2024 marked an important milestone for Oakley, with the successful raise of Fund VI which closed in March 2025. The strength of this fundraise reflects the continued confidence our investors place in our strategy, including our integrated approach to sustainability and value creation. It has also provided fresh momentum to accelerate the work we are doing to support portfolio companies in meeting evolving stakeholder expectations while building resilient, future-ready businesses.

In a year shaped by shifting geopolitical dynamics, regulatory complexity, and heightened investor scrutiny, we have taken proactive steps to strengthen both our internal capabilities and those of our portfolio companies. Over the past 18 months, the growth of our team – both in size and expertise – has enabled us to deliver more impactful initiatives, focused on mitigating risk, enhancing resilience, and unlocking new avenues for value creation.

Recognising that robust, valuable data is essential to performance and informed decision-making, we dedicated significant effort in 2024 to working closely with our portfolio companies to enhance the accuracy, consistency and completeness of sustainability data – progress that, I believe, is evident throughout this report.

We also developed and adopted a formal climate strategy, laying a clear foundation for managing transition risks, identifying climate-related opportunities, and enhancing transparency across our operations and investments. Our TCFD report outlines our approach, including key metrics and strategic priorities, as we continue to build a portfolio that we consider to be low-to-average in carbon intensity and resilient to climate-related risks.

To support our portfolio in navigating complex regulatory requirements and developing tailored sustainability strategies, we launched a dedicated program to help those in scope prepare for the Corporate Sustainability Reporting Directive (CSRD), with a focus on double materiality assessments. This initiative strengthened internal sustainability capabilities, engaged senior leadership, and enhanced engagement with key stakeholders. This represented our most comprehensive regulatory support effort to date, complemented by ongoing updates and tailored guidance on other sustainability-related regulations relevant to individual portfolio companies.

Providing further capacity building, we launched a new series of interactive webinars to facilitate peer learning and build sustainability-related knowledge across the portfolio. Topics ranged from climate and data governance to social impact and reporting readiness.

Recognising the ever increasing and evolving cybersecurity risks, we introduced a portfolio-wide cybersecurity monitoring program, helping management teams assess vulnerabilities and build more resilient IT infrastructures.

These initiatives highlight some of the targeted sustainability projects delivered in 2024. Throughout this report, I trust you will find further examples of how we work closely with our portfolio companies to advance their sustainability progress. Oakley believes each initiative reflects our conviction that responsible investment is a key driver of long-term value and resilience. They also demonstrate our collaborative approach – partnering with portfolio companies to deliver change that is practical, measurable and impactful.

As we look to the future, we remain committed to continuous improvement, transparency, and aligning our practices with both investor expectations and the evolving global sustainability landscape.

Thank you for your ongoing trust and support.

Aga Siemiginowska
Head of Sustainability