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0RESULTS PRESENTATION FY2018
Contents 1
OAKLEY CAPITAL INVESTMENTS
1 Key Financial Highlights P 2-3
2 Portfolio Performance P 4-13
3 Oakley Capital Private Equity P 14-28
▪ Net Asset Value progression▪ Realisations▪ Investments▪ Oakley Fund commitments▪ Fund investment▪ Co-investment▪ Cash / other assets and liabilities▪ Portfolio analysis▪ Outlook
4 Appendices P 29-42
Oakley Capital Investments – continued strong performance 2
OAKLEY CAPITAL INVESTMENTS
NAV per share Total NAV return
Exit premium to book valueFull-year dividend
£130m
281p
36%
£110m
16%
4.5p
Performance year ending 31 December 2018
Realisations Investments
Strong returns track record 3
OAKLEY CAPITAL INVESTMENTS
10 year total NAV return of 172%
OCI total NAV return 16% 47% 172%
1 Year 3 Years 10 Years
£
0.00
0.50
1.00
1.50
2.00
2.50
3.00
Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18
NAV per share, dividend and share price
NAV per share Dividend Share Price
Portfolio performance & successful exits grow NAV 4
OAKLEY CAPITAL INVESTMENTS
FY18Fundrevaluations
FY17
1p
14p
29p
4.5p
Co-investmentrevaluations
Realisations Dividend
2p
Fees
245p
281p
15% NAV per share increase
2018 activity – realisations
(1) As at 31 December 2017
5
OAKLEY CAPITAL INVESTMENTS
Organic growth & synergistic acquisition
4.7x MM118% IRR
£35.6m
Structural growth drove market leader
2.5x MM44% IRR
£15.1m
Underlying structural growth & revenue
diversification
3.7x MM51% IRR
£51.5m
Organic growth driven by strategic acquisitions
5.4x MM56% IRR
£12.6m
Extension of existing facility €28.9m to Fund III
£10.5m
Upsized facility provided by existing lenders
€12.7mto Fund III
£4.6m
Gross returns
OCI Proceeds
DistributionsOCI
Proceeds
Investment strategy
0.0
10.0
20.0
30.0
40.0
50.0
60.0
Parship Verivox Facile Damovo
Fair Value OCI proceeds
£m
Uplift on book value
21%
56%
18%38%
Strategy
(1)
Realisations
Re-financings
2018 activity - investments 6
OAKLEY CAPITAL INVESTMENTS
Leading provider of private university groups in Germany £30.7m
Italy’s leading online price comparison platform £29.4m
OCI investment
cPanel Acquired to join Plesk, the group now encompassing two webhosting automation
software platforms
£14.6m
Centre Européen de Management Hotelier International ("CMH")
First acquisition in pursuing the buy & build strategy in the French tertiary education
sector
£3.2m
Colegio San Patricio Comprises of 42 schools, educating over 31,000 students globally
£4.9m
Doyle Palma Acquired sails operation and funding for North Sails Apparel and M&A
£3.9m
OCI additional investment
Business description
DescriptionAcquisition
Investments
Follow on investments
Oakley Fund commitment drives NAV growth 7
OAKLEY CAPITAL INVESTMENTS
£299m
146p per share
25% IRR
Oakley Fund investment
£105m
51p per share
Cash/other assets & liabilities
£107m
52p per share
11% IRR
Co-investment
31p per share
£64m
Debt Equity
(1)% IRR
Cash/other assets
& liabilities
18%
Oakley FundInvestment
52%Co-investment
30%
£575m NAV by investment type
A balanced portfolio across three distinct sectors 8
OAKLEY CAPITAL INVESTMENTS
NAV by company
Facile£29.4m
Inspired£72.9m
TechInsights£13.4m
CONSUMER
