stack manner. Everything from assumptions that they're making, the core of their business, being able to reference-check their customers, but ultimately having been in the AI space for so many years, we've built a heuristic to be able to sense out what is truly novel, and innovative, versus potentially a rebranding exercise or something that has been just wrapped in a light layer of AI, but really the core is not something very exciting.

Samir Kumar: Now, to your point about noise, in this era, every company has a .ai in their name, and so consider themselves to be AI native, but it is upon us to be able to separate what is hype from who has something real and credible that we can bet on. That is just the ability to diligence these deals in a, I will say, a full stack manner. Everything from the assumptions that they are making, the core of their business, being able to reference check their customers. But ultimately, having been in the AI space for so many years, we have built a heuristic to be able to sense out what is truly novel and innovative versus potentially a rebranding exercise or something that has been just wrapped in a light layer of AI, but really the core is not something very exciting.

Speaker #2: One final question, if I may. It's obviously an incredibly fast-moving era of technology, and faster than many of us have experienced. What are the trends in AI at the moment that you're most focused on?

Speaker #2: And how's that impacting what you are targeting, and the kind of opportunities that are in your pipeline?

Steven Tredget: A final question, if I may. It is obviously an incredibly fast-moving era of technology, and faster than many of us have experienced. What are the trends in AI at the moment that you are most focused on, and how is that impacting what you are targeting and the kind of opportunities that are in your pipeline?

Speaker #3: Yeah, so as we've gone through and given the pace at which AI is evolving, even since the start of the fund, we've had to fine-tune how we segment the portfolio, what are the areas that we're leaning into, and I'll call out three core areas.

Speaker #3: The first one is this idea of vertical systems of action. This is really the evolution of vertical enterprise software. And what vertical systems of action is implying is that in this AI-native era, software is not just a tool for human productivity.

Samir Kumar: Yeah. As we've gone through and given the pace at which AI is evolving, even since the start of the fund, we've had to fine-tune how we segment the portfolio, what are the areas that we're leading into. I'll call out three core areas. The first one is this idea of vertical systems of action. This is really the evolution of vertical enterprise software. What vertical systems of action is implying is that in this AI native era, software is not just a tool for human productivity, software is now doing the work. Software is going to take a piece of the overall labor TAM in different industries. If you look at the TAM for software versus labor, it's a two order of magnitude difference. I think this massively expands the opportunity for AI native software in vertical industries.

Speaker #3: Software is now doing the work. Software is going to take a piece of the overall labor TAM in different industries. And if you look at the TAM for software versus labor, it's a two-order-of-magnitude difference.

Speaker #3: So I think this massively expands the opportunity for AI-native software in vertical industries. This is, in fact, where most of our portfolio is today.

Speaker #3: And we will continue to add to this. The new emerging area of physical AI, which I alluded to earlier, is the interface between the online and digital world, and AI agents and tools being able to effect change and processes in the physical world.

Samir Kumar: This is an area where, in fact, most of our portfolio is today, and we will continue to add to this. The new emerging area of physical AI, which I alluded to earlier, this is the interface between the online and digital world and AI agents and tools being able to affect change and processes in the physical world. Right now, we have a handful of companies that are in this area. I would actually argue CuspAI is a physical AI company, given they're using AI to design new materials, and those materials exist in the physical world. Then the third category, which is next generation AI infrastructure. As I alluded to earlier, the entire software stack of how we build software, how we deploy software, how we secure it, is evolving, is changing, and all of it is becoming AI native.

Speaker #3: And so, right now we have a handful of companies that are in this area. I would actually argue CUSP is a physical AI company, given they're using AI to design new materials, and those materials exist in the physical world.

Speaker #3: And then the third category, which is next-generation AI infrastructure. As I alluded to earlier, the entire software stack—how we build software, how we deploy software, how we secure it—is evolving, is changing.

Speaker #3: And all of it is becoming AI-native. That means there's a huge opportunity in the next-generation infrastructure stack that companies will deploy to be able to get the benefits of AI.

Speaker #3: And so we're going to be really focusing on this area as well and adding more investments in this sector.

Samir Kumar: As I alluded to earlier, the entire software stack of how we build software, how we deploy software, how we secure it, is evolving, is changing, and all of it is becoming AI native. That means there's a huge opportunity in the next generation infrastructure stack that companies will deploy to be able to get the benefits of AI. We're going to be really focusing on this area as well and adding more investments in this sector.

Speaker #2: Samir, thank you so much. These are clearly exciting times for the Touring Fund. I really appreciate you joining us today.

