TIDMOCI
Oakley Capital Investments Limited
17 May 2023
17 May 2023
Oakley Capital Investments Limited
Further to Oakley Capital Investments' ("OCI")(1) RNS
announcement on 10 May 2023 regarding Oakley Capital Fund III's
sale and reinvestment in IU Group, Oakley Capital(2) has published
the following press release.
Oakley Capital extends IU Group partnership with continuation
vehicle
Oakley Capital ("Oakley") is pleased to announce it has raised a
continuation fund to extend its partnership with IU Group ("IU" or
"the Group"), the largest and fastest growing university in Germany
and a global leader in education technology. Oakley's continuation
fund, backed by investors including TPG GP Solutions, HarbourVest
Partners, Goldman Sachs Asset Management, Glendower Capital and
Pantheon, is acquiring the business alongside Oakley Capital Fund V
from Oakley Capital Fund III ("Fund III"). The business has
performed significantly ahead of its original investment case and
Fund III will realise a gross return of 85% IRR on its exit subject
to completion.
The transaction extends Oakley's successful partnership with IU
Group and its senior management which began with its investment
back in 2017. Oakley's continued ownership and control of IU in
combination with the leadership team running the business will
ensure the long-term delivery of the Group's vision to democratise
education globally. IU is a digital disruptor in the very large and
structurally growing higher education market, providing high
quality, flexible and affordable online learning to adults and high
school leavers. The Group was an early adopter of artificial
intelligence, successfully leveraging AI tools including early
'natural language processing' to scale its offering, and improve
learning delivery and engagement with students. IU has the highest
form of state accreditation in Germany and recently added separate
U.K. and Canadian accreditations to its portfolio.
Oakley has supported IU with investment in talent acquisition by
leveraging its network to broaden the Group's management team, as
well as investing in student outcomes and marketing excellence.
Significant investment in technology has enhanced IU's IT delivery
platform, enabling it to accelerate and scale every step in the
value chain, from content creation to marketing and learning
delivery. The Group has also hired more professors and opened new
campuses to support blended teaching.
These investments have helped deliver strong student outcomes
and increased enrolments. Student numbers have grown from 15,000 in
2017 to over 100,000 today. IU's unique, digital platform now
offers 350 accredited bachelor and master courses, representing the
largest portfolio of degree programmes worldwide. IU has achieved
an industry leading Net Promoter Score of 50+ and best-in-class
student retention and outcomes.
IU are democratising higher education by making it accessible to
all: 70% of IU students come from non-academic backgrounds and the
Group offers thousands of scholarships every year to students from
disadvantaged backgrounds and developing countries. In keeping with
its commitment to ESG, the business is working towards becoming a B
Corp company.
IU Group is now on track to deliver c.EUR500 million in revenues
in 2023. Oakley's renewed partnership with IU will drive the next
phase of the Group's growth, with continued growth in existing
markets, accelerated internationalisation driven by organic growth
and acquisitions in key geographies. IU already offers more than 70
English language accredited bachelor's and master's degrees and
will expand the portfolio over the next phase. IU is also
leveraging the power of Artificial Intelligence as the first global
university to deploy an AI-powered teaching assistant across all
its English programmes in order to enhance the individual learning
journey for students.
CEO Sven Schütt said: "We are pleased to continue our
partnership with Oakley which will help us drive the next phase of
growth and continue our vision to democratise education across the
globe. We are excited by the tremendous opportunity to further
scale our business in our core markets as well as internationally.
We are also convinced that AI will be a game-changer by enabling us
to empower our students with the most personalised education."
Oakley Capital Managing Partner and co-Founder Peter Dubens
said: "Sven and his team have redefined modern university
education. They have consistently delivered on their ambitious
targets, improved student outcomes, innovating with AI driven
delivery, and expanding into new verticals and geographies. We are
excited to continue to support IU as the Group accelerates its
international growth."
Lazard acted as sole financial advisor to Oakley Capital in
connection with the transaction.
- ends -
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) 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.
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.
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.
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END
NRASFDSWWEDSESI
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May 17, 2023 03:04 ET (07:04 GMT)
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