North Sails£39.4m
Debt: £40.6m
Casa & atHome£41.8m
Schülerhilfe£39.7m
Career Partner Group£45.6m
Daisy£15.2m
Debt: £14.9mWebPros
(Plesk + cPanel)£71.5m
AMOS£15.1m
EDUCATION
TMT
Time Out£42.7m
Debt: £20.9m
Fund Investment
High growth, conservative debt, modest valuations
(1) Multiple analysis based on EV, Net Debt and EBITDA as at 31 Dec 2018 valuations. Analysis excludes Time Out Group plc.(2) Percentage of Fund portfolio company value
9
OAKLEY CAPITAL INVESTMENTS
Portfolio analysis
3.8xAvg 2018 Net Debt/EBITDA
12.6xAvg Dec 2018 Valuation Multiple
39%Avg 2018 FY EBITDA Growth
Fund Investment
No
. of
Co
mp
anie
s
0
1
2
3
4
5
6
7
8
<10% 10 - 30% >30%
No
. o
f C
om
pan
ies
Portfolio CompanyEBITDA growth vs prior year
0%(2)
41%
59%
0
1
2
3
4
5
6
< 10x 10x - 12x >12x
Portfolio Company EV/EBITDA(1)
0
1
2
3
4
5
Net cash < 3x 3x - 5x 5x - 7x
Portfolio CompanyNet debt/EBITDA(1)
No
. of
Co
mp
anie
s
3% 17%
41% 39%
3%
45%
52%
Co-investment 10
OAKLEY CAPITAL INVESTMENTS
If OCI has appropriate cash levels, it will consider providing debtinstruments to the portfolio companies if the returns are appropriate.
Co-Investments:
31 Dec 2017Fair Value
£m
31 Dec 2018Fair Value
£m
Interest Maturity
Debt Securities
Daisy 28.2 14.9 6.5% May 2019
North Sails 27.8 40.6 7.5% Dec 2020
Fund Facilities 13.5 30.6 6.5% 1yr after issue
Time Out - 20.9 12% Oct 2020
Total 69.5 107.0
Where attractive to do so, OCI takes direct equity stakes inportfolio companies when an Oakley Fund can no longer makefollow on investment (e.g. Time Out).
The board will also consider directly holding stakes that arecurrently held via a Fund when an Oakley Fund has to sell at theend of its life (e.g. Inspired).
Co-Investments:
31 Dec 2017Fair Value
£m
31 Dec 2018Fair Value
£m
Equity Securities
Time Out 41.2 22.3
Inspired 26.2 41.8
Total 67.4 64.1
Equity Debt
Co-investment
Meeting commitments & maximising returns 11
OAKLEY CAPITAL INVESTMENTS
Conservative cover but avoiding excessive drag
£108m Cash at 31 December 2018
£152m Outstanding commitment to
Fund I, II and III
97%
33%
26%
56%
32%24% 22%
2%
24% 22%16% 18%
0%
20%
40%
60%
80%
100%
120%
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Net Cash as % NAV
Cash / other assets & liabilities
£41.8m
£71.5m
£13.4m
£39.7m
£15.1m
£45.6m
£29.4m
£80.0m
£30.1m
£72.9m
£63.7m
£0.0m
£50.0m
£100.0m
£150.0m
£200.0m
£250.0m
£300.0m
≥2 years 2-4 years 4+ years
Balanced maturity profile 12
OAKLEY CAPITAL INVESTMENTS
3.5 years average investment holding period
Note: As at 31 December 2018
Casa & atHome
Schülerhilfe
CPG
Facile
TechInsights
WebPros
AMOS
North Sails
Daisy
Inspired
Time Out
Outlook 13
OAKLEY CAPITAL INVESTMENTS
Strong profit growth, combined with exits above book value will continue to drive returns
▪ Strong performance set to continue. Inflection points reached in the two turn around investments
▪ Further liquidity events expected this year either through exits and/or refinancings
▪ A pan-European portfolio of companies enjoying structural change will be resilient to economic and political uncertainty
▪ 2018 demonstrated the repeatability of Oakley’s unique sourcing model
▪ Further follow on M&A identified
▪ Strong pipeline of opportunities focused on core sectors