Samir Kumar: That means there's a huge opportunity in the next generation infrastructure stack that companies will deploy to be able to get the benefits of AI. We're going to be really focusing on this area as well and adding more investments in this sector.

Speaker #3: Thanks for having me on, Steven.

Speaker #2: Moving on to review some of our latest deal activity. In keeping with the profile of a typical Oakley deal, the four most recent investments to be announced sit squarely within our core sectors and geographies.

Steven Tredget: Samir, thank you so much. It's clearly exciting times for the Touring Fund. I really appreciate you joining us today.

Speaker #2: Most importantly, three out of the four are founder-led, and 50% of the deals were sourced outside of an auction process. First is Group SNF, a leading French vertical EIP software business.

Samir Kumar: Thanks for having me on, Steven.

Steven Tredget: Moving on to review some of our latest deal activity. In keeping with the profile of a typical Oakley deal, the four more recent investments to be announced sit squarely within our core sectors and geographies. Most importantly, 3 out of the 4 are founder-led, and 50% of the deals were sourced outside of an auction process. First is Groupe Isia, a leading French vertical ERP software business. Its software performs the digital backbone for around 900 customers, managing everything from workforce and payroll to compliance and invoicing. Its target market is people-centric service verticals, where workforce management is core to the business. Think staffing, temp agencies, home care, cleaning, facility services. It is a highly embedded mission-critical product in an attractive market. Then we have GLAS, the trusted referee and administrator for business loans.

Speaker #2: Its software provides the digital backbone for around 900 customers, supporting everything from workflows and payroll to compliance and invoicing. Its target market is people-centric service verticals, where workforce management is core to the business.

Speaker #2: Think staffing, temp agencies, home care, cleaning facility services—it's a highly embedded, mission-critical product in an attractive market. Then we have Glass, the trusted referee and administrator for business loans.

Speaker #2: We're talking large, complex corporate lending, including private credit, syndicated loans, bonds, restructuring, and distress situations. They're cross-border and multi-currency—you get the picture. It's a market that is large and growing.

Speaker #2: Glass provides a loan administration service which is critical and where accuracy, dependency, and trust are crucial to the cost of failure and the cost of failure is high.

Steven Tredget: We are talking large, complex corporate lending, including private credit, syndicated loans, bonds, restructuring, and distressed situations, like cross-border and multi-currency. You get the picture. A market that is large and growing. GLAS provides a loan administration service which is critical and where accuracy, dependency, and trust are crucial to the cost and failure, and the cost of failure is high. It has built a differentiated position through its independence, responsiveness, and ability to manage highly complex multi-jurisdictional transactions. That has helped drive EBITDA growth to around 50% over the last 3 years. Today, GLAS has more than 450 employees across 16 offices, administering over $750 billion across its platform. Most recently, we have added Graphwise, or signed Graphwise, soon to complete, the number 1 provider of knowledge graph technology, with organic ARR growth of more than 30%.

Speaker #2: It has built a differentiated position through its independence, responsiveness, and ability to manage highly complex, multi-jurisdictional transactions. That has helped drive EBITDA growth of around 50% over the last three years.

Speaker #2: Today, Glass has more than 450 employees across 16 offices, administering over $750 billion across its platform. Most recently, we've added Graphwise, or signed Graphwise, soon to complete.

Speaker #2: The number one provider of knowledge graph technology, with organic ARR growth of more than 30%. If you don't know what knowledge graph technology is, then neither did we a number of years ago. But put simply, it's technology which helps enterprises organize and connect their data.

Speaker #2: So, AI can generate more reliable and explainable answers. That capability is becoming increasingly important as businesses adopt AI, particularly in regulated and data-intensive sectors where accuracy, governance, and auditability really matter.

Steven Tredget: If you do not know what knowledge graph technology is, then neither did we a number of years ago. Put simply, it is technology which helps enterprises organize and connect their data so AI can generate more reliable and explainable answers. That capability is becoming increasingly important as businesses adopt AI, particularly in regulated and data-intensive sectors where accuracy, governance, and audibility really matter. Last, but by no means least, and continuing on the technology theme, we have XTEL, which we will cover in a little more detail over the slide. XTEL is a vertical SaaS platform for the world's largest consumer packaged goods companies, helping them to plan, optimize trade promotions with retailers. It is a critical workflow, with trade promotions typically representing around 20% of gross revenues. XTEL serves more than 400 customers globally, and this was a classic relationship-led Oakley deal.

Speaker #2: And last, but by no means least—and continuing on the technology theme—we have Excel, which we'll cover in a little more detail over the next slide.

