Oakley grows returns and shrinks discount in 2025, is 'ready for AI'
Oakley Capital Investment Ltd on Thursday announced positive net asset value total return, net of its share buyback in 2025, as well as starting a new buyback programme for this year.
The private equity and direct investment firm said its net asset value was £1.23 billion on December 31, corresponding to 738 pence per share, net of its £48 million share buyback programme completed in early January.
It represents a total NAV return per share of 6.2% and compares to 2024’s 695p per share NAV.
Total shareholder return was 15% in 2025, higher than the 2% in 2024, despite the decision taken then to cancel future dividends to pivot to share buybacks, as an appreciation of the NAV was coupled with a discount lowering from 28% to 23%.
The firm also announced this year’s buyback programme, for a minimum of £20 million, has commenced. It bought back £50 million of own shares in 2025, ‘enhancing NAV per share by 11 pence over the course of the programme’.
The company added that it made investments of £197 million in 2025 and that its portfolio is positioned for future outperformance, with private equity exposure to 38 companies balanced across its core sectors and European geographies.
It added that it is positioned to ‘take advantage of the AI revolution’, after realising £57 million in exits throughout the year, including the sale of VLex, a legal AI company acquired by Clio, at over 6 times gross return. Clio itself was Oakley’s most positive NAV driver in 2025, increasing it by 33 pence per share.
‘Despite a challenging economic environment in 2025, the portfolio continued to generate solid earnings growth and deliver successful exits. The board’s focus on shareholder value drove the move to the Main Market as well as a revised capital allocation policy, with increased and recurring share buybacks. In the year ahead, we once again face considerable uncertainty driven by macro, geopolitical and technological developments,’ Oakley’s Interim Chair Steve Pearce said.
Pearce also welcomes Christopher Samuel as the new chair of Oakley Capital Investments, effective Friday. Oakley also appointed Kiernan Bell as independent non-executive director.
Oakley Capital Investment shares were up 1.4% to 508.25 pence on Thursday morning in London.
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