UPDATE: On an NAV total return basis, OCI returned +24% in 2022, +4% in 2023, +2% in 2024, +6% in 2025, and +6% in the first half of 2026, making it one of the better-performing private equity trusts over the past three and five years. In the eighteen months since March 2025, it has bought back around 7% of its shares, but its discount to NAV has remained wide and averaged around 30% over the year to September 2026. An updated profile on OCI was published in October 2026.
Oakley Capital Investments (ticker: OCI) is a private equity trust that was launched on the Alternative Investment Market ...
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Oakley Capital Investments (OCI) is a private equity trust that invests in funds managed by Oakley Capital. It is domiciled in Bermuda, was listed on AIM in 2007, before moving to the Specialist Fund Segment in 2019 and the Main Market in 2025. Oakley Capital taps into its extensive network of entrepreneurial contacts to find European companies involved in technology, consumer industries, education, and business services, usually taking controlling stakes in firms valued between €100m and €1bn. Like most private equity trusts, it has tended to trade at a wide discount to NAV, and it has traded...
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UPDATE (Oct 2026): NBPE changed its name from NB Private Equity Partners to Neuberger Private Equity Partners in June 2026. Its NAV total return was -8% in the year to December 2022, +2% to December 2023, +2% to December 2024, +5% to December 2025, and +2% in the first half of 2026, making it one of the poorer-performing trusts in the Private Equity sector in the last few years. The company bought back a few shares in 2023 and 2024, but stepped up the pace from early 2025 onwards. In February 2025, it set aside $120m for buybacks over the next three years, subject to conditions, and it added a...
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UPDATE: Long-time manager Hamish Mair retired in May 2026,at which time Andrew Carnwath stepped up from deputy to lead manager. CTPE returned +4.6% in the year to December 2024, +4.7% to December 2025, and -0.2% in the six months to June 2026.
CT Private Equity (ticker: CTPE) was set up in 1999 to take on around £100m of unquoted assets from the Martin Currie-managed Scottish Eastern Investment Trust. After a couple of share reorganisations, the management team moved from Martin Currie to F&C in 2005 (F&C was subsequently taken over by BMO and then Columbia Threadneedle). Hamish Mair ...
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Update (Oct 2026): A couple of days after this article was published, BOOK shares fell by 10% after it issued a third-quarter trading update saying that, while most of its businesses were trading well, several issues have become apparent at Cubo Work and it would be writing down its investment to zero in its September 2026 valuation (it was previously £24.4m, 40.6p per share, 8.6% of NAV). A couple of weeks later, BOOK sold its holding in Cubo Work for a small but undisclosed amount, but later revealed a £22.4m write-down in its Q3 NAV update, with NAV per share down 4.7% overall to 450.5p, wi...
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UPDATE (Oct 2026): ICGT returned +2.1% in the year to January 2024, +10.5% to January 2025, and +0.5% to January 2026, buying back £13m, £36m, and £28m of its shares, respectively, while continuing with its progressive dividend policy; the payout for the year to January 2026 was 39p versus a year-end NAV of 2,045p. The discount on the shares has narrowed slightly over the last three years, averaging 34% over the past three years, and 29.5% over the past year.
ICG Enterprise Trust (ticker: ICGT) was launched in 1981 making it the second-oldest trust in the private equity sector after 3i. It wa...
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UPDATE: A revised version of this profile was published on 30 September 2026.
Literacy Capital (ticker: BOOK) joined the market in June 2021 and has seen its share price soar from 160p to around 400p due to an enormous increase in the value of its portfolio of UK unquoted businesses. Set up by Capita co-founder and ex-CEO Paul Pindar and his son Richard, Literacy aims to take a different approach to private equity, backing smaller businesses on a long-term basis and charging no performance fees. It also donates 0.9% of its NAV each year to literacy charities. Literacy raised £54m from investo...
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UPDATE (Sep 2026): After a share price decline in early 2026 on concerns that AI could reduce software industry revenues, HGT said Hg and its staff planned to increase their collective stake in the trust from 6% to 15% over the medium term, alongside ongoing share repurchases. Valhalla Ventures, the O'Hare family's holding company, has built a significant stake in the trust as well. HGT's NAV total return for 2025 was +4.0%, and it was -4.9% for the six months to June 2026.
HgCapital Trust (ticker: HGT) was launched in 1989 and has been one of the best-performing trusts over the last 30 year...
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UPDATE: PIN has tried a number of measures to reduce its discount over the last few years, but it still remains at a wide level. It bought back £200m of its shares in 2023 and has since made significant ongoing buybacks. It has also reduced its management fee, sold some funds on the secondary market, and shifted towards more direct investments and working with 25 core private equity firms. Charlotte Morris took over as the Pantheon partner responsible for the trust at the end of 2025, replacing Helen Steers, who retired. The trust's NAV returns over the last few years have been similar to mos...
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UPDATE: A revised version of this profile was published in June 2026.
3i Group (ticker: III) can trace its roots back to 1945 although it didn't join the London market until 1994. Initially focused on UK private equity, it has expanded over the years into northern Europe, North America, and infrastructure. But it's not given its shareholders an easy ride, slumping in the early 2000s after dashing into technology stocks and sliding again in 2009 when it become overindebted in the run-up to the global financial crisis. Simon Borrows became 3i's CEO in 2012 and has transformed the trust's prospe...
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