Speaker #2: Excel is a vertical SaaS platform for the world's largest consumer goods companies, helping them to plan and optimize trade promotions with retailers. It's a critical workflow, with trade promotions typically representing around 20% of gross revenues.

Speaker #2: Excel serves more than 400 customers globally, and this was a classic relationship-led Oakley deal. Oakley partnered with Sandro, who had known CEO Rob Munnen for over 10 years.

Speaker #2: As we entered the process with a candid view of the business, the auction bureaucrat early on, but when the SaaS apocalypse caused investors to pause on software, we stayed close and ultimately repriced the opportunity.

Speaker #2: Diligence centered on customer validation and, of course, on AI. Customers told us that Excel is deeply embedded in their workflows and is the best-of-breed specialist in its niche.

Steven Tredget: Oakley Partner Alessandro had known CEO Rob Munnen for over 10 years, so we entered the process with a candid view of the business. The auction drew a crowd early on, but when the SaaS apocalypse caused investors to pause on software, we stayed close and ultimately repriced the opportunity. Diligence centered on customer validation and of course on AI. Customers told us XTEL is deeply embedded in their workflows and is the best-of-breed specialist in its niche. On AI, our conclusion was that XTEL sits on the right side of the disruption. It owns the workflow data and the audit-sensitive system of record, which was far harder to replicate than standalone analytics.

Speaker #2: On AI, our conclusion was that Excel sits on the right side of the disruption. It owns the workflow data and the audit-sensitive system of record, which is far harder to replicate than standard loan analytics.

Speaker #2: The plan from here is to start scaling Excel into the leading global platform for consumer packaged goods commercial software, deepening the trade promotion management base, and pushing into optimization and retail execution.

Speaker #2: Adding AI-led product features and expanding into Latin America and Asia Pacific. Most of that growth sits inside the existing customer base, with more than $170 million of identified whitespace in the top 20 accounts alone.

Steven Tredget: The plan from here is to scale XTEL into the leading global platform for consumer packaged goods commercial software, deepening the trade promotion management base, pushing into optimization and retail execution, adding AI-led product features, and expanding into Latin America and Asia Pacific. Most of that growth sits inside the existing customer base, with more than USD 170 million of identified white space in the top 20 accounts alone. Turning now to the last of our sections and the slightly less exciting but no less important topic of OCI's liquidity position and the company's outstanding commitments. At 30 June 2026, OCI had total outstanding commitments of GBP 940 million across the Oakley funds. A large majority of this, highlighted in the bright purple section of the bars, is the GBP 382 million remaining on Fund VI, which closed in March of 2025.

Speaker #2: Turning now to the last of our sections, and the slightly less exciting, but no less important, topic of OCI's liquidity position and the company's outstanding commitments.

Speaker #2: At the 30th of June, 2026, OCI had total outstanding commitments of 940 million pounds across the Oakley funds. A large majority of this highlighted in the bright purple section of the bars is the 382 million pounds remaining on Fund 6, which closed in March of 2025.

Speaker #2: There are $340 million of outstanding Fund 5 commitments as the fund entered the last years of its deployment phase. And there's $105 million in Origin 2, which continued a good pace of deployment with two investments in the period.

Speaker #2: Let's now look at the anticipated timing of those capital calls and our available near-term liquid resources. With £300 million not expected to be called, we have net outstanding commitments of £640 million, half our net asset value.

Steven Tredget: GBP 314 million of outstanding Fund V commitments as the fund entered the last years of its deployment phase. There is GBP 105 million in Oakley Capital Origin Fund II, which continued at a good pace of deployment with two investments in the period. Let's now look at the anticipated timing of those capital calls and our available near-term liquid resources. With GBP 300 million not expected to be called, we have net outstanding commitments of GBP 640 million, half our net asset value. Given history, we can expect between GBP 150 to GBP 200 million of annual drawdowns. With the exercise of the facility's GBP 750 million accordion, we have approximately GBP 230 million of liquid resources.

Speaker #2: Given history, we can expect between £150 to £200 million of annual drawdowns. With the exercise of the facility's £750 million accordion, we are approximately £230 million of liquid resources.

Speaker #2: So, whilst this provides us with, at worst, one year of drawdown cover, we would typically target more like 18 to 24 months' cover, and, ideally, have more optionality when it came to capital allocation—i.e., committing to new funds and increasing the share buyback program.

Speaker #2: So on that subject, from where do we anticipate near-term cash inflows, and how confident are we in them? Proceeds from realizations are, of course, the predominant source of inflows.