▪ The Board will continue to review the opportunity to buy back shares
▪ A conclusion on the appropriate market listing for OCI will be reached in the first half of 2019
▪ Further Board strengthening expected
▪ Relaunch of Annual Report, website and introduction of factsheets
Existing portfolio
New opportunities
Governance
OAKLEY CAPITAL PRIVATE EQUITY
MID-MARKET FOCUS
Pie charts are graphed by number of investments in current portfolio as at 30 June 2018 (incl. Damovo)
SECTOR FOCUSWESTERN EUROPE FOCUS
15
€100m-400m
Enterprise value
Consumer
TMT
An established mid-cap investor with superior returns
Education
OAKLEY CAPITAL INVESTMENTS
▪ Attractive bracket of sector champions
with hidden pockets of value
▪ Strong fit with Oakley’s entrepreneurial
culture, core strengths and experience
▪ Regions and countries with strong
entrepreneurial landscapes
▪ Regional variations create opportunities
for repeating strategies
▪ Strong sector fundamentals
• Education: large and growing sector
• Consumer: focus on digitally led models
• TMT: focus on digital infrastructure
companies
Consistently exceeding its target returns 16
Verivox I
Emesa
Educas
Monument
Broadstone
Headland Media
Host Europe
Daisy plc
Intergenia I
Facile.it
Parship Elite Group
Verivox II
Intergenia II
HEG Damovo
(40%)
(20%)
-
20%
40%
60%
80%
100%
120%
140%
- 1.0x 2.0x 3.0x 4.0x 5.0x 6.0x 7.0x
Gro
ss I
RR
Gross MM
MM & IRR EXITED DEALS
Target 30% IRR
Target 2.5x MM
>10.0x
TMT Consumer Education
OAKLEY CAPITAL INVESTMENTS
OAKLEY CAPITAL INVESTMENTS
Investment strategy results in acquisitions at low entry multiples and positive multiple arbitrage through value creation
FUND I FUND II
Oakley entry multiple increasing due to mix effects (e.g. higher multiples in Education) but well below sector valuations
FUND III
EV / EBITDA
6.7x
8.8x
10.3x
Entry Oakley
Entry Sector Av.
Exit Oakley
8.1x
10.3x
12.3x
Entry Oakley
Entry Sector Av.
Exit Oakley
10.7x
14.1x
Entry Oakley
Entry Sector Av.
Exit Oakley
Note: Averages are simple arithmetic means across the data sets and include proforma multiples when relevant
17
CONSUMER
Sector expertise 18
OAKLEY CAPITAL INVESTMENTS
TMT EDUCATION
Fund II asset Fund III assetFund I asset
Oakley’s core concentration is Digital Consumer, with the focus being on marketing-led businesses with leading positions in their respective industries.
£215m 37%Value of OCI NAV
Proven track-record in three core sectors
Originally investing in hosting andtelecoms space, Oakley’s experienceand insightful network has helpedto target businesses that are keyto supporting advancements intechnology.
£115m 20%Value of OCI NAV
£173m 30%Value of OCI NAV
A sector with very attractivefundamentals, Education has grown to become a significant area of investment for Oakley, with portfolio companies across different segments of the market.
WebPros - TMT 19
OAKLEY CAPITAL INVESTMENTS
COUNTRY:Switzerland/USA
INVESTMENT DATE:April 2017
FUND:III
Global leading SaaS platform for server management
REVENUEDec 2018A $114.0m
VALUATION:£71.5m
OPEN COST:£24.0m
THE OPPORTUNITY: Partnering with proven entrepreneurs to institutionalise an under-managed business with a highly sticky customer base.
