RESULTS PRESENTATION - Oakley Capital Investments
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RESULTS PRESENTATION FY2018 0
Contents 1
1 Key Financial Highlights P 2-3
2 Portfolio Performance P 4-13
▪ Net Asset Value progression
▪ Realisations
▪ Investments
▪ Oakley Fund commitments
▪ Fund investment
▪ Co-investment
▪ Cash / other assets and liabilities
▪ Portfolio analysis
▪ Outlook
3 Oakley Capital Private Equity P 14-28
4 Appendices P 29-42
OAKLEY CAPITAL INVESTMENTS
Oakley Capital Investments – continued strong performance 2
Performance year ending 31 December 2018
NAV per share 281p 16% Total NAV return
Realisations £130m £110m Investments
Full-year dividend 4.5p 36% Exit premium to book value
OAKLEY CAPITAL INVESTMENTS
Strong returns track record 3
10 year total NAV return of 172%
1 Year 3 Years 10 Years
OCI total NAV return 16% 47% 172%
NAV per share, dividend and share price
3.00
2.50
2.00
£
1.50
1.00
0.50
0.00
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 Share Price
OAKLEY CAPITAL INVESTMENTS
Portfolio performance & successful exits grow NAV 4
15% NAV per share increase
1p
14p 4.5p 281p
2p
29p
245p
FY17 Fund Realisations Co-investment Dividend Fees FY18
revaluations revaluations
OAKLEY CAPITAL INVESTMENTS
2018 activity – realisations 5
Investment Gross OCI
Realisations strategy returns Proceeds
Uplift on book value
Organic growth & 4.7x MM £35.6m 60.0
synergistic acquisition 118% IRR
56%
Structural growth drove 2.5x MM £15.1m 50.0
market leader 44% IRR
Underlying structural 3.7x MM £51.5m 40.0
growth & revenue 51% IRR 21%
diversification
30.0
Organic growth driven by 5.4x MM £12.6m
£m
strategic acquisitions 56% IRR
20.0 38% 18%
OCI
Re-financings Strategy Distributions Proceeds
10.0
Extension of existing facility €28.9m £10.5m
to Fund III
0.0
Upsized facility provided by €12.7m £4.6m Parship Verivox Facile Damovo
existing lenders to Fund III
Fair Value (1) OCI proceeds
(1) As at 31 December 2017 OAKLEY CAPITAL INVESTMENTS
2018 activity - investments 6
OCI
Investments Business description investment
Leading provider of private university groups in Germany £30.7m
Italy’s leading online price comparison platform £29.4m
OCI additional
Follow on investments Acquisition Description investment
cPanel Acquired to join Plesk, the group now £14.6m
encompassing two webhosting automation
software platforms
Centre Européen de Management First acquisition in pursuing the buy & build £3.2m
Hotelier International ("CMH") strategy in the French tertiary education
sector
Colegio San Patricio Comprises of 42 schools, educating over £4.9m
31,000 students globally
Doyle Palma Acquired sails operation and funding for North £3.9m
Sails Apparel and M&A
OAKLEY CAPITAL INVESTMENTS
Oakley Fund commitment drives NAV growth 7
£575m NAV by investment type
Oakley Fund investment £299m
146p per share Cash/other
assets
25% IRR & liabilities
18%
Debt Equity Oakley Fund
Co-investment £107m £64m Investment
Co-investment 52%
52p per share 31p per share
30%
11% IRR (1)% IRR
Cash/other assets & liabilities £105m
51p per share
OAKLEY CAPITAL INVESTMENTS
Fund Investment
A balanced portfolio across three distinct sectors 8
NAV by company
AMOS
£15.1m
Schülerhilfe North Sails
EDUCATION £39.7m £39.4m
Debt: £40.6m
Career Partner Group
£45.6m
CONSUMER
Time Out
£42.7m
Debt: £20.9m
Inspired
£72.9m
Casa & atHome
£41.8m
TechInsights
£13.4m
Facile
Daisy £29.4m
TMT £15.2m WebPros
Debt: £14.9m
(Plesk + cPanel)
£71.5m
OAKLEY CAPITAL INVESTMENTS
Fund Investment
High growth, conservative debt, modest valuations 9
Portfolio analysis
Portfolio Company Portfolio Company Portfolio Company
EBITDA growth vs prior year Net debt/EBITDA(1) EV/EBITDA(1)
8 5 6
59%
7 41% 39% 52%
5
4
6
45%
No. of Companies
4
No. of Companies
No. of Companies
5 3
41%
4 3
3 2
2
2 3% 17%
(2) 3%
0% 1
1
1
0 0 0
30% Net cash < 3x 3x - 5x 5x - 7x < 10x 10x - 12x >12x
39%
Avg 2018 FY EBITDA Growth
3.8x
Avg 2018 Net Debt/EBITDA
12.6x
Avg Dec 2018 Valuation Multiple
(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 OAKLEY CAPITAL INVESTMENTSCo-investment
Co-investment 10
Equity Debt
Where attractive to do so, OCI takes direct equity stakes in If OCI has appropriate cash levels, it will consider providing debt
portfolio companies when an Oakley Fund can no longer make instruments to the portfolio companies if the returns are appropriate.