Steven Tredget: Whilst this provides us with, at worst, one year of drawdown cover, we would typically target more like 18 to 24 months cover, and ideally have more optionality when it came to capital allocation, i.e., committing to new funds and increasing the share buyback program. On that subject, from where do we anticipate near-term cash inflows, and how confident are we in them? Proceeds from realizations are, of course, the predominant source of inflows. Over time, in eight of the last 10 years, these have typically matched or exceeded outflows. I anticipate this being the case over the next 12 months, with four companies entering into processes. One is mid-process and expecting to reach an agreed transaction in H1.

Speaker #2: Over time, in eight of the last ten years, these have typically matched or exceeded outflows. We anticipate this being the case over the next 12 months, with four companies entering into processes.

Speaker #2: One is mid-process and expecting to reach an agreed transaction in H1. Two have just kicked off processes, with teasers submitted, and should reach conclusions in Q4 and Q1.

Speaker #2: At least one other process will kick off in Q1 or Q2. This slide helps to indicate the companies that have entered into a possible exit phase, notably those owned for over four years, with a particular focus on Fund 4.

Speaker #2: And in the next six months, we also see the opportunity for two or three portfolio company refinancings and balance sheet improvements. These possible exits and refinancings have the potential to return up to £200 million to OCI, but there is clear timing and execution risk.

Steven Tredget: Two have just kicked off processes with teasers submitted and should reach conclusions in Q4 or Q1, and at least one other process will kick off in Q1 or Q2. This slide helps to indicate the companies that have entered into a possible exit phase, notably those owned for over four years, with a particular focus on Fund IV. In the next six months, we also see the opportunity for two or three portfolio company refinancings, given the current strength of the respective balance sheets. These possible exits and refinancings have a scope to return up to GBP 200 million to OCI, but there is clear timing and execution risk. As indicated here, the accordion has since been approved, and so the final near-term liquidity option on this list is the possibility of selling a strip of existing fund commitments in the secondary market.

Speaker #2: As indicated here, the accordion has since been approved, and so the final near-term liquidity option on this list is the possibility of selling a strip of existing fund commitments in the secondary—actively evaluated, and we hope to update investors on this initiative in the coming months.

Speaker #2: And finally, buybacks. We continued our program with a commitment to acquire a minimum of £20 million of stock this year. To June, we repurchased 9.4 million shares, and year to date, £13 million, delivering a 4 pence accretion.

Speaker #2: To conclude the presentation, we'll leave you with the five factors that we expect to drive OCI's share performance in the second half of the year and onwards.

Steven Tredget: This option is being actively evaluated, and we hope to update investors on this initiative in the coming months. Finally, buybacks. We continued our program with a commitment to acquire a minimum of GBP 20 million of stock this year. To June, we repurchased GBP 9.4 million of shares, and year to date, GBP 13 million, delivering a four pence accretion. To bring to a close the results presentation, we will leave you with the five factors that we expect to drive OCI share performance in the H2 of the year and onwards. Firstly, whether it is the result of the persistence of structural trends, an improved macro backdrop, or the impact of value creation measures, we are seeing an uptick in trading across the portfolio and expect the 9% organic average weighted earnings growth to rise, driving NAV growth as it does.

Speaker #2: Firstly, whether it's the result of the persistence of structural trends, an improved macro backdrop, or the impact of value creation measures, we are seeing an uptick in trading across the portfolio, and expect the 9%, or dynamic average weighted earnings growth, to rise, driving NAV growth as it does.

Speaker #2: Expect the large number of deals completed in the last two years to become bigger contributors to NAV growth as the positions mature. Thirdly, continued realizations will provide further NAV confidence and liquidity.

Speaker #2: Fourthly, we remain confident in the eventual closure of OCI's share price discount to NAV per share, as the Board takes measures to address it.

Speaker #2: Updates on initiatives are expected in the coming months. Finally, capital return in the form of buybacks will drive enhancement in NAV per share, as we continue with the buyback program and expect to increase the target as cash proceeds allow.

Steven Tredget: Expect the large number of deals completed in the last two years to become bigger contributors to NAV growth as the positions mature. Thirdly, continued realizations will provide further NAV confidence and liquidity. Fourthly, we remain confident in the eventual closure of OCI share price discounts at NAV per share as the board takes measures to address it. Updates on initiatives are expected in the coming months. Finally, capital return in the form of buybacks will drive enhancement in NAV per share as we continue with the buyback program and expect to increase the target as cash proceeds allow. Thank you. That brings us to the end of the formal presentation, and I will hand over to my colleague, Anna, to take us through the Q&A.

Speaker #2: Thank you. That brings us to the end of the formal presentation, and I'll hand over to my colleague Anna to take us through the Q&A.

