Interim Results Presentation H1 2018 0 Oakley Oa kley Capital - - PowerPoint PPT Presentation
Interim Results Presentation H1 2018 0 Oakley Oa kley Capital Capital Inves Investm tmen ents ts Six Six Months o Months of Pr f Progre ogress ss 1 2 3 Growing shareholder NAV discount gap Portfolio performance closing
Interim Results Presentation H1 2018
1
Oa Oakley kley Capital Capital Inves Investm tmen ents ts – Six Six Months o Months of Pr f Progre
ss £1.95
(1)
Share price
£2.59p
NAV per share
29%
Discount
14%
(2)
Total shareholder return
6%
(2)
NAV per share growth
2.25p
Half-Year Dividend £
£
Note: (1) As at 31 August 2018 (2) From December 2017
NAV discount gap closing Portfolio performance Growing shareholder returns £
2
Oa Oakley kley Capital Capital Fun Funds ds
Succ Succes essful sful ex exit its s dri drive return ve returns
Acquisitions Career Partner Group Facile (re-investment) North Sails (follow on investment)
Realisations Parship Elite Verivox Facile
£
3 OCI OCI share share price price gro growth wth 7% 22% 82%
Strong Strong Sha Share re an and d NAV NAV Pe Perf rforman
ce
5 5 ye year ar NAV NAV per per sha share re CAGR CAGR of 17% f 17%
1 year 5 years 10 years OCI OCI NA NAV pe V per r share are gro growth wth 12% 33% 160%
100 200 300 400 500 600 0.2 0.4 0.6 0.8 1 1.2 1.4 1.6 1.8 2 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
OCI NAV & NAV per Share
NAV £m NAV per share £m £
4
Cash/Other Assets & Liabilities Co-Investment Oakley Fund Investment
Note: (1) As at 30 June 2018
£530m NAV by investment type (1)
Fun Fund d Inves Investm tmen ent t Dr Drives Pe ives Perf rformance
£250m 122p per share 40% IRR Equity £61m 30p per share (2%) IRR Debt £71m 35p per share 11% IRR £148m 72p per share
25% 28% 47%
Co-Investment
€ $ £ 60% 25% 15%
5
NAV NAV by by comp compan any
Note: As at 30 June 2018
A A Balan Balanced Portfolio ced Portfolio Acr Acros
s Three ee Dist Distinct inct Secto Sectors rs
Facile
£28.9m
Inspired
£55.9m
TechInsights
£18.3m
CONSUMER
Fund Investment
Time Out
£55.0m
North Sails
£37.9m Debt: £32.7m
Casa & atHome
£41.1m
Schülerhilfe
£34.8m
Career Partner Group
£30.5m
Daisy
£16.3m Debt: £29.4m
Plesk
£15.7m
AMOS
£11.1m
EDUCATION TMT
Damovo
£15.4m
6
1 2 3 4 5 <10% 10 - 30% >30%
Portfolio Company EBITDA growth vs prior year
Note: (1) Multiple analysis based on EV, Net Debt and EBITDA as at 30 June 2018 valuations. Analysis Excludes Time Out Group plc.
1 2 3 4 5 Net cash < 3x 3x - 5x 5x -7x
Portfolio Company Net Debt/EBITDA(1)
Avg 2018 Net Debt/EBITDA
Avg June Valuation Multiple
Avg 2018 year on year EBITDA Growth
High High Growth, Growth, Co Conser nservativ vative e Debt, Debt, Modest Modest Valu Valuations ations
Portf Portfoli lio an analysis alysis
1 2 3 4 5
< 10x 10x - 12x >12x
Portfolio Company EV / EBITDA (1) Fund Investment
7 7
Pr Proce
ss St Strat rategy/ egy/Policy Policy Curre rrent t In Investm vestmen ents ts (1)
1)
Recipient
Time Out
Amount
Inspired June 2018 £28.6m £60.7m £32.1m
£
Co Co-Inv Inves estm tment ent Equit Equity
Co-Investment
Where attractive to do so OCI takes direct equity stakes in portfolio companies when an Oakley fund can no longer make 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). The Oakley investment committee submits written co-investment proposals to the OCI board for their consideration and approval.
Note: (1) As at 30 June 2018
8
Co Co-Inv Inves estm tment ent Debt Debt
If OCI has appropriate cash levels, it will consider providing debt instruments to the portfolio companies if the returns are appropriate. The rate will be that which the portfolio companies would be paying an institution if OCI wasn’t providing the instrument.
