Oakley renews commitment to K12 investments

16 September 2025

Oakley Capital Investments Limited

Oakley Capital Investments Limited1 ("OCI") is pleased to announce Oakley Capital's renewed commitment to its K12 investments portfolio which includes Affinitas Group ('Affinitas'). Affinitas is a leading international schools group with a growing presence across Europe and the Americas. 

Oakley Capital Fund IV2 has reached an agreement to sell its majority stake in the K12 portfolio and retain a minority position. OCI's look-through share of proceeds is anticipated to be c.£25 million, and the partial exit represents a c.6% premium to the 30 June 2025 carrying value, with an uplift of c.3 pence per share to OCI's NAV as at 30 June 2025.

As part of the transaction, Oakley Capital Fund VI will invest new capital into the portfolio, alongside two third-party co-investors. Following the transaction, funds controlled by Oakley Capital will retain a majority stake in the portfolio.

OCI's indirect contribution via Fund VI is anticipated to be c.£25 million, which relates to OCI's share of Oakley's investment in the portfolio.

Further details on the transaction can be found in the below announcement from Oakley Capital3.

Oakley Capital renews commitment to K12 investments including Affinitas Group

Oakley Capital ("Oakley"), a leading mid-market private equity investor, is pleased to announce a renewed commitment to its K12 investments portfolio which includes the Affinitas Group ('Affinitas'). Affinitas is a leading international schools group with a growing presence across Europe and the Americas.

As part of the transaction, Oakley Capital Fund VI will invest new capital into the K12 platform, alongside two third-party co-investors, while Oakley Capital Fund IV will sell part of its stake and retain a minority.

Oakley is also pleased to confirm the appointment of Thomas Rajzbaum as the new Group CEO of Affinitas. Thomas brings more than 20 years of leadership experience across Europe, where he has successfully supported the growth and transformation of international companies across a number of different sectors. Prior to joining Affinitas, Thomas was a Partner at EQT Group, a global investment organisation, where he founded the French office for its infrastructure funds and led its Education sector strategy across Europe.

Founded by Oakley in 2022, Affinitas has grown to encompass 20 schools, providing high-quality education to more than 14,000 students worldwide. Oakley's new investment provides Affinitas with significant capital to support further expansion, with a strong pipeline of new schools looking to join the group. Affinitas will continue to operate under the same founding philosophy- partnering with exceptional founders and entrepreneurs who share the same passion to deliver high-quality education.

Oakley Capital Managing Partner and Co-Founder Peter Dubens said: "Oakley Capital has a strong track record of building successful education platforms, based on our commitment to delivering the best quality learning and supporting these businesses for the long term. This marks our eighth education investment and our thirteenth year in the K12 segment, which we continue to see as one of the most attractive in the sector. We look forward to partnering with Thomas Rajzbaum to help realise Affinitas' full potential."

Affinitas Group CEO Thomas Rajzbaum said: "I am delighted to be joining Affinitas at such a pivotal stage in its journey. With Oakley's backing, Affinitas has emerged as the fastest growing global K12 schools group. With our outstanding management team, we see enormous potential to further expand, both organically and through a robust M&A pipeline, while continuing to invest in delivering exceptional outcomes for our students."

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For further information please contact:

Oakley Capital Limited

+44 20 7766 6900

Steven Tredget

Greenbrook

+44 20 7952 2000

Rob White / Michael Russell

Deutsche Numis (Financial Adviser & Broker)

+44 20 7260 1000

Nathan Brown / Matt Goss

Notes:

LEI Number: 213800KW6MZUK12CQ815

1 About Oakley Capital Investments Limited ("OCI")

OCI is a closed-ended investment fund trading on the main market of the London Stock Exchange as an Official List Company. OCI aims to provide shareholders with consistent long-term capital growth in excess of the FTSE All-Share Index by providing liquid access to private equity returns through investment in the Oakley Funds.

A video introduction to OCI is available at https://oakleycapitalinvestments.com/videos/

The contents of the OCI website are not incorporated into, and do not form part of, this announcement.

2 The Oakley Funds

Oakley Capital Private Equity II, Oakley Capital Private Equity III, Oakley Capital IV, Oakley Capital V, Oakley Capital VI, Oakley Capital Origin and Oakley Capital Origin II are unlisted lower-mid to mid-market private equity funds that aim to provide investors with significant long-term capital appreciation. The investment strategy of the Funds is to focus on buy-out opportunities in industries with the potential for growth, consolidation and performance improvement. The Oakley family of funds also includes Oakley PROfounders Fund III and Oakley Touring Venture Fund, which are venture capital funds focused on investments in entrepreneur-led, disruptive, technology led companies.

3 Oakley Capital, the Investment Adviser

Founded in 2002, Oakley Capital Limited has demonstrated the repeated ability to source attractive growth assets at attractive prices. To do this it relies on its sector and regional expertise, its ability to tackle transaction complexity and its deal generating entrepreneur network.

Important information

Oakley Capital Investments has now been admitted to the Official List of the Financial Conduct Authority. Therefore, the Company is now required to satisfy the eligibility criteria for admission to listing on the Official List is required to comply with the Financial Conduct Authority's Listing Rules, including in relation to transactions with related parties, financial reporting, contents of shareholder circulars and other continuing obligations.

This announcement may include "forward-looking statements". These forward-looking statements are statements regarding the Company's objectives, intentions, beliefs or current expectations with respect to, amongst other things, the Company's financial position, business strategy, results of operations, liquidity, prospects and growth. Forward-looking statements are subject to risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Accordingly the Company's actual future financial results, operational performance and achievements may differ materially from those expressed in, or implied by, the statements. Given these uncertainties, prospective investors are cautioned not to place any undue reliance on such forward-looking statements, which speak only as at the date of this announcement. The Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statements contained herein to reflect actual results or any change in the Company's expectations with regard to them or any change in events, conditions or circumstances on which any such statements are based unless required to do so by the Financial Services and Markets Act 2000, the Listing Rules or Prospectus Regulation Rules of the Financial Conduct Authority or other applicable laws, regulations or rules.