follow on investment (e.g. Time Out).
The board will also consider directly holding stakes that are
currently held via a Fund when an Oakley Fund has to sell at the
end of its life (e.g. Inspired).
31 Dec 2017 31 Dec 2018 Interest Maturity
Fair Value Fair Value
Co-Investments: £m £m
31 Dec 2017 31 Dec 2018
Fair Value Fair Value Debt Securities
Co-Investments: £m £m
Daisy 28.2 14.9 6.5% May 2019
Equity Securities North Sails 27.8 40.6 7.5% Dec 2020
Time Out 41.2 22.3 Fund Facilities 13.5 30.6 6.5% 1yr after issue
Inspired 26.2 41.8
Time Out - 20.9 12% Oct 2020
Total 67.4 64.1 Total 69.5 107.0
OAKLEY CAPITAL INVESTMENTSCash / other assets & liabilities
Meeting commitments & maximising returns 11
Conservative cover but avoiding excessive drag
£152m £108m
Outstanding commitment to Cash at 31 December 2018
Fund I, II and III
Net Cash as % NAV
120%
97%
100%
80%
56%
60%
40% 33% 32%
26% 24% 24%
22% 22%
16% 18%
20%
2%
0%
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
OAKLEY CAPITAL INVESTMENTSBalanced maturity profile 12
3.5 years average investment holding period
£300.0m
£250.0m
£29.4m Facile
CPG
£45.6m
£200.0m
£15.1m AMOS
£150.0m £39.7m £72.9m
Schülerhilfe Inspired
£13.4m TechInsights
£100.0m
£30.1m Daisy
£71.5m WebPros
£50.0m
£80.0m
£63.7m
£41.8m Casa & atHome North Sails Time Out
£0.0m
≥2 years 2-4 years 4+ years
Note: As at 31 December 2018 OAKLEY CAPITAL INVESTMENTSOutlook 13
Strong profit growth, combined with exits above book value will continue to drive returns
Existing portfolio
▪ 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
New opportunities
▪ 2018 demonstrated the repeatability of Oakley’s unique sourcing model
▪ Further follow on M&A identified
▪ Strong pipeline of opportunities focused on core sectors
Governance
▪ 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
OAKLEY CAPITAL INVESTMENTSOAKLEY CAPITAL PRIVATE EQUITY
An established mid-cap investor with superior returns 15
MID-MARKET FOCUS WESTERN EUROPE FOCUS SECTOR FOCUS
Education
TMT
€100m-400m
Enterprise
value
Consumer
▪ Attractive bracket of sector champions ▪ Regions and countries with strong ▪ Strong sector fundamentals
with hidden pockets of value entrepreneurial landscapes • Education: large and growing sector
▪ Strong fit with Oakley’s entrepreneurial ▪ Regional variations create opportunities • Consumer: focus on digitally led models
culture, core strengths and experience for repeating strategies • TMT: focus on digital infrastructure
companies
Pie charts are graphed by number of investments in current portfolio as at 30 June 2018 (incl. Damovo)
OAKLEY CAPITAL INVESTMENTSConsistently exceeding its target returns 16
MM & IRR EXITED DEALS TMT Consumer Education
140%
Parship Elite Group
120% Emesa
100%
Daisy plc
80%
60% Facile.it Verivox I
Gross IRR
Intergenia II Host Europe
HEG Verivox II Damovo
40% Educas
Target 30% IRR Intergenia I
20% Headland Media
Target 2.5x MM
- Monument
- 1.0x 2.0x 3.0x 4.0x 5.0x >10.0x
6.0x 7.0x
(20%) Broadstone
(40%)
Gross MM
OAKLEY CAPITAL INVESTMENTSInvestment strategy results in acquisitions at low entry multiples 17
and positive multiple arbitrage through value creation
EV / EBITDA
FUND I FUND II FUND III
14.1x
12.3x
10.7x
10.3x 10.3x
8.8x
8.1x
6.7x
Entry Entry Exit Entry Entry Exit Entry Entry Exit
Oakley Sector Av. Oakley Oakley Sector Av. Oakley Oakley Sector Av. Oakley
Oakley entry multiple increasing due to mix effects (e.g. higher multiples in Education) but well below sector valuations
Note: Averages are simple arithmetic means across the data sets and include proforma multiples when relevant
OAKLEY CAPITAL INVESTMENTSSector expertise 18
Proven track-record in three core sectors
CONSUMER TMT EDUCATION
Oakley’s core concentration is Originally investing in hosting and A sector with very attractive
Digital Consumer, with the focus telecoms space, Oakley’s experience fundamentals, Education has grown to
being on marketing-led businesses and insightful network has helped become a significant area of
with leading positions in their to target businesses that are key investment for Oakley, with portfolio
respective industries. to supporting advancements in companies across different segments
technology. of the market.