Recipient
Daisy
Amount Interest
North Sails Fund Facilities June 2018
Maturity
£29.5m £71.2m £32.8m £8.9m 5% 10-12% 6.5% 31 May 2019 30 November 2018 Sub 1 yr, revolving facility
St Strat rategy/ egy/Policy Policy Proc roces ess Curre rrent t In Investm vestmen ents ts (1)
1) £
Co-Investment
Note: (1) As at 30 June 2018
9
Me Meeting eting Commit Commitmen ments ts & M & Max aximising imising Fu Futur ture Poten e Potential tial
Cash at 30 June 2018 post disposals and refinancings
Outstanding commitment to funds Conservative cover, but avoiding excessive drag
97% 33% 26% 56% 32% 24% 22% 2% 24% 22% 16% 28% 0% 20% 40% 60% 80% 100% 120% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
£m
Net Cash as % NAV
Cash / Other Assets & Liabilities
10
£41.1m £34.8m £30.5m £28.9m £18.3m £15.7m £11.1m £70.7m £45.8m £55.9m £55.0m
£0.0m £20.0m £40.0m £60.0m £80.0m £100.0m £120.0m £140.0m £160.0m £180.0m £200.0m
<2 years 2-4 years 4+ years
Bala Balance nced d Ma Matur turity ity Pr Profile
3.5 years average investment holding period
Holding Period
£172m £180m £55m
Note: As at 30 June 2018 * Updated for post period disposal (Damovo completed in August 2018)
Plesk TechInsights Schülerhilfe AMOS CPG Casa & atHome North Sails Inspired Facile Time Out Daisy
11
Realisations YTD deliver £102m of OCI proceeds & added 14p to NAV
synergistic acquisition
Premium to Fair Value
2018 2018 Disposals D Disposals Drive Re rive Retur turns ns
Note: (1) Gross returns to Oakley Fund II
Premium to Fair Value
market leader
Premium to Fair Value
growth & revenue diversification
13
An An Es Established Mid tablished Mid-Cap Cap Inves Investo tor r Wit With h Su Super perior ior Retur Returns ns
Mi Mid d Cap I Cap Investor vestor
€1.6bn
Western European Focus Target size Enterprise Value
€60m - €300m
Funds under management
Se Sect ctor
Expertise tise
Consumer Digital TMT Education
St Stron rong g Pe Perform rforman ance ce Gross IRR
40%
6 of 7
% Fund III deals sourced or diligenced by Oakley Network
In Intro troduc ducing ing Oakl Oakley ey Capital Capital
14
Verivox I Emesa Educas Monument Broadstone Headland Media Host Europe Daisy plc Intergenia I Facile.it Parship Elite Group Verivox II Intergenia II HEG Damovo (40%) (20%)
40% 60% 80% 100% 120% 140%
2.0x 3.0x 4.0x 5.0x 6.0x 7.0x
Gross IRR Gross MM
MM & IRR Exited Deals
Fund I Fund II
Consist Consisten ent t Stron Strong P g Per erfor forman mance ce since since Fu Fund nd I
14
Target 30% IRR Target 2.5x MM >10.0x
15
Su Super perior ior Retur Returns ns Based Based On On A A Vir Virtuous tuous Inves Investm tmen ent t Circle Circle Built Around Oakley’s DNA ...
15
Entrepreneurial heritage & culture Pr Propri
etary ary sourc sourcing g ch chan annel els s an and d ca capabi pabili lities ties Exc Except eptional
re retu turn rns s ac across ross Oak Oakley ley fu funds ds De Deep ep sec sector tor & & geographic geographic exper expertise tise in Oak Oakley ley te team am an and d net etwork work De De-risk risking g com complex plex deals deals Growing rowing fa famil ily y of
Oakley en entr trep epre reneurs rs & & man anage agers rs
1 2 3 4 5
16
Va Value lue investing in investing in gr growt
h sect sectors
complex plex primar primary y dea deals ls acqu acquire ired d at at attractive attractive multiples multiples
Note: Please note averages are simple arithmetic means across the data sets (1) Excludes Broadstone, as businesses loss making at point of acquisition (2) Entry average excludes Daisy Group plc as it was a share deal (3) Excludes Broadstone and Monument as loss making on exit (4) Fund II & III Entry Average includes pro forma multiples
EV/EBITDA Multiples
0.0x 2.0x 4.0x 6.0x 8.0x 10.0x 12.0x 14.0x 16.0x
Entry Sector Av.
