14 October 2025

Oakley Capital Investments Limited 

Oakley Capital Investments Limited¹ ("OCI") is pleased to announce that Oakley Capital Fund V² ("the Fund") is investing in ONHC, the Italian leader in private healthcare insurance services, via its insurance services platform Tiger HoldCo ("Tiger").

OCI's indirect contribution via Fund V is anticipated to be c.£10 million, which relates to OCI's share of Oakley's investment in ONHC. 

Further details on the transaction can be found in the below announcement from Oakley Capital³. 

Oakley Capital invests in leading Italian healthcare insurance service provider ONHC

Oakley Capital, a leading pan-European, mid-market private equity investor, is pleased to announce that Oakley Capital Fund V ("the Fund") is investing in ONHC ("the Company"), Italy's leading provider of private healthcare insurance services. The investment is being made through Oakley's insurance services platform, Tiger HoldCo ("Tiger"). Oakley is investing alongside founder and CEO Filippo Ceppellini and his management team, who will continue to lead the Company.

Founded in Genoa in 2007, ONHC is a specialist service provider in Italy's private healthcare insurance sector. The Company offers a comprehensive, full-service offering that spans consulting, product development, intermediation, underwriting, and third-party administration.

Healthcare spending in Italy is increasingly shifting towards the private sector, driven by the country's rapidly ageing population and mounting pressure on the public health system. At the same time, Italy remains underinsured compared to other European countries, with low private healthcare coverage.

ONHC has delivered strong organic growth in recent years thanks to its reputation as a trusted partner, its deep industry expertise, broad product offering and a highly experienced management team. The Company has partnerships with Italy's largest healthcare insurance carriers.

This will be the first acquisition by Tiger, which focuses on high-growth businesses in the fragmented, commercial speciality insurance space across Southern Europe. ONHC will benefit from the platform's network of leading industry advisors and operators including insurance services veteran Enrico Vanin. Vanin spent almost 20 years at insurance broker AON before joining Tiger as Chief Executive Officer. He is co-investing in the platform alongside Oakley and will lead Tiger's M&A strategy in Southern Europe. The team will support ONHC's next phase of growth by expanding its client base, broadening its service offering, and leveraging Oakley's buy-and-build expertise to drive strategic M&A in Italy's fragmented market for healthcare insurance services.

The investment in ONHC follow's Oakley's separate acquisition in 2024 of Konzept & Marketing, a leading independent Managing General Agent in the German personal, non-life insurance market.

Peter Dubens, Co-Founder and Managing Partner at Oakley Capital, said: "We are backing a proven, founder-led team that has built a successful business in an attractive insurance services market. We look forward to supporting Filippo and his team as they further scale ONHC by taking advantage of the structural growth drivers in Italy's fragmented market for healthcare insurance services."

Filippo Ceppellini, Founder and CEO of ONHC, said: "In Oakley, we have found a partner who can help us take full advantage of the significant consolidation opportunities we see in Italy and abroad, by leveraging their expertise in M&A and in particular their impressive track-record expanding the footprint of businesses in Southern Europe."

Enrico Vanin, CEO of Tiger HoldCo, said: "We are pleased to welcome ONHC as the first acquisition within the Tiger HoldCo platform. ONHC is a well-established business with a broad product offering and strong relationships across the Italian insurance market. The Company is uniquely positioned to benefit from the country's ongoing shift towards private healthcare. By leveraging Tiger HoldCo's extensive network, we will work alongside Filippo and his team to drive ONHC's next phase of growth and unlock its full potential."

- ends -

For further information please contact:

Oakley Capital Limited

+44 20 7766 6900

Steven Tredget

Greenbrook

+44 20 7952 2000

Rob White / Michael Russell

Deutsche Numis (Financial Adviser & Broker)

+44 20 7260 1000

Nathan Brown / Matt Goss

Notes:

LEI Number: 213800KW6MZUK12CQ815

¹ About Oakley Capital Investments Limited ("OCI")

OCI is a closed-ended investment fund trading on the main market of the London Stock Exchange as an Official List Company. OCI 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 II, Oakley Capital Private Equity III, Oakley Capital IV, Oakley Capital V, Oakley Capital VI, Oakley Capital Origin and Oakley Capital Origin II 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 Oakley PROfounders Fund III and Oakley Touring Venture Fund, which are venture capital funds focused on investments in entrepreneur-led, disruptive, technology led companies.

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

Oakley Capital Investments has now been admitted to the Official List of the Financial Conduct Authority. Therefore, the Company is now required to satisfy the eligibility criteria for admission to listing on the Official List is required to comply with the Financial Conduct Authority's Listing Rules, including in relation to transactions with related parties, financial reporting, contents of shareholder circulars and other continuing obligations.

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.