EBITDA GROWTHYoY 22%
OPEN COST:£0.4m
COUNTRY:Canada
TechInsights - TMT 20
OAKLEY CAPITAL INVESTMENTS
Global leader in patent services and advanced technology intelligence
REVENUEDec 2018A $51.8m
EBITDA GROWTHFY17-FY18A 10%
INVESTMENT DATE:May 2017
FUND:III
VALUATION:£13.4m
THE OPPORTUNITY:Leveraging TechInsights' extensive, proprietary technology database and experience to accelerate growth in its subscription business.
Daisy - TMT 21
OAKLEY CAPITAL INVESTMENTS
#1 independent UK provider of communications, IT and cloud services
REVENUEMar 2018A £684.3m
EBITDA GROWTHFY17-FY18A 31%
OPEN COST:£24.6m
COUNTRY:UK
INVESTMENT DATE:July 2015
FUND:II
VALUATION:£30.1m
THE OPPORTUNITY: Working with an long-established Oakley partner to grow the business through transformational M&A.
Casa & atHome - Consumer 22
OAKLEY CAPITAL INVESTMENTS
Leading real estate classifieds portals in Italy and Luxembourg
REVENUEDec 2018 LTM €39.0m
EBITDA GROWTHJun 17A - Jun 18A 37%
OPEN COST:£26.3m
COUNTRY:Italy
INVESTMENT DATE:January 2017
FUND:III
VALUATION:£41.8m
THE OPPORTUNITY: Realising synergies through integration of assets and cost optimisation, and then accelerating growth through more efficient marketing and expansion into adjacent product verticals.
Facile - Consumer 23
OAKLEY CAPITAL INVESTMENTS
Italy’s leading online price comparison platform
REVENUEDec 2018A €87.7m
EBITDA GROWTHFY17-FY18A 35%
OPEN COST:£29.4m
COUNTRY:Italy
INVESTMENT DATE:June 2018
FUND:III
VALUATION:£29.4m
THE OPPORTUNITY:As market leader, Facile is well-positioned to take advantage of expected growth in the Italian price comparison market, which is currently less developed than other European markets.
Time Out - Consumer 24
OAKLEY CAPITAL INVESTMENTS
A global leading digital brand with a global audience reach of 250 million
REVENUEDec 2018 £47.7m
(1)
EBITDA IMPROVEMENTFY17-FY18
73%
OPEN COST:£112.1m
COUNTRY:Global
INVESTMENT DATE:November 2010
FUND:I & OCI
VALUATION:£63.7m
THE OPPORTUNITY: Transitioning a trusted global brand from print to digital and rolling out the Time Out Market concept to new cities.
(1) Liberum Forecasts – 6 December 2018
North Sails- Consumer 25
OAKLEY CAPITAL INVESTMENTS
Global market leading high-performance marine and sailing group
REVENUEDec 2018A $232.0m
EBITDA GROWTHFY17-FY18A 12%
OPEN COST:£70.4m
COUNTRY:USA
INVESTMENT DATE:March 2014
FUND:II
VALUATION:£80.0m
THE OPPORTUNITY: A chance to consolidate the leading marine brand with its principal European licensee to deliver significant synergies, as well as develop the brand in apparel and accessories.
Career Partner Group - Education 26
CPG is one of the fastest growing private university groups in Germany
REVENUEDec 2018 LTM €82.2m
EBITDA GROWTHYoY 86%
[The opportunity – why have we invested?]
OPEN COST:£30.7m
COUNTRY:Germany
INVESTMENT DATE:January 2018
FUND:III
VALUATION:£45.6m
THE OPPORTUNITY:Supporting the continual development of one of the most highly ranked private university businesses in Germany, particularly in the online university and dual studies segments, two high-growth sectors.
Schülerhilfe - Education 27
#1 provider of after-school tutoring in Germany
REVENUEDec 2018A €79.6m
EBITDA GROWTHFY17-FY18A 12%
OPEN COST:£30.8m
COUNTRY:Germany
INVESTMENT DATE:July 2017
FUND:III
VALUATION:£39.7m
THE OPPORTUNITY: The leading after school tutoring provider in Germany with over 125,000 students, providing better results at a lower cost than competitors, and with a proven track record of highly consistent growth.