Value of OCI NAV Value of OCI NAV Value of OCI NAV
£215m 37% £115m 20% £173m 30%
Fund I asset Fund II asset Fund III asset
OAKLEY CAPITAL INVESTMENTSWebPros - TMT 19
Global leading SaaS platform for server management
COUNTRY: INVESTMENT DATE: FUND: OPEN COST: VALUATION:
Switzerland/USA April 2017 III £24.0m £71.5m
REVENUE
Dec 2018A $114.0m
EBITDA GROWTH
YoY 22%
THE OPPORTUNITY:
Partnering with proven entrepreneurs to institutionalise an under-managed business with a highly sticky customer base.
OAKLEY CAPITAL INVESTMENTSTechInsights - TMT 20
Global leader in patent services and advanced technology intelligence
COUNTRY: INVESTMENT DATE: FUND: OPEN COST: VALUATION:
Canada May 2017 III £0.4m £13.4m
REVENUE
Dec 2018A $51.8m
EBITDA GROWTH
FY17-FY18A 10%
THE OPPORTUNITY:
Leveraging TechInsights' extensive, proprietary technology database and experience to accelerate growth in its subscription business.
OAKLEY CAPITAL INVESTMENTSDaisy - TMT 21
#1 independent UK provider of communications, IT and cloud services
COUNTRY: INVESTMENT DATE: FUND: OPEN COST: VALUATION:
UK July 2015 II £24.6m £30.1m
REVENUE
Mar 2018A £684.3m
EBITDA GROWTH
FY17-FY18A 31%
THE OPPORTUNITY:
Working with an long-established Oakley partner to grow the business through transformational M&A.
OAKLEY CAPITAL INVESTMENTSCasa & atHome - Consumer 22
Leading real estate classifieds portals in Italy and Luxembourg
COUNTRY: INVESTMENT DATE: FUND: OPEN COST: VALUATION:
Italy January 2017 III £26.3m £41.8m
REVENUE
Dec 2018 LTM €39.0m
EBITDA GROWTH
Jun 17A - Jun 18A 37%
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.
OAKLEY CAPITAL INVESTMENTSFacile - Consumer 23
Italy’s leading online price comparison platform
COUNTRY: INVESTMENT DATE: FUND: OPEN COST: VALUATION:
Italy June 2018 III £29.4m £29.4m
REVENUE
Dec 2018A €87.7m
EBITDA GROWTH
FY17-FY18A 35%
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.
OAKLEY CAPITAL INVESTMENTSTime Out - Consumer 24
A global leading digital brand with a global audience reach of 250 million
COUNTRY: INVESTMENT DATE: FUND: OPEN COST: VALUATION:
Global November 2010 I & OCI £112.1m £63.7m
REVENUE (1)
Dec 2018 £47.7m
EBITDA
IMPROVEMENT 73%
FY17-FY18
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
OAKLEY CAPITAL INVESTMENTSNorth Sails- Consumer 25
Global market leading high-performance marine and sailing group
COUNTRY: INVESTMENT DATE: FUND: OPEN COST: VALUATION:
USA March 2014 II £70.4m £80.0m
REVENUE
Dec 2018A $232.0m
EBITDA GROWTH
FY17-FY18A 12%
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.