Speaker #1: Thanks, Steve, and thank you everyone for submitting your questions. We've had a few clear themes come through, so we'll use those to guide the discussion here.

Speaker #1: First, investment activity and starting with deployments. So, Steve, was the slower deployment in the first half intentional, and how are we thinking about pricing investments in this current environment?

Speaker #2: Firstly, there was no intentional slowing of deployment. It probably reflects quite an intense period of deployment in the prior years. I think the one thing that we can always say about Oakley is that we have a very clear focus, expertise, and market success. If we don't find the right opportunities, if we don't find tech opportunities, we won't do any.

Anna Simpson: Thanks, Steve, and thank you everyone for submitting your questions. We have had a few clear themes come through, so we will use those to guide the discussion here. First, investment activity and starting with deployment. Steve, was the slower deployment in the H1 intentional, and how are we thinking about pricing investments in this current environment?

Speaker #2: And we're absolutely comfortable with that. There's no clearly defined target where we have to acquire certain businesses in a certain region or type, so it very much reflects opportunity.

Steven Tredget: Firstly, there was no intentional slowing of deployment. It probably reflects quite an intense period of deployment in the prior years. I think the one thing that we can always say about Oakley is that we are very opportunity led. Whilst we have obviously clear focus and expertise in markets and sectors we focus, if we don't find the right opportunities, we don't find tech opportunities in general, we won't do any, and we're absolutely comfortable with that. There's no clear defined target where we have to acquire certain businesses with a certain regional type. So it very much reflects opportunity. Actually, while it would appear that GBP 43 million look through for OCI feels slower than normal, as you can see, we've signed quite a number of investments that will complete in the H2.

Speaker #2: And actually, what would appear is that £43 million looked through for OCI feels slower than normal. As you can see, we've signed quite a number of investments that will complete in the second half.

Speaker #2: And I guess to make the point around opportunities, the scope of opportunities that we're looking at is huge. We evaluated over 4,000 in the last 12 months alone.

Speaker #2: There are 50 deals in the near-term pipeline, and we've submitted a non-binding offer on one of those. Currently, we have about 500 that are under a new initial review.

Speaker #2: Looking at our database currently. I'm sorry—then, the second part of the question, Anna?

Steven Tredget: I guess to make the point around opportunities, the scope of opportunities that we're looking at is huge. We evaluated over 4,000 in the last 12 months alone. There are 50 deals in the near term pipeline, and we submitted a non-binding offer on one of those. Currently we have about 500 that are under an initial review, looking at our database currently. I'm sorry, and the second part of the question, Anna?

Speaker #1: That was just, it was just on pricing. How are we thinking about pricing investments in the current environment?

Speaker #2: Look, I think that's one of the reasons for some of the muted activity. It's not lack of intent; it's pricing mismatch. I think, on one side of things, AI disruption creates pricing opportunity.

Speaker #2: And we refer to that within Excel. Ultimately, as you know, we focus on buy-in opportunities—buyers who remain heavily invested in the businesses. And so, the opportunity for us is finding those kinds of companies where the founders aren't necessarily looking to maximize price and fully exit; they're looking for the right partner.

Anna Simpson: It was just on pricing, Steve. How are we thinking about pricing investments in the current environment?

Steven Tredget: Well, I think that's one of the reasons for some of the muted deal activity. It's not lack of intent, it's pricing mismatch. I think on one side of things, AI disruption creates pricing opportunity, and we refer to that within Excel. Ultimately, as you know, we focus on buy and hold opportunities, buyers who remain heavily invested in the businesses. So the opportunity for us is finding those kind of companies where the founders aren't necessarily looking to price maximize and fully exit, they're looking for the right partner. That continues to throw up opportunities generally for kind of competitive pricing. Naturally on software, there is an opportunity to pick up bargains. But we've got to clearly remain very disciplined, and so much is around understanding and knowing the business model and paying only up for quality.

Speaker #2: And that continues to throw up opportunities generally for kind of competitive pricing. And naturally, on software, there is an opportunity to pick up bargains.

Speaker #2: But we've got to clearly remain very disciplined, and so much is around understanding and knowing the business model and paying only up for quality.

Speaker #1: Thanks, Steve. And then, on the other side of the equation—for investment activity, realizations—can you give a view on the outlook for realizations over the next 12 to 18 months?

Speaker #2: Yeah, we covered that in one of the last couple of slides. As I say, we have obviously at least four realizations that are in some form of either planned process, initial process underway, or in the midst of a process.

Speaker #2: And we would hope at least those four to complete over the next 12 months. There’s obviously scope for more there. The ones that we’ve initially planned—and we have a number of other companies that are now moving into the exit phase.