AMOS - Education 28
France’s leading sport business school
REVENUEDec 2018A €12.6m
EBITDA GROWTHFY17-FY18A 44%
OPEN COST:£10.0m
COUNTRY:France
INVESTMENT DATE:August 2017
FUND:III
VALUATION:£15.1m
THE OPPORTUNITY:AMOS provides a platform for a roll-up in the higher education sector, with the aim of replicating the success of Inspired in the K-12 sector.
Inspired - Education 29
One of the leading premium private schools groups globally
REVENUEAug 2018A €265.2m
EBITDA GROWTHFY17-FY18A 60%
OPEN COST:£36.0m
COUNTRY:UK
INVESTMENT DATE:August 2014
FUND:II
VALUATION:£72.9m
THE OPPORTUNITY:Supporting one of the world’s fastest growing premium private school groups with a buy-and-build strategy: highly attractive market dynamics; long-term revenue visibility; strong cash flow generation and limited cyclicality.
APPENDIX 1 NARROWING THE DISCOUNT
Narrowing the NAV discount (1) 31
Topic Status Comment
Prevent NAV dilution
Alignment of interest
Returning cash
“Going forward the Board does not intend to issue equity or sell stock from treasury at a discount to NAV”
Message repeated in 3 public announcements, reiterated in 2018 full year report
OCI Board and Oakley Partners hold c.5% of OCI shares vs 1.2% a year ago
Dividend: FY 4.5p announced in 2018, level to be maintained
Buyback: The board plans to initiate further share buy backs in due course
OAKLEY CAPITAL INVESTMENTS
Greater disclosure Reconciliation of OCI holdings, more investment detail, increased communications2019: introduced Factsheet, more materials available on relaunched website including paid for research
Narrowing the NAV discount (2) 32
Topic Status Comment
Share liquidity & shareholder concentration
Gold standard listing
Since start of IR programme in 2017, 44% of the register has traded2018 total volume: 98m shares +32% YoY growthAvg daily volume: 387kTop ten holders 79% (today) vs 91% (start of 2017)
Currently Bermuda incorporation & AIM listingA review of the listing has been completed and our legal advice sought regarding our ability to meet main list requirements
Board composition & duration
Accrued significant experienceNew independent candidates being considered
OAKLEY CAPITAL INVESTMENTS
APPENDIX 2 FEES
Fees 34
2%
20%
Management feeOn commitment for a 5 year period post Fund inception; thereafter 2% on capital invested
Performance fee On returns above a 8% pa hurdle rate
2%
20%
Management feeOn investments held directly by OCI (i.e. not including the Oakley Funds)
Performance feeOn returns earned by OCI over and above 8% pa hurdle rate on directly held investments
2%Advisory fee Of the equity transaction valueUp to
£Operational costsRecharge costs incurred either directly / indirectly on behalf of OCI
Oakley Funds
Co-investment
OCI administration
OCI makes direct investments in portfolio companies when an investment opportunity is either too large for a Fund or beyond its life span.
OAKLEY CAPITAL INVESTMENTS
APPENDIX 3 FUND STRUCTURE & THE INVESTMENT TEAM
Oakley Capital Investments (OCI) 36
L.P.s€908m
Oakley Capital Investments€704m
Portfolio Companies
Oakley Funds (I, II & III)
Investment Adviser
Total Capital Committed
Private Equity Funds
Equity and DebtCo-Investments
OAKLEY CAPITAL INVESTMENTS
Structure 37
The Company
Oakley Capital Investments Limited
The Administrative Agent
Oakley Capital Manager Limited
The Investment Adviser
Oakley Capital Limited
About OCIOCI is a closed-ended investment companywith the principal objective to achieve capitalappreciation through investments in adiversified portfolio of private mid-marketbusinesses primarily in Europe. OCI offersinvestors a liquid investment vehicle, throughwhich they can obtain exposure to theunderlying Oakley Funds with minimaladministrative burden, no long-term lock-upand no minimum investment size. The OCIBoard has the ultimate decision to invest (ortake any other action). In the ordinary courseit makes decisions, after reviewing therecommendations provided by theInvestment Adviser.