Fund I
(1) (1,2) (3) (4) (4)0.0x 2.0x 4.0x 6.0x 8.0x 10.0x 12.0x 14.0x 16.0x
Entry Sector Av.
Fund III
0.0x 2.0x 4.0x 6.0x 8.0x 10.0x 12.0x 14.0x
Entry Sector Av.
Fund II
17
Secto Sector r Exper Expertis tise
Focus on core sectors & geographies drive competitive advantage
Co Cons nsumer umer
Oakley’s core concentration is Digital Consumer, with the focus being
with leading positions in their respective industries.
TM TMT
Originally investing in hosting and telecoms space, Oakley’s experience and insightful network has helped to target businesses that are key to supporting advancements in technology.
Educ Educat ation ion
A sector with very attractive fundamentals, Education has grown to become a significant area of investment for Oakley, with portfolio companies across different segments of the market.
Value
£195.6m
Value
£95.3m
Value
£132.2m
37%
18%
25% Fund II asset Fund III asset Fund I asset
Note: As at 30 June 2018
Consumer
Revenue June 2018F
c.€36.5m
Location EBITDA June 2018F
c.€12.5m
EBITDA growth FY17-FY18F
c.89%
The leading online property portal in Luxembourg and #2 in Italy An under-managed business in a core Oakley sector
Control panel software simplifying the lives of developers and Web Professionals A defensive business model with recurring revenue and strong cash generation TMT
Revenue June 18 LTM
$40.2m $20.8m
YoY EBITDA growth
53%
Location EBITDA June 18 LTM
One of the most highly ranked universities in Germany
CPG is one of the fastest growing private university groups in Germany A market leader in Germany’s rapidly growing Online University and Dual Study sectors
Revenue June 18 LTM
€71.5m
EBITDA June 18 LTM
€12.9m
YoY EBITDA growth
78%
Location
Education
21
Curr Curren ent t Portfolio Portfolio – Co Consumer nsumer
Entry Date: Sep-14 / Fund II Cost: £0.0m Valuation: £33.1m (Realised £51.6m) EBITDA Growth: >30% Online Price Comparison (Italy) Entry Date: Aug-15 / Fund II Cost: £0.0m Valuation: £11.0m (Realised £15.1m) EBITDA Growth: >30% Online Price Comparison (Germany) Entry Date: Apr-15 / Fund II Cost: £0.0m Valuation: £29.5m (Realised £35.6m) EBITDA Growth: >30% Online Dating Entry Date: Jan-17 / Fund III Cost: £26.3m Valuation: £41.1m EBITDA Growth: <10% Online Real Estate Websites Key Strategic Initiatives:
– Restructuring completed as planned delivering c.€5m cost savings – New independent Chair appointed – Build Casa market share – M&A is being reviewed Key Strategic Initiatives: – New price comparison product verticals added to diversify revenue base – Maintaining strong brand awareness through advertising Key Strategic Initiatives: – Successful merger with Elite Partner in June 2013 – Partial realisation to ProSieben in September 2016 – Full realisation to ProSieben agreed at EV €440m Key Strategic Initiatives: – Benefit from synergies with ProSieben, further verticals added to product mix to increase CLV – Full realisation to ProSieben agreed at EV €530m
Note: Parship, Facile and Verivox disposed of prior to 30 June 2018
Recently Exited Recently Exited Recently Exited
22
Entry Date: Mar-14 / Fund II Cost: £35.4m Valuation: £37.9m EBITDA Growth: <10% Global market leader in sails & spars
Curr Curren ent t Portfolio Portfolio – Co Consumer nsumer
Entry Date: Nov-10 / Fund I Cost: £44.9m Valuation: £26.3m EBITDA Growth: <10% Global Media & E-commerce
Key Strategic Initiatives: – 2017 revenue grew 20% to c.£45m. 2018 forecast c.£60m and £5m EBITDA loss. – E-commerce – Growth driven by; more inventory, site upgrades, multi language, more cities on platform – Time Out Market – Lisbon exceeding expectations, 5 new sites signed and set to
Key Strategic Initiatives: – Ongoing M&A to increase market position – Operational improvements in core sails business – Global brand building, leveraging America’s Cup success
23
Curr Curren ent t Portfolio Portfolio – TMT TMT
Entry Date: Jan-15 / Fund II Cost: £2.9m Valuation: £15.4m EBITDA Growth: 10%-30% ICT Solutions Provider Entry Date: Jul-15 / Fund II Cost: £10.2m Valuation: £16.3m EBITDA Growth: 10%-30% ICT Solutions Provider
Key Strategic Initiatives: – Transformative M&A undertaken to create scale – Two public to private acquisitions completed – Phoenix & Alternative Networks
Entry Date: Apr-17 / Fund III Cost: £9.4m Valuation: £15.7m EBITDA Growth: <10% Control Panel Software
Key Strategic Initiatives: – Completed acquisition of XOVI, a SaaS SEO
