Oakley Capital Investments (OCI) has reported a 2% increase in net asset value (NAV) and shareholder returns for 2024, with a full-year dividend of 4.5p. The trust invested £299 million in various companies, including Steer Automotive Group and Assured Data Protection, while realizing £179 million from exits such as idealista and Ocean Technologies Group.

At year-end, OCI had £225 million in cash and credit available, alongside commitments to invest £646 million over the next five years. Approximately 40% of OCI’s NAV has been deployed in the last two years, although these investments have yet to significantly impact NAV growth. Recently, OCI invested £25 million in cybersecurity firm Bridewell, which will merge with another portfolio company, I-TRACING.

Despite flat NAV and share price returns, the underlying portfolio showed promise, with an average EBITDA growth of 15%, surpassing the previous year's 14%. However, adverse foreign exchange movements negatively impacted NAV by about 4%. Key contributors to NAV growth included IU Group, Dexters, and Phenna Group, each showing strong performance in their respective sectors.

Looking ahead, OCI anticipates a more favorable exit environment in 2025, with active M&A markets expected to boost realizations. The company expects improved trading conditions and accelerated earnings growth as its relatively young portfolio matures. The board is focused on enhancing shareholder returns by increasing NAV per share and exploring share buybacks.

OCI is also considering promoting its shares to the Main Market of the London Stock Exchange to improve liquidity and accessibility for retail investors. While recent NAV growth has slowed, the long-term potential of the portfolio remains promising, reflecting OCI's strong track record in private equity investments.