Oakley Capital Investments, the AIM-listed company established to provide investors with access to the investment strategy being pursued by Oakley Capital Private Equity, has released its pre-close statement for the six months ended 30 June 2013.
The company, through its investment in the limited partnership, has an indirect interest in each of the limited partnership’s portfolio companies representing 65 per cent of the limited partnership’s total commitments.
To-date the limited partnership has exited four of its portfolio investments achieving a gross money multiple on its cost of investment of 2.6x and IRR of 43 per cent, and returning GBP109m to the company. In aggregate across all the disposals to-date, the limited partnership has achieved a 14 per cent uplift in realisation proceeds above the previous book value of the relevant investment.
The limited partnership’s portfolio of remaining investments comprises six businesses: Daisy Group; Verivox; Time Out Group (Time Out Limited and Time Out America); Intergenia; Broadstone Pensions and Investments; and Monument Securities.
Oakley Capital Limited estimates that the company’s net asset value per share will be in the range of GBP1.93 to GBP1.95 (31 December 2012: GBP1.81) (30 June 2012: GBP1.74). The net asset value is made up of cash, the investment in the limited partnership and loans provided to the limited partnership and a number of the portfolio companies.
Peter Dubens (pictured), director, says: “We have had a strong start to 2013 with three exits which have generated attractive returns for the company.
“We continue to see strong deal flow and have a number of new investment and portfolio company bolt-on acquisitions under review.”