About OCMLOakley Capital Manager Limited (the“Administrative Agent”) providesoperational assistance and services tothe Board with respect to OCI’sinvestments and its generaladministration. The AdministrativeAgent is managed by experiencedadministrative and operationalexecutives.
About OCLOakley Capital Limited (“Oakley”) servesas investment adviser to theAdministrative Agent with respect toOCI. It was incorporated in England andWales in 2000, and is authorised andregulated by the Financial ConductAuthority. Oakley is primarilyresponsible for making investmentrecommendations along withstructuring and negotiating deals for theOakley Funds.
OAKLEY CAPITAL INVESTMENTS
Leadership team of experienced investment and operational professionals…
Joined Oakley: March 2014
▪ >15 years investment experience▪ Previously a Partner at Cinven▪ Sector experience includes healthcare,
retail, service sectors, consumer
Joined Oakley: January 2017
▪ >15 years investment experience▪ Previously a Partner at Charterhouse▪ Sector experience includes media,
education and business services
Joined Oakley: August 2017
▪ >15 years investment experience▪ Previously Member of Executive Board
and CIO at ProSiebenSat.1▪ Sector experience includes media,
education, consumer and healthcare
Rebecca GibsonPartner
Ralf SchremperPartner
Arthur MorningtonPartner
Entrepreneurial culture & team
Joined Oakley: at inception
▪ Co-founded Oakley Capital with Peter▪ Previously developed Pipex and
365 Media in 2002-07▪ Responsible for operations and
development of Oakley and its activities
Joined Oakley: at inception
▪ >20 years experience▪ Serial entrepreneur▪ Founded Oakley Capital in 2002▪ Success in the public markets and TMT
sector with Pipex and 365 Media
Joined Oakley: September 2007
▪ 20 years investment and operational experience
▪ Previously at Advent and Henderson Private Capital
▪ Sector experience includes media, consumer and digital commerce
Joined Oakley: September 2013
▪ >15 years investment experience▪ Previously a co-founder of a SaaS
internet start-up▪ Sector experience includes TMT and
consumer industries
Alex CollinsPartner
David BrickellPartner
David TillSenior Partner
Peter DubensManaging Partner
38
OAKLEY CAPITAL INVESTMENTS
APPENDIX 4 FUND VALUATIONS
Overview of OCI’s underlying investments 40
OAKLEY CAPITAL INVESTMENTS
Fund Investments Sector LocationYear of
InvestmentResidual Cost Fair Value
Fund I Time Out Consumer Global 2010 £44.9m £20.4m
OCI's proportionate allocation of Fund I investments (on a look through basis) £20.4m
Other Assets and Liabilities (£2.3m)
OCI's investment in Fund I £18.2m
Fund II North Sails Consumer Global 2014 £37.6m £39.4m
Fund II Inspired Education Global 2014 £17.2m £31.1m
Fund II Daisy TMT UK 2015 £10.4m £15.2m
OCI's proportionate allocation of Fund II investments (on a look through basis) £85.8m
Other Assets and Liabilites (£14.0m)
OCI's investment in Fund II £71.8m
Fund III Casa / atHome Consumer Italy 2017 £26.3m £41.8m
Fund III Schulerhilfe Education Germany 2017 £30.8m £39.7m
Fund III WebPros TMT Switzerland 2017 £24.0m £71.5m
Fund III TechInsights TMT Canada 2017 £0.4m £13.4m
Fund III AMOS Education France 2017 £10.0m £15.1m
Fund III CPG Education Germany 2018 £30.7m £45.6m
Fund III Facile.it Consumer Italy 2018 £29.4m £29.4m
OCI's proportionate allocation of Fund III investments (on a look through basis) £256.5m
Other Assets and Liabilites (£47.8m)
OCI's investment in Fund III £208.6m