– New pricing strategy delivering margin growth well ahead of investment case Key Strategic Initiatives: – Broadening product range – Increasing customer base – Selective infill M&A
Entry Date: May-17 / Fund III Cost: £4.3m Valuation: £18.3m EBITDA Growth: 10%-30% Technology –Reverse Engineering
Key Strategic Initiatives: – Integration of nearest rival now complete – Build out different product lines to increase revenue – New CEO recruited for Subscription Services
24
Cur Curre rent nt Por Portfolio tfolio - Edu Education cation
Entry Date: Jan-18 / Fund III Cost: £30.5m Valuation: £30.5m EBITDA Growth: 10%-30% German Online University
Key Strategic Initiatives: – Continue to grow business organically – Grow customer base through product investment
Entry Date: Jul-17 / Fund III Cost: £30.8m Valuation: £34.8m EBITDA Growth: 10%-30% After School Tutoring
Key Strategic Initiatives: – Continued steady growth in market share (11% currently)
Entry Date: Aug-17 / Fund III Cost: £6.8m Valuation: £11.1m EBITDA Growth: >30% French Business School
Key Strategic Initiatives: – Strong growth in existing portfolio and 2 further sites planned – Pursuing platform strategy with further tertiary targets under due diligence
Entry Date: Aug-14 / Fund II Cost: £12.4m Valuation: £23.8m EBITDA Growth: >30% Global Premium Private Schools Group
Key Strategic Initiatives: – Rapid growth in schools from 4 to 35 – Shift from domestic S. African to truly international group – Partial realisation and refinancing in 2017
Narrowing the discount
26
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 announcements through out 2017. 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 2017, level to be maintained. Buyback: The board plans to initiate further share buy backs in due course.
Clo Closing the Gap sing the Gap
Narrowi Narrowing ng the the NAV NAV di discount scount (1) (1)
27
Clo Closing the Gap sing the Gap
Topic Status Comment Greater Disclosure Reconciliation of OCI holdings, more investment detail, increased communications. Ahead: regularly updated fact sheet, more materials available on an upgraded website including research. Share Liquidity & Shareholder Concentration Since start of IR programme in 2017: Total Volume 147m shares +82% Avg daily volume 425k 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 & Duration Accrued significant experience. New candidates being considered.
Narrowi Narrowing ng the the NAV NAV di discount scount (2) (2)
Fees
29
Up to
On investments held directly by OCI (i.e. not including the Oakley Funds)
Recharge costs incurred either directly / indirectly on behalf of OCI On returns earned by OCI over and above 8% pa hurdle rate on directly held investments Of the equity transaction value
Fees Fees
Co Co-Inves Investme tment nt
Oa Oakle kley y Funds Funds
On returns above a 8% pa hurdle rate On commitment for a 5 year period post Fund inception; thereafter 2% on capital invested OCI makes direct investments in portfolio companies when an investment opportunity is either too large for a Fund or beyond its life span.
OC OCI I Adminis Administr tration ation
Management Fee Performance Fee Management Fee Performance Fee Advisory Fee Operational Costs
Fund Structure and the Investment Team
31
Oa Oakley kley Capital Capital Inves Investm tmen ents ts (OCI (OCI)
Acce Accessing ssing the the to top p quartile quartile perfo performa rmance nce of the f the Oakl Oakley ey funds funds
Oakley Capital Investments €704m
Investment Advisor Portfolio Companies
Equity and Debt Co-Investments
L.P.s €908m
Oakley Funds (I, II & III) Total Capital Committed Private Equity Funds
32
Structur Structure
Giving OCI access to a unique network and exposure to high performance
The Company
Oakley Capital Investments Limited
The Administrative Agent
Oakley Capital Manager Limited
The Investment Adviser
Oakley Capital Limited
About OCI
OCI is a closed-ended investment company with the principal objective to achieve capital appreciation through investments in a diversified portfolio of private mid-market businesses primarily in Europe. OCI
investors a liquid investment vehicle, through which they can obtain exposure to the underlying Oakley Funds with minimal administrative burden, no long-term lock-up and no minimum investment size. The OCI Board has the ultimate decision to invest (or take any other action). In the ordinary course it makes decisions, after reviewing the recommendations provided by the Investment Adviser.