Anna Simpson: Thanks, Steve. On the other side of the equation for investment activity, realizations, can you give a view on the outlook for realizations over the next 12 to 18 months?

Speaker #2: There are processes that will kick off later next year. There's also the opportunity for unexpected approaches. It's one of the things that has driven realizations for Oakley in previous years.

Steven Tredget: Yeah. We covered that in one of the last couple of slides. As I say, we have, I would say at least four realizations that are in some form of either planned process, initial process underway, or in the midst of a process. We would hope at least those four to complete over the next 12 months. There is obviously scope for more. They are the ones that we have initially planned, and we have a number of other companies are now moving into the exit phase with processes that will kick off later next year. There is also the opportunity for unexpected approaches. It is one of the things that has driven realizations for Oakley in previous years. Oakley sits in this nice counterpoint in that we are often the first PE institutional capital into businesses. That is the case in 90% of cases.

Speaker #2: Oakley sits in this nice counterpoint, in that we're often the first peer institutional capital into businesses. That's the case in 90% of cases. And so we're bringing private companies into the kind of institutional private equity hopper, if you like, and then we're often selling to the large sponsors.

Speaker #2: Those sponsors, over the last 10 years, have come to know Oakley well and our portfolio well. There are a lot of ongoing discussions about a number of key constituents of our portfolio.

Speaker #2: And in the past, we tended to go by, we often enjoy kind of preemptive strikes for some of those businesses. And we've often been paid valuations as if we've kind of held a business for the full target four years, maybe two, three years in, which is why our NAV premium at exit has averaged kind of between 30 to 50% since our inception.

Steven Tredget: We are bringing private companies into the kind of institutional private equity hopper, if you like. Then we are often selling to the large sponsors. Those sponsors over the last 10 years have come to know Oakley well and our portfolio well. There is a lot of ongoing discussions about a number of key constituents of our portfolio. If the past is anything to go by, we often enjoy kind of preemptive strikes for some of those businesses, and we have often been paid valuations as if we have kind of held a business for the full target four years, maybe two, three years in, which is why our NAV premium at exit has averaged kind of between 30% to 50% since our inception.

Speaker #1: Thanks, Steve. Let's now turn to the direct investments in OCI's portfolio. We've had someone point out that the North Sails warrant was exercised post-period end, and ask what progress you expect on reducing exposure to the directs in the next year?

Speaker #1: Are you able to provide any additional color on that?

Speaker #2: So for those less familiar, direct investment in this case refers to two investments that we hold directly on our balance sheet: North Sails and Time Out.

Speaker #2: And investments that were from our very first funds, from Funds I and II, and from an investment practice where, if some of the funds sold out, OCI had the optionality to retain some of those assets directly.

Anna Simpson: Thanks, Steve. Let us now turn to the direct investments in OCI's portfolio. We have had someone point out that the North Sails warrant was exercised post period end and ask, what progress do you expect on reducing exposure to the directs in the next year? Are you able to give any more color on that?

Speaker #2: We've since made a very strong public statement that we won't make direct investments in this way anymore, and we have to remain asset-light. Now, in the case of North Sails, we own it within, now, a large proportion of the investment.

Steven Tredget: For those less familiar, direct investment in this case refers to two investments that we hold directly on our balance sheet, North Sails and Time Out, and investments that were from our very first funds, from Fund I and Fund II. From an investment practice where if some of the funds sold out, OCI had the optionality to retain some of those assets directly. We have since made a very strong public statement that we will not make direct investments in this way anymore, and we have two remaining assets. In the case of North Sails, we own it within now, a large proportion of the investment we own now within a continuation vehicle alongside the majority of the other shareholders within North Sails, and then there is an element of their holding which remains direct at a preference share.

Speaker #2: We now own, within a continuation vehicle, alongside the majority of the other shareholders within North Sails. And then there's an element of the holding which remains direct.

Speaker #2: And a preference share. The plan of progress, kind of over the next six months, is to consolidate the position, potentially into the continuation vehicle.

Speaker #2: And there are a number of initiatives underway to explore the possibility of our optionality for OCI to reduce its exposure to North. I think there’s a high level of conviction in North.

Speaker #2: North Sales is now in a position where we maybe probably expected it to be. When we first invested, and now having recovered from the significant disruption where kind of North was loss-making during COVID, we now return to a kind of established, exciting business with heaps of growth potential around action sports and a power all and a rejuvenation of the America's Cup and the kind of explosion of performance sailing.

