Oakley's NAV jumps 23%

16th Aug 2011 14:51

Bermuda-based investment firm Oakley Capital Investments saw its net asset value (NAV) per share grow by almost a quarter year-on-year in the first half"The first half of 2011 was another period of solid growth for the Limited Partnership [with Oakley Capital Private Equity], with a further increase in the unrealised value of its investments underpinned by an improvement in the overall profitability of the portfolio companies," said director Peter Dubens.NAV per share jumped 23% over the year from 146p to 180p. This was a 7% increase from the NAV of 168p per share recorded at 31 December.The total NAV for the period was £230.9m (30 June 2010: £187.4m), £103.7m of which represents investments made by the firm into the Limited Partnership and £37.9m accounts for investments made directly to the Limited Partnership's portfolio companies.The group said that it made two "high quality" investments in the period - buying stakes in Time Out America (65.7%) and Emesa (68%) - "both of which are capable of generating strong returns over the coming years"."It is anticipated that improvements in the underlying trading performance of the Limited Partnership's portfolio companies will continue to drive growth in NAV."Total cash and cash equivalents almost doubled to £87.16m, from $46.43m in the first half of 2010.BC