Hardman & Co Research: Oakley Capital Investments (OCI) - initiation of coverage: 'When it rains gold, put out the bucket'

Hardman & Co Research: "When it rains gold, put out the bucket"

Over 10 years, OCI has delivered a 156% total NAV return. Its investments in Oakley Capital's (Oakley) private equity (PE) funds have delivered total realised returns of 3.5x money multiple and 48% gross IRR to date since inception. Oakley has unique advantages in origination, management and complex-deal structuring. Portfolio companies benefit from improved operational efficiency, strategic development, ratings and governance. OCI's end-June cash was £261m (59% of market cap.) - well positioned to take market opportunities. The 1H'20 NAV total return was 4%, despite COVID-19. The 35% NAV discount appears anomalous with performance.

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