Steven Tredget: The plan of progress over the next 6 months is to consolidate the position, potentially into the continuation vehicle. There are a number of initiatives underway to explore the possibility of our optionality for OCI to reduce its exposure to North. I think there is a high level of conviction in North. North Sails is now at a position where we probably expected it to be when we first invested. Now having recovered from the significant disruption where North was loss-making during COVID, we now return to an established, exciting business with heaps of growth potential around action sports and apparel and the rejuvenation of the America's Cup and the explosion of performance sailing. It now represents what we might think in a more typical 4, 5-year hold from this point, but it is too large as a percentage of our NAV.

Speaker #2: And so it now represents what we might think of as a more typical four- to five-year hold from this point, but it's too large as a percentage of our NAV.

Speaker #2: So, expect us to explore ways to address the size of North, and we'd hope to have more to say on that, as I say, over the next six months.

Speaker #2: That leaves Time Out. It's public, so there's less I can say on it. Your results are due in November, and what we're seeing is the media business recover—starting to be EBITDA generative again.

Speaker #2: The market's opportunity where we kind of have our highest conviction has continued to progress well. We've had the exciting news of the signing of the London market on Piccadilly.

Speaker #2: And in November, we hope that the companies in a position to pick up forecast guidance again to the market, the opportunity to engage with new investors. There is a refinancing of the balance sheet, which is quite over-indebted at the moment, and getting past a number of those hurdles, we expect to reduce an increasing number of strategic options for Time Out.

Steven Tredget: Expect us to explore ways to address the size of North, and we would hope to have more to say on that, as I say, over the next 6 months. That leaves Time Out. It is public, so there is less I can say on it. The full year results are due in November. What we are seeing is the media business recover, start to be EBITDA generative again. The markets opportunity where we have our highest conviction has continued to progress well. We have had the exciting news of the signing of the London market on Piccadilly. In November, we hope that the company is in a position to pick up forecast guidance again to the market, the opportunity to engage with new investors. There is a refinancing the balance sheet, which is quite overindebted at the moment.

Speaker #2: And the OCI board, as you can imagine, are engaging directly with the company to make sure that OCI benefits from any of those.

Speaker #1: Thanks, Steve. And that brings us to our final question that we've got time for today. The discount stands at 33%. What is an appropriate level of discount?

Steven Tredget: In November, we hope that the company is in a position to pick up forecast guidance again to the market, the opportunity to engage with new investors. There is a refinancing the balance sheet, which is quite overindebted at the moment. Getting past a number of those hurdles, we expect to produce an increasing number of strategic options for Time Out. The OCI board, as you can imagine, are engaging directly with the company to make sure that OCI benefits from any of those.

Speaker #1: And what will trigger a re-rating?

Speaker #2: I mean, no discount is the appropriate level of discount in my mind, given the kind of long track record of NAV growth, year on year since its inception, in that we're able to recycle our assets, as there's a strong buying market for our business.

Steven Tredget: Getting past a number of those hurdles, we expect to produce an increasing number of strategic options for Time Out. The OCI board, as you can imagine, are engaging directly with the company to make sure that OCI benefits from any of those.

Speaker #2: And just how resilient the business and the portfolio have been, even in highly disruptive environments, as we've all experienced over the last five years.

Anna Simpson: Thanks, Steve. That brings us to our final question that we have got time for today. The discount stands at 33%. What is an appropriate level of discount, and what will trigger a re-rating?

Speaker #2: It's even more pragmatic answer. The long run average discount kind of is about 20%. And there's a bunch of reasons why that in itself was too high or had been high in the early years, when OCI had very little engagement with the stock market and kind of 95% of the shares were held in the hand of 10 shareholders.

Steven Tredget: No discount is the appropriate level of discount in my mind, given the long track record of NAV growth year-on-year since its inception in 2007, and proof that we are able to recycle our assets. There is a strong buying market for our businesses, and just how resilient the business and the portfolio has been, even in highly disruptive environments as we have all experienced over the last five years. It is an even more pragmatic answer. The long run average discount is about 20%, and there is a bunch of reasons why that in itself was too high or had been high in the early years when OCI had very little engagement with the stock market, and 95% of the shares were held in the hands of 10 shareholders.

Speaker #2: And I firmly believe, at the very least, we should be returning to that level from 33% today, but I also firmly believe we can remove this over time.

Speaker #2: And look, there are a couple of schools of thought here, and I guess it depends on why one thinks a discount persists. I think there are structural reasons.

Speaker #2: Structural reasons related to the stock market—for outflows—to the understanding and engagement around investment companies, and the demand for private capital.

Speaker #2: I think all those things are going to evolve quite significantly. I think private capital is now increasingly coming into the consciousness of all types of investors in a way it wasn't previously.

