Oakley Capital: The Pan-European Private-Equity Powerhouse Supporting Europe’s Next Market Leaders

Oakley Capital is a privately owned pan-European private-equity firm founded in 2002 by entrepreneur Peter Dubens. Based in London, the firm works with founders, management teams and ambitious businesses across Europe. Its main aim is to help strong companies expand, improve their operations and become long-term market leaders.

The firm operates across Technology, Consumer, Education and Business Services. It has offices in London, Milan, Munich, Madrid and Luxembourg, giving it access to different markets, business cultures and investment opportunities.

What Is Oakley Capital?

Oakley Capital focuses on private companies with enterprise values ranging from approximately €100 million to more than €1 billion. Enterprise value represents the overall value of a business, including its debt and cash position.

The firm usually seeks a controlling or co-controlling stake. This allows it to work closely with company leaders and influence important decisions. It also supports complex transactions, including carve-outs, where a business division is separated from a larger corporation.

Oakley does not focus only on buying companies and selling them later. Its approach involves building long-term partnerships with founders and management teams. The firm supports international expansion, digital development, improved management systems and carefully selected acquisitions.

A Founder-First Investment Approach

A major part of Oakley Capital’s identity is its founder-first philosophy. The firm aims to work with entrepreneurs who have created successful businesses and need additional support for the next stage of growth.

Oakley’s team combines investment experience with knowledge of local European markets. This is important because business conditions, regulations, customer behaviour and management styles can differ significantly between countries.

The firm also has a strong focus on bolt-on acquisitions. A bolt-on acquisition takes place when a company buys smaller businesses that complement its existing operations. This can help a portfolio company increase its services, enter new countries or reach new customers.

Quick Facts About Oakley Capital

Oakley Capital Investment Strategies

Oakley Capital operates two main private-equity strategies: Flagship Funds and the Origin Fund.

Flagship Funds

The Flagship Funds focus on larger mid-market businesses valued between €100 million and €1 billion-plus. These funds normally take control or joint control of companies with strong growth potential.

The fund journey began with Fund I, which raised €288 million in 2007. Fund II followed with €524 million in 2013, while Fund III reached €800 million in 2016. Fund IV closed at €1.46 billion in 2019.

Fund V closed at €2.85 billion in 2022. Fund VI reached its €4.5 billion hard cap in 2025, making it substantially larger than its predecessor. The fundraising received strong support from existing investors and attracted new institutional capital from Europe, North America, Asia, Australia and Latin America.

Across its wider platform, Oakley states that it has raised more than €12.7 billion through nine funds. It also gives a realised gross internal rate of return of 68% and a gross money multiple of 4.5 times. These figures are gross measures and do not represent the final returns received by investors after fees and expenses.

The Origin Fund

The Origin Fund targets smaller, founder-led businesses. Origin Fund I closed at approximately €458 million in 2021, exceeding its original target of €350 million.

Origin Fund II reached its €750 million hard cap in 2023 after fundraising for only four months. It focuses on lower-mid-market companies, often with enterprise values of up to €200 million.

This strategy allows Oakley Capital to invest in businesses at an earlier stage of institutional growth. The firm can provide capital, management support, technology guidance and access to its international network.

The Four Core Sectors

Technology

Technology is one of Oakley Capital’s most important investment areas. The portfolio includes software, cloud hosting, cybersecurity, digital advertising and artificial-intelligence businesses.

Companies connected with this sector include Brevo, Contabo, Hosting.com, I-TRACING, Seedtag, vitroconnect, Alerce, Assured Data Protection, Graphwise and XTEL.

Graphwise focuses on enterprise data, knowledge graphs and artificial intelligence. XTEL provides software that helps consumer brands manage trade promotions. Hosting.com and Contabo operate in web hosting and cloud infrastructure, while I-TRACING provides cybersecurity services.

Consumer

The Consumer sector includes brands, digital platforms and businesses with strong customer relationships. Oakley’s consumer interests include Alessi, Dexters, Facile, Globe-Trotter, Gymondo, North Sails, Vice Golf and Wishcard Technologies Group.

These businesses operate in areas such as design, property services, fitness, fashion, sports and gift cards. Oakley often supports these companies with international growth, online sales, brand development and new product opportunities.

Education

Education is another important part of Oakley Capital’s investment strategy. Its education interests include IU Group, ACE Education, Affinitas Education, Bright Stars and Thomas’s London Day Schools.

