Oakley Regulatory News (OCI)

10 May 2023

Oakley Capital Investments Limited

Sale and Reinvestment in IU Group

Oakley Capital Investments Limited1 ("OCI") is pleased to announce that Oakley Capital Fund III2 has reached an agreement to realise its stake in IU Group ("IU"), the largest and fastest growing university in Germany and a global leader in education technology.

OCI's share of proceeds, subject to completion, will be c.£240 million, with the sale agreed at the 31 March 2023 carrying value. OCI's underlying investment in IU increased c.85% in value (+ 64 pence) in 2022 through to December when the sale process for IU began. As part of the transaction, Oakley Capital3 vehicles including Oakley Capital Fund V ("Fund V") will invest in IU, extending Oakley's ownership and control of the business. OCI's indirect contribution via Fund V will be c.£67 million.

Note that these figures only relate to OCI's share of proceeds and its share of Fund V's overall investment in IU. OCI's liquid resources including cash and debt available for future deployment (including this transaction) are estimated to be c.£340 million.

Since Oakley invested in the business in 2017, IU's enrolments have grown from 15,000 in 2017 to over 100,000 today and the Group's digital platform now offers 350 accredited bachelor and master courses, representing the largest portfolio of degree programmes worldwide. The renewed partnership with IU will drive the next phase of the Group's growth, focussing on accelerated internationalisation driven by organic growth and enabling acquisitions in key geographies, to further its vision of democratising education.

Further details on the transaction will be announced by Oakley Capital in due course.

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For further information please contact:

Oakley Capital Limited

+44 20 7766 6900

Steven Tredget

Greenbrook Communications Limited

+44 20 7952 2000

Rob White / Michael Russell

Liberum Capital Limited (Financial Adviser & Broker)

+44 20 3100 2000

Chris Clarke / Darren Vickers / Owen Matthews

Notes:

LEI Number: 213800KW6MZUK12CQ815

1 About Oakley Capital Investments Limited ("OCI")

OCI is a Specialist Fund Segment ("SFS") traded investment vehicle that 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 L.P. and its successor funds, Oakley Capital Private Equity II, Oakley Capital Private Equity III, Oakley Capital IV, Oakley Capital V and Oakley Capital Origin Fund 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 PROfounders funds, which are venture capital funds focused on investments in entrepreneur-led, private businesses across Europe.

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

Specialist Fund Segment securities are not admitted to the Official List of the Financial Conduct Authority. Therefore, the Company has not been required to satisfy the eligibility criteria for admission to listing on the Official List and is not required to comply with the Financial Conduct Authority's Listing Rules.

The Specialist Fund Segment is intended for institutional, professional, professionally advised and knowledgeable investors who understand, or who have been advised of, the potential risk from investing in companies admitted to the Specialist Fund Segment.

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.