Co-investment:
Equity Time Out Consumer Global 2010 £47.2m £22.3m
Debt Time Out Consumer Global 2018 £20.0m £20.9m
Equity Inspired Education Global 2017 £18.8m £41.8m
Debt Daisy TMT UK 2015 £14.2m £14.9m
Debt North Sails Consumer Global 2014 £32.8m £40.6m
Debt Fund Facilities n/a n/a n/a £30.6m
Total Co-investments £171.2m
Total OCI investments £469.7m
Fund I
Fund II
Fund III
Co-investment
Fund III – Portfolio details 41
OAKLEY CAPITAL INVESTMENTS
31 December 2018
Returns: 30 June 2018As at 31 December 2018(EUR million unless otherwise noted)
Date of initial
investment
Entry EV(local
currency)% Holding
Total Cost investedDec 2018
Proceeds Fair Value Gross MM Gross IRR
OPEN INVESTMENTS
Casa & atHome Jan-17 € 130.0 83% 104.3 (1) 28.9122.0
1.4x 23%
WebPros (Plesk & cPanel)
Apr-17 $105.0 (2) 51% (3) 65.7 -220.9
3.4x 207%
TechInsights May-17 $71.5 62% 44.5 / 11.9 (4) 12.7 43.6 4.7x 101%
Schülerhilfe Jul-17 € 274.0 48% (5) 85.9 -113.0
1.3x 20%
AMOS Aug-17 € 23.3 74% 27.2 -44.0
1.6x 60%
CPG Jan-18 € 170.0 65% 84.6 -132.4
1.6x 57%
Facile Jun-18 € 445.0 21% 80.4 -80.4
1.0x 0%
Total gross portfolio 460.1 41.6 756.3 1.7x 54%
Net Returns 1.5x 44%
(1) Equity is represented net of €32.8m short term equity bridge; (2) Entry EV presented is for Plesk only (3) Original control investment with dilution to 39% following acquisition of cPanel in September 2018; (4) Underwritten equity of €44.5m was refinanced within 3 months so investment cost was restated to €11.9m; (5) Schülerhilfe – Oakley controls 72% of the ordinary equity
Fund II – Portfolio details 42
OAKLEY CAPITAL INVESTMENTS
As at 31 December 2018(EUR million unless otherwise noted)
Date of initial investment
Entry EV(local
currency)% Holding Total Cost invested Proceeds Fair Value Gross Money Multiple Gross IRR
EXITED INVESTMENTS
Intergenia Jan-14 € 141.5 51% 49.6 68.1 - 1.4x 46%
HEG Jan-15 € 1,006.0 3% 20.0 42.4 - 2.1x 40%
Parship Elite Group Apr-15 € 101.0 38% 56.7 266.3 - 4.7x 118%
Verivox Aug-15 € 208.0 10% 21.5 53.5 - 2.5x 44%
Facile Sep-14 € 97.8 69% 70.5 261.9 - 3.7x 51%
Damovo Jan-15 € 29.4 57% 10.5 45.2 11.4 (1) 5.4x 56%
Total gross realised 228.8 737.4 11.4 3.3x 63%
OPEN INVESTMENTS
North Sails Mar-14 $172.1 69% 121.0 - 121.2 1.0x 0%
Inspired Aug-14 € 21.8 16% (2) 94.5 52.4 106.4 1.7x 29%
Daisy Jul-15 € 953.6 9% 38.9 1.7 49.8 1.3x 10%
Total gross unrealised 254.5 54.1 277.4 1.3x 10%
Total gross portfolio 483.3 791.5 288.8 2.2x 39%
Net Returns 1.9x 30%
31 December 2018
(1) Amount that Fund II expects to receive in deferred consideration, dependent on Damovo’s financial performance in the year to 31 January 2019(2) Originally control investor before co-invest dilution
Fund I – Portfolio details 43
OAKLEY CAPITAL INVESTMENTS
31 December 2018
As at 31 Dec 2018(EUR million unless otherwise noted)
Date of initial investment
Entry EV (local currency)
% Holding Total Cost invested Proceeds Fair ValueGross Money
MultipleGross IRR
EXITED INVESTMENTS
Headland Media Jan-08 £4.0 80% 5.7 15.1 - 2.7x 28%
Host Europe Apr-08 £123.0 83% 59.8 146.5 - 2.4x 45%
Daisy plc(1) Apr-08 £153.0 14% 2.9 91.0 - 38.2x 75%
Monument Jun-08 £5.7 51% 4.3 1.8 - 0.4x -11%
Verivox Dec-09 £19.1 41% (2) 5.3 78.0 - 14.9x 72%
Broadstone Nov-10 £14.2 84% 34.2 6.3 0.6 0.2x -31%
Emesa Mar-11 £40.0 68% 14.7 52.0 - 3.5x 109%
Intergenia Dec-11 £84.0 51% 30.4 55.0 - 1.8x 32%
Inspired Jul-13 £63.8 51% 23.9 70.5 - 3.0x 36%
Total gross realised 181.1 516.2 0.6 2.9x 44%
