25th Apr 2014 11:01
LONDON (Alliance News) - Oakley Capital Investments Ltd Friday said its net asset value rose in its last financial year, with one of the two funds in which it has invested now closed to new investors and the other considered fully invested.
Oakley Capital Investments, which gives investors access to the investment strategy pursued by Oakley Capital Private Equity LP (Fund I LP) and OCPE Master LP (Fund II LP), together known as the limited partnership, said its net asset value per share increased to 200 pence a share at the end of 2013 from 181 pence a share a year earlier. NAV increased by GBP19.3 million to GBP246.9 million.
Of this total NAV, GBP128.9 million represented the fair value of the investment in Fund I LP, GBP1.7 million represented the fair value of the investment in Fund II LP and GBP29.1 million represents investments made directly to certain of Fund I LP's portfolio companies in the form of mezzanine finance and senior loan notes. Most of the remainder was in cash.
Oakley Capital Investments has invested in the two funds, with OCPE Master now closed to new investors with a final fund close expected this year. Commitments to date in the fund amount to EUR424.0 million, including EUR150.0 million from Oakley.
Oakley Capital Private Equity is now considered fully invested, given 88.5% of its capital has been deployed.
"2013 was a good year for OCIL. NAV per share was up by over 10% year on year, driven by a number of strong exits which allowed the limited partnership to return significant capital to investors. With Fund I LP now fully deployed our focus will be on maximising the value of its portfolio," Peter Dubens, director, said in a statement.
"In addition, with Fund II LP's fundraising almost complete, our focus will be building a strong and diversified portfolio for this Fund which, with our investment in NTG, has already got off to a strong start. We also have a number of quality opportunities in Fund II LP's deal pipeline," Dubens added.
Chairman Christopher Wetherhill said 2014 started "very positively" for the limited partnerships with the sale of intergenia by Fund I LP to Fund II LP and the acquisition by Fund II LP of North Sails.
"The investment adviser expects to consider additional realisation opportunities for Fund I LP and is actively seeking new investment opportunities for Fund II LP in 2014," Wetherhill said.
By Samuel Agini; [email protected]; @samuelagini
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