Oakley targets £130m placing

Alice Murray
26 March 2015

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AIM-listed Oakley Capital Investments Limited (OCIL) has placed shares in an effort to raise proceeds of £130m to facilitate co-investments.

OCIL, the listed feeder fund for Oakley's LP funds, has placed 78,787,879 new ordinary shares at 165 pence each. The placement comes as Oakley has identified a number of co-investment opportunities and wants to ensure it has sufficient capital to carry out these deals.

According to Oakley director Peter Dubens, the decision to raise capital through a placement was driven by the desire to give shareholders access to co-investment opportunities alongside the GP's institutional investors.

Speaking to unquote", Dubens said Oakley currently has a healthy pipeline of co-investment opportunities. These are predominantly the size of typical Oakley deals, although some are slightly larger. Oakley normally invests between €20–60m for businesses with enterprise values of between €40–150m.

OCIL's largest investors are Ruffer, Invesco and Woodford Investment Management, all of which are understood to have increased their holdings.

The placing is subject to the passing of a shareholder resolution in order to ensure there is enough capacity in the company's share capital to allot the shares and additional securities in the future. A shareholder meeting will be held on 17 April in Bermuda for the resolution.