IU Group is a major German education and online-learning platform. ACE Education operates higher-education campuses in France and Spain, while Affinitas Education manages premium private schools.

In 2026, Oakley also invested in Skilled Education Global, which acquired Sigmund Freud University. The platform covers subjects including psychology, medicine, dentistry, law and psychotherapy.

Business Services

Business Services companies provide essential support to other organisations. Oakley’s businesses in this area include Clio, GLAS, G3, Infravadis, Liberty Dental Group, Phenna Group, ProductLife Group, Steer Automotive Group, TechInsights and Konzept & Marketing.

Clio operates in legal technology. GLAS provides loan administration and bond trustee services. ProductLife Group supports pharmaceutical and healthcare companies with regulatory and compliance services.

Steer Automotive operates vehicle-repair centres, while TechInsights provides research and technical intelligence for the technology industry.

Recent Investments and Exits

Oakley Capital has remained active in both acquisitions and exits. In 2024, Ocean Technologies Group was sold to Lloyd’s Register after Oakley combined maritime training and software businesses into a larger international platform.

Oakley also sold its investment in idealista, a major Southern European property website, to Cinven at a valuation of approximately €2.9 billion. In 2025, vLex was sold to Clio at a valuation of approximately $1 billion, while atHome was sold to Apax.

Recent investments include G3, Bridewell, Infravadis, JBMC, Paraty Tech, James Perse and Athena Racing.

During the first half of 2026, Oakley announced investments in XTEL, GLAS, Groupe Senef, Skilled Education Global and Graphwise. The firm stated that more than €950 million was deployed during the period, including transactions that had not yet completed.

Oakley also appointed former Red Bull Formula One team principal Christian Horner as an adviser on premium sports investments. This supports the firm’s interest in sports, lifestyle and performance-related businesses.

Leadership and Corporate Structure

The senior leadership team includes Peter Dubens, David Till, Rebecca Gibson, Arthur Mornington and Alex Collins. Other senior partners include David Brickell, Alessandro Celli, Valero Domingo, Sam Fenton-Whittet, Viral Mehta, Mike Mutsaers, Ralf Schremper, Konstantin Synetos, Lovis von Andrian, Steven Tredget and Jan Woods.

Amjid Zaman serves as Chief Financial Officer, Aaron Kienwald is Chief Operating Officer and Kerry Heaton is Chief People Officer.

Oakley Capital is part of a wider group of related legal entities. Oakley Capital Limited acts as the UK investment adviser, while Oakley Capital Manager S.à r.l. operates as the Luxembourg alternative investment fund manager. Other related entities operate in Germany, Italy, Spain and Bermuda.

The UK company is authorised by the Financial Conduct Authority. Companies House records David Till and Amjid Zaman as its current directors. Peter Dubens is no longer a director of the UK company, but remains its person with significant control.

Financial Position

The latest filed group accounts cover the year ending December 2024. They recorded turnover of approximately £94.5 million, a loss before tax of about £10.7 million and a loss after tax of approximately £9.9 million.

The loss was linked to exceptional costs, restructuring activity, fundraising expenses, increased staffing and other group expenses. The accounts recorded assets under management of approximately £11.2 billion, including uncalled investor commitments.

These management-company figures should not be confused with the performance of individual investment funds. Private-equity fund results are measured separately and are affected by company valuations, debt levels, exits and timing.

Oakley Capital Investments

Oakley Capital Investments, known as OCI, is a separate company. It is a Bermuda-registered investment company quoted on the London Stock Exchange. OCI gives public investors access to a portfolio connected with Oakley funds.

OCI is not the same legal entity as Oakley Capital Limited. At the end of 2025, OCI recorded a net asset value of approximately £1.233 billion and exposure to 38 underlying mid-market companies.

Final Assessment

Oakley Capital has developed into a major European private-equity platform with a strong founder-led identity, broad sector coverage and significant fundraising success. Its main strengths include local European offices, experience with technology businesses, buy-and-build expertise and long-term partnerships with management teams.

However, private equity carries risks. Fund investments are not easily sold, returns depend on successful exits and published gross performance figures do not show the final net return for investors. Overall, Oakley Capital is a well-established private-equity firm focused on helping European businesses grow, modernise and compete in international markets.

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