Company Announcements

25 August 2022

Oakley Capital Investments Limited

Oakley Capital Investments Limited¹ ("OCI") is pleased to announce that Oakley Capital Fund IV² ("Fund IV") has invested in Affinitas Education ("Affinitas"), a company established by education entrepreneur Victor Lundsten with the intention of building a new global K12 schools group.

OCI's indirect contribution via Fund IV will be c.£10 million.

Note that the above figure only relates to OCI's share of Oakley's overall investment in Affinitas.

Further details on the transaction can be found in the below announcement from Oakley Capital^3.

Oakley Capital invests in Affinitas Education

Oakley Capital ("Oakley") is pleased to announce that Oakley Capital Fund IV² ("Fund IV") has invested in Affinitas Education ("Affinitas"), a company established by education entrepreneur Victor Lundsten with the intention of building a new, global K12 (kindergarten to 12^th grade) schools group.

Affinitas has completed its first three acquisitions in Spain and Mexico together comprising nine premium, private schools with more than 8,500 students combined. Affinitas maintains a large and growing pipeline of active K12 opportunities focusing on Europe and the Americas.

K12 education is an attractive c.$3.5 trillion international market with strong, long-term growth drivers. Global private-pay schooling represents c.11% of this spend, and is expected to grow 7% p.a. through to 2030 as families prioritise education spending. At the same time, globalisation is driving demand for English speaking education as a path to international universities and high-paying professions. Many K12 schools are owned and operated on a single site basis, providing opportunities for consolidation.

The investment in Affinitas is Oakley's seventh platform deal in the education sector. Leveraging the Firm's experience in M&A, internationalisation and technology, Oakley has helped grow offline and online platforms across pre-K, K12, Higher Education, after-school tutoring, corporate training and edtech markets.

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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.

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.