OPEN INVESTMENTS
Time Out Group plc(3) Nov-10 £12.00 34% 82.1 - 34.7 0.4x -16%
Total gross unrealised 82.1 - 34.7 0.4x -16%
Total gross portfolio 263.2 516.2 35.3 2.1x 36%
Net Returns 1.6x 19%
(1) Includes Daisy Data Centre Solutions; (2) Control investment was voting rights were 51% for Verivox (3) Listed since 2016, valuation marked to market
Disclaimer and important information
▪ These presentation materials (the “Presentation”), which is confidential and may not be reproduced in whole or in part, nor may any of its contents be disclosed to any third party without the prior written consent of Oakley Capital Limited, is for information purposes only and is not an offer or invitation for subscription or purchase of or a recommendation of interests in Oakley Capital Investments Limited or any Oakley Capital Private Equity fund. Information contained in this Presentation is believed by Oakley Capital Limited to be accurate and correct, and statements of opinion in this Presentation are considered by Oakley Capital Limited to be reasonable, in each case at the date stated on this Presentation, but none of Oakley Capital Limited, Oakley Capital Investments Limited or any Oakley Capital Private Equity fund vehicle, any of the partners of such funds accepts responsibility for any such information, and all recipients of this Presentation are expressly warned of the requirement to carry out their own due diligence into any investment opportunity. Recipients should form their own assessment and take independent professional advice on the merits of investment and the legal, regulatory, tax and investment consequences and risks of doing so. Accordingly, except as required by law, none of any Oakley Capital Private Equity fund vehicle, any of the partners of such funds accepts any responsibility to any person for the consequences of any person placing reliance on the content of this Presentation for any purpose.
▪ This document is only intended for the information of persons falling within articles 19 (investment professionals) or 49 (high net worth companies, partnerships, unincorporated associations and trusts) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended. The transmission of this document to any other person in the UK other than persons within the categories stated above is unauthorised and may contravene the Financial Services and Markets Act 2000 (“FSMA”). No person falling outside those categories should treat this Presentation as constituting a promotion to him, or act on it for any purposes whatever. Oakley Capital Limited, which is authorised and regulated by the Financial Conduct Authority, is not giving advice to any person in relation to the Presentation.
▪ Past performance is not a reliable indicator or guarantee of future results.
▪ Oakley Capital Investments Limited, a limited partner in Oakley Capital Private Equity LP and Oakley Capital Private Equity II and Oakley Capital Private Equity III, is a publicly traded company in the United Kingdom. Recipients of this Presentation are reminded that the information contained in this document, which may be deemed inside information, must be kept confidential and they agree to comply at all times with all applicable regulations (in the United Kingdom or elsewhere) including the Market Abuse Regulations relating to market abuse, insider trading and privileged information.
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