About OCML
Oakley Capital Manager Limited (the “Administrative Agent”) provides
Board with respect to OCI’s investments and its general administration. The Administrative Agent is managed by experienced administrative and operational executives.
About OCL
Oakley Capital Limited (“Oakley”) serves as investment adviser to the Administrative Agent with respect to OCI. It was incorporated in England and Wales in 2000, and is authorised and regulated by the Financial Conduct Authority. Oakley is primarily responsible for making investment recommendations along with structuring and negotiating deals for the Oakley Funds.
33
Rebecca Gibson Partner
– 16 years investment experience – Previously a Partner at Cinven – Sector experience includes healthcare, retail, service sectors, consumer
David Till Senior Partner
– David co-founded the Oakley Capital Group with Peter – David worked with Peter on developing Pipex and 365 Media 2002 -2007 – Responsible for operations and development of Oakley and its activities
David Brickell Partner
– 17 years investment experience – Strong Media & TMT background – Co-founder of a SaaS internet start-up
Ralf Schremper Partner
– 15 years M&A and investment experience – Previously Member of Executive Board and CIO at ProSiebenSat.1 – Sector experience includes media, digital, marketing services, commerce and healthcare
Peter Dubens Managing Partner
– >20 years experience – Serial entrepreneur – Success in the public markets and TMT sector with Pipex and 365 Media – Founded Oakley Capital in 2002
Alex Collins Partner
– 20 years of PE investing and
– Alex has worked on a range of deals from growth equity and MBOs to turnaround situations
5
Exper Experien ienced ced Le Lead ader ership ship Team o Team of f Inves Investm tmen ent t Pr Professio
nals ls an and d Entre Entrepr pren eneu eurs rs / / Op Oper erators ators
Arthur Mornington Partner
– 15 years of PE investing experience – Previously a Partner at Charterhouse – Sector experience includes media, education and business services
Fund Valuations
35 35
Fund Investments Sector Location Year of Investment Residual Cost Fair Value Fund I Time Out Consumer Global 2010 £44.9m £26.3m OCI's proportionate allocation of Fund I investments (on a look through basis) £26.3m Other Assets and Liabilites (£1.6m) OCI's investment in Fund I £24.8m Fund II North Sails Consumer Global 2014 £35.4m £37.9m Fund II Inspired Education Global 2014 £12.4m £23.8m Fund II Facile.it Consumer Italy 2014 £2.2m £0.0m Fund II Damovo TMT Germany 2015 £2.9m £15.4m Fund II Parship Elite Group Consumer Germany 2015 £0.0m £0.0m Fund II Daisy TMT UK 2015 £10.2m £16.3m Fund II Verivox Consumer Germany 2015 (£0.0m) £0.0m OCI's proportionate allocation of Fund II investments (on a look through basis) £93.5m Other Assets and Liabilites (£10.0m) OCI's investment in Fund II £83.4m Fund III Casa / atHome Consumer Italy 2017 £26.3m £41.1m Fund III Schulerhilfe Education Germany 2017 £30.8m £34.8m Fund III Plesk TMT Switzerland 2017 £9.4m £15.7m Fund III TechInsights TMT Canada 2017 £4.3m £18.3m Fund III AMOS Education France 2017 £6.8m £11.1m Fund III CPG Education Germany 2018 £30.5m £30.5m Fund III Facile.it Consumer Italy 2018 £28.9m £28.9m OCI's proportionate allocation of Fund III investments (on a look through basis) £180.4m Other Assets and Liabilites (£39.0m) OCI's investment in Fund III £141.4m Co-investment: Equity Time Out Consumer Global 2010 £47.2m £28.6m Equity Inspired Education Global 2017 £13.0m £32.1m Debt Daisy TMT UK 2015 £23.2m £29.5m Debt North Sails Consumer Global 2014 £25.9m £32.8m Debt Fund Facilities n/a n/a n/a £8.9m Total Co-investments £131.8m Total OCI investments £381.5m