Speaker #2: It's been led significantly by the US, where we've seen a lot of private companies become incredibly large and influential, and do much of their growth outside of the public markets.

Steven Tredget: I firmly believe at the very least, we should be returning to that level from 33% today, but firmly believe we can remove this over time. Look, there are a couple of schools of thought here, and I guess it depends on why one thinks the discount persists. I think there are structural reasons. Structural reasons related to the stock market for outflows, to the understanding and engagement around investment companies, and the demand for private capital. I think all those things are going to evolve quite significantly. I think private capital is now coming increasingly into the understanding, the conscious of all types of investors in a way it was not previously. It has been led significantly by the US, where we have seen a lot of private companies become incredibly large and incredibly influential and do a lot of their growth way outside of the public markets.

Speaker #2: The most recent and obvious example is, kind of, SpaceX. That's changing slowly, but we will be changing mentality, particularly with investors here in Europe and more specifically in the UK.

Speaker #2: And we're seeing that in terms of the ever-increasing amount of engagement, questions, and interest from the media that probably wasn't there before. Then there's investment companies.

Speaker #2: Often overlooked, misunderstood, and poorly branded, but we're seeing some of the structural impediments to investment companies being removed—such as changing cost reporting and increasing dialogue around investment companies.

Speaker #2: All of which I think will be helpful. And I think we're going to see new pools of capital come to the stock market—maybe not traditional pools of capital, maybe those that traditionally would have invested directly in private capital.

Steven Tredget: The most recent and obvious example is SpaceX. That is changing slowly, but will be changing the mentality, particularly investors here in Europe and more specifically the UK. We are seeing that in terms of the ever-increasing amount of engagements and questions and interest from the media that probably was not there before. Then there are investment companies, often overlooked, misunderstood, poorly branded, but we are seeing, one, some of the structural impediments to investment companies being removed, change in cost reporting, increasing dialogue around investment companies, all of which I think will be helpful. I think we are going to see new pools of capital come to the stock market, maybe not traditional pools of capital, maybe those that traditionally would invest direct in private capital.

Speaker #2: We're starting to see signs, even from our own investors in the funds, kind of noticing OCI a bit more, and being able to use OCI as their allocation to private capital.

Speaker #2: And then there's that which is specific to OCI. We've touched on some of these things, but I think we're going to see further proof points on NAV.

Speaker #2: We are going to be one of the few, only a few, high-quality, direct-listed PE plays available. So it's £250 million at the moment, with real ambitions to be FTSE 100.

Speaker #2: That scale, as we increase it, increases liquidity and increases the ability for more and more investors and funds to invest in us.

Speaker #2: We're going to work incredibly hard on education. We think there's going to be greater opportunity for capital return. There's a resizing of the distracting direct asset, which I think will contribute.

Steven Tredget: We are starting to see signs, even from our own investors in the funds, noticing OCI a bit more and being able to use OCI as their allocation to private capital. Then there is the specific to OCI, and we touched on some of these things, but I think we are going to see further proof points on that. We are going to be one of the only few high-quality, direct listed PE plays available. FTSE 250 at the moment with real ambitions to be FTSE 100. That scale, as we increase the increasing liquidity, increasing the ability for more and more investors and funds to be able to invest in us. We are going to work incredibly hard on education. We think there is going to be greater opportunity for capital return. There is a resizing of the distracting direct assets, which I think will contribute.

Speaker #2: All of these things, which are taking place now and will continue over the near term and foreseeable future, should all contribute to a re-rating of not just the sector, but specifically OCI.

Speaker #1: Thanks, Steve. Well, that closes out the questions for today. You're so good.

Speaker #2: Thank you, Anna. And thank you to those who joined us today. Please reach out if you have any further questions after the webinar.

Steven Tredget: We are going to work incredibly hard on education. We think there is going to be greater opportunity for capital return. There is a resizing of the distracting direct assets, which I think will contribute. All of these things, all the things which are taking place now and will continue over the near-term foreseeable future, should all contribute to a rating of not just the sector, but specifically OCI.

Steven Tredget: All of these things, all the things which are taking place now and will continue over the near-term foreseeable future, should all contribute to a rating of not just the sector, but specifically OCI.

Anna Simpson: Well, that closes out the questions for today.

Steven Tredget: Thank you, Anna.

Anna Simpson: Thanks, everyone.

Steven Tredget: Thank you, Anna, and thank you for those that joined us today. Please reach out if you have any further questions post the webinar. Goodbye.

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Q2 2026 Oakley Capital Investments Ltd Earnings Call

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