OAKLEY CAPITAL INVESTMENTSCareer Partner Group - Education 26
CPG is one of the fastest growing private university groups in Germany
COUNTRY: INVESTMENT DATE: FUND: OPEN COST: VALUATION:
Germany January 2018 III £30.7m £45.6m
REVENUE
Dec 2018 LTM €82.2m
EBITDA GROWTH
YoY 86%
THE OPPORTUNITY:
Supporting the continual
[The opportunity – whydevelopment
have we of one of the most highly ranked private university businesses in Germany, particularly in the online
invested?]
university and dual studies segments, two high-growth sectors.Schülerhilfe - Education 27
#1 provider of after-school tutoring in Germany
COUNTRY: INVESTMENT DATE: FUND: OPEN COST: VALUATION:
Germany July 2017 III £30.8m £39.7m
REVENUE
Dec 2018A €79.6m
EBITDA GROWTH
FY17-FY18A 12%
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
COUNTRY: INVESTMENT DATE: FUND: OPEN COST: VALUATION:
France August 2017 III £10.0m £15.1m
REVENUE
Dec 2018A €12.6m
EBITDA GROWTH
FY17-FY18A 44%
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
COUNTRY: INVESTMENT DATE: FUND: OPEN COST: VALUATION:
UK August 2014 II £36.0m £72.9m
REVENUE
Aug 2018A €265.2m
EBITDA GROWTH
FY17-FY18A 60%
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 “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
Alignment of interest OCI Board and Oakley Partners hold c.5% of OCI shares vs 1.2% a
year ago
Returning cash Dividend: FY 4.5p announced in 2018, level to be maintained
Buyback: The board plans to initiate further share buy backs in due
course
Greater disclosure Reconciliation of OCI holdings, more investment detail, increased
communications
2019: introduced Factsheet, more materials available on relaunched
website including paid for research
OAKLEY CAPITAL INVESTMENTSNarrowing the NAV discount (2) 32
Topic Status Comment
Share liquidity & Since start of IR programme in 2017, 44% of the register has traded
shareholder concentration 2018 total volume: 98m shares +32% YoY growth
Avg daily volume: 387k
Top ten holders 79% (today) vs 91% (start of 2017)
Gold standard listing Currently Bermuda incorporation & AIM listing
A review of the listing has been completed and our legal advice
sought regarding our ability to meet main list requirements
Board composition & Accrued significant experience
duration New independent candidates being considered
OAKLEY CAPITAL INVESTMENTSAPPENDIX 2 FEES
Fees 34
Oakley Funds On commitment for a 5 year period post Fund inception;
Management fee 2% thereafter 2% on capital invested
Performance fee 20% On returns above a 8% pa hurdle rate
Co-investment On investments held directly by OCI (i.e. not including
OCI makes direct Management fee 2% the Oakley Funds)
investments in
portfolio
companies when On returns earned by OCI over and above 8% pa hurdle
an investment Performance fee 20% rate on directly held investments
opportunity is
either too large for Up to
a Fund or beyond
its life span. Advisory fee 2% Of the equity transaction value
OCI Recharge costs incurred either directly / indirectly on behalf
administration Operational costs £ of OCI
OAKLEY CAPITAL INVESTMENTSAPPENDIX 3 FUND STRUCTURE & THE INVESTMENT TEAM
Oakley Capital Investments (OCI) 36
Total Capital L.P.s Oakley Capital Investments
Committed €908m €704m
Equity and Debt
Co-Investments
Oakley Funds (I, II & III)
Private Equity
Funds Portfolio Companies
Investment
Adviser
OAKLEY CAPITAL INVESTMENTSStructure 37
The Administrative Agent The Company The Investment Adviser
Oakley Capital Oakley Capital Investments Oakley Capital
Manager Limited Limited Limited
About OCML About OCI About OCL
Oakley Capital Manager Limited (the OCI is a closed-ended investment company Oakley Capital Limited (“Oakley”) serves
“Administrative Agent”) provides with the principal objective to achieve capital as investment adviser to the
operational assistance and services to appreciation through investments in a Administrative Agent with respect to
the Board with respect to OCI’s diversified portfolio of private mid-market OCI. It was incorporated in England and
investments and its general businesses primarily in Europe. OCI offers Wales in 2000, and is authorised and
administration. The Administrative investors a liquid investment vehicle, through regulated by the Financial Conduct
Agent is managed by experienced which they can obtain exposure to the Authority. Oakley is primarily
administrative and operational underlying Oakley Funds with minimal responsible for making investment
executives. administrative burden, no long-term lock-up recommendations along with
and no minimum investment size. The OCI structuring and negotiating deals for the
Board has the ultimate decision to invest (or Oakley Funds.
take any other action). In the ordinary course
it makes decisions, after reviewing the
recommendations provided by the
Investment Adviser.