36
Fun Fund d II III: I: Va Valua luatio tion
As at 30 Jun 2018 EUR million Date of initial investment Sector Business Description Holding Total Cost invested Co lu m n4 Distributions Fair Value Gross Money Multiple Gross IRR on investments OPEN INVESTMENTS Casa & atHome Jan-17 Digital Consumer Property Classifieds 83% 104.3 28.9 119.5 1.4x 28% Plesk Apr-17 TMT Software/Hosting 51% 25.3 46.2 1.8x 67% TechInsights May-17 TMT Technology Intelligence 62% 11.9 (1) 56.5 4.7x 151% Schülerhilfe Jul-17 Education Private Tutoring 48% (2) 85.9 98.2 1.1x 15% AMOS Aug-17 Education Higher Education 74% 18.2 32.6 1.8x 99% CPG Jan-18 Education Higher Education 67% 84.6 84.6 1.0x 0% Facile.it May-18 Digital Consumer Price Comparison 21% 80.3 80.3 1.0x 0% Total gross portfolio 410.5 28.9 517.9 1.3x 38% Net Returns 1.2x 25%
30 June 2018
(1) Underwritten equity of €44.5m was refinanced within 3 months so investment cost was restated to €11.9m (2) Fund III through its majority positions in various entities controls 72% of voting rights in Schülerhilfe
37
Fun Fund d II II: : Va Valua luatio tion
As at 30 Jun 2018 EUR million Date of initial investment Sector Business Description Total Cost invested Distributions Fair Value Gross Money Multiple Gross IRR on investments OPEN INVESTMENTS North Sails Mar-14 Global Brands Maritime Manufacturing 117.7
1.0x 0% Inspired Aug-14 Education Private Schools Group 79.7 52.4 82.8 1.7x 30% Daisy Jul-15 TMT Telecoms 37.2
1.5x 16% Damovo Jan-15 TMT Unified Comms 10.5
5.4x 63% Total g l gross unr unrea eali lised ed 24 245.1 5.1 52 52.4 .4 31 311.8 1.8 1.5x 1.5x 16% 16% EXITED INVESTMENTS Intergenia Jan-14 TMT Webhosting 49.6 68.1
46% HEG Jan-15 TMT Webhosting 20.0 42.4
40% Parship Elite Group Apr-15 Digital Consumer Online Dating 56.7 266.3
118% Verivox Aug-15 Digital Consumer Price Comparison 21.5 53.5
44% Facile.it Sep-14 Digital Consumer Price Comparison 70.5 261.9
51% Total g l gross rea eali lised ed 21 218.3 8.3 69 692.2 2.2
3.2x 63% 63% Tota
gross portf
io 46 463.4 3.4 74 744.6 4.6 31 311.8 1.8 2.3x 2.3x 41% 41% Net et Ret eturn rns 1.9x 1.9x 32% 32%
30 June 2018
(1) Damovo: €11.4m represents the amount that Fund II expects to receive in deferred consideration. This is dependent on Damovo’s financial performance in the year to 31 January 2019
38
Fun Fund d I: Valua I: Valuatio tion
30 June 2018
As at 30 Jun 2018 EUR million Date of initial investment Business Description Total Cost invested Distributions Fair Value Col um n2 Gross Money Multiple Gross IRR on investments OPEN INVESTMENTS Time Out Group plc Nov-10 Media & Ecommerce 82.1
0.6x (12%) Total g l gross unr unrea eali lised ed 82 82.1 .1 0.0 0.0 45 45.5 .5 0.6 0.6x (12 12%) EXITED INVESTMENTS Headland Media Jan-08 Digital media 5.7 15.1
28% Host Europe Apr-08 Webhosting 59.8 146.4
45% Daisy plc (2) Apr-08 Telecoms 2.9 91.0
75% Monument Jun-08 Financial services 4.3 1.8
(11%) Verivox Dec-09 Energy price comparison 5.3 78.0
72% Broadstone Nov-10 Financial Services 34.2 6.3 0.6
(1)0.2x (31%) Emesa Mar-11 Online leisure 14.7 52.0
109% Intergenia Dec-11 Webhosting 30.4 55.0
32% Inspired Jul-13 Education 23.9 70.5
36% Total g l gross rea eali lised ed 18 181.1 1.1 51 516.2 6.2 0.6 0.6 2.9 2.9x 44 44% Tota
gross portf
io 26 263.2 3.2 51 516.2 .2 46 46.1 .1 2.1x 2.1x 37 37% Net et Ret eturn rns 1.6 1.6x 20 20%
39
Discl Disclaimer aimer and and Im Important portant Informa Informatio tion
⚫ 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.