Bermuda-based private-equity fund Oakley Capital Investments Ltd. has acquired 50 percent of Time Out, the listings magazine publisher.

The company, whose chairman is former Appleby partner James Keyes, made the announcement yesterday morning.

Time Out started out as a London listings guide in 1968 and over the years exported the concept to many of the world's major capital cities, as well as publishing travel guides.

Time Out magazines now have 36 weekly versions in 24 countries. These are complemented by 22 travel magazines and city guides to some 50 cities.

Peter Dubens is the founder of the Oakley Capital Group of Companies. Oakley, which is listed on the AIM Index in London.

"It is very rare to be able to help with such a renowned, iconic brand as Time Out, which over the last 42 years has provided first class editorial on culture and entertainment to over 50 cities around the world," London-based Mr Dubens said in a statement yesterday.

"We believe that we will help this brand both in its traditional media and the continued transition to digital over the coming years."

Apart from Mr Keyes, other Bermuda residents on Oakley's board include Ian Pilgrim, Tina Burns and Christopher Wetherhill.

Mr Pilgrim is chief executive officer of Mayflower Management Services (Bermuda) Ltd., which provides consultancy and other services to hedge funds.

Ms Burns is a Certified Public Accountant, who provides consulting services to Schroders Private Equity Services in Bermuda, according to Oakley