OAKLEY CAPITAL INVESTMENTSEntrepreneurial culture & team
Leadership team of experienced investment and 38
operational professionals…
Peter Dubens David Till Alex Collins David Brickell
Managing Partner Senior Partner Partner Partner
Joined Oakley: at inception Joined Oakley: at inception Joined Oakley: September 2007 Joined Oakley: September 2013
▪ >20 years experience ▪ Co-founded Oakley Capital with Peter ▪ 20 years investment and ▪ >15 years investment experience
▪ Serial entrepreneur ▪ Previously developed Pipex and operational experience ▪ Previously a co-founder of a SaaS
▪ Founded Oakley Capital in 2002 365 Media in 2002-07 ▪ Previously at Advent and Henderson internet start-up
▪ Success in the public markets and TMT ▪ Responsible for operations and Private Capital ▪ Sector experience includes TMT and
sector with Pipex and 365 Media development of Oakley and its activities ▪ Sector experience includes media, consumer industries
consumer and digital commerce
Rebecca Gibson Arthur Mornington Ralf Schremper
Partner Partner Partner
Joined Oakley: March 2014 Joined Oakley: January 2017 Joined Oakley: August 2017
▪ >15 years investment experience ▪ >15 years investment experience ▪ >15 years investment experience
▪ Previously a Partner at Cinven ▪ Previously a Partner at Charterhouse ▪ Previously Member of Executive Board
▪ Sector experience includes healthcare, ▪ Sector experience includes media, and CIO at ProSiebenSat.1
retail, service sectors, consumer education and business services ▪ Sector experience includes media,
education, consumer and healthcare
OAKLEY CAPITAL INVESTMENTSAPPENDIX 4 FUND VALUATIONS
Overview of OCI’s underlying investments 40
Year of
Fund Investments Sector Location Residual Cost Fair Value
Investment
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
Fund I
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
Fund II 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 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
Co-investment 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
OAKLEY CAPITAL INVESTMENTSFund III – Portfolio details 41
31 December 2018
As at 31 December Returns: 30 June 2018
Date of Entry EV
2018 Total Cost invested
initial (local % Holding Proceeds Fair Value Gross MM Gross IRR
(EUR million unless Dec 2018
investment currency)
otherwise noted)
OPEN
INVESTMENTS
Casa & atHome Jan-17 € 130.0 83% 104.3 (1) 28.9 1.4x 23%
122.0
WebPros (Plesk &
Apr-17 $105.0 (2) 51% (3) 65.7 - 3.4x 207%
cPanel) 220.9
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 - 1.3x 20%
113.0
AMOS Aug-17 € 23.3 74% 27.2 - 1.6x 60%
44.0
CPG Jan-18 € 170.0 65% 84.6 - 1.6x 57%
132.4
Facile Jun-18 € 445.0 21% 80.4 - 1.0x 0%
80.4
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 OAKLEY CAPITAL INVESTMENTS
equityFund II – Portfolio details 42
31 December 2018
As at 31 December 2018 Entry EV
Date of initial
(EUR million unless (local % Holding Total Cost invested Proceeds Fair Value Gross Money Multiple Gross IRR
investment
otherwise noted) currency)
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%
(1)
Damovo Jan-15 € 29.4 57% 10.5 45.2 11.4 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%
(2)
Inspired Aug-14 € 21.8 16% 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%
(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 OAKLEY CAPITAL INVESTMENTSFund I – Portfolio details 43
31 December 2018
As at 31 Dec 2018
Date of initial Entry EV (local Gross Money
(EUR million unless % Holding Total Cost invested Proceeds Fair Value Gross IRR
investment currency) Multiple
otherwise noted)
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%
(1)
Daisy plc 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%
(2)
Verivox Dec-09 £19.1 41% 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 OAKLEY CAPITAL INVESTMENTSDisclaimer and important information 44
▪ 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.Mintflower Place, 3rd Floor
8 Par-la-Ville Road
Hamilton
HM08 Bermuda
T: +44 (0) 20 7766 6900
E: investorrelations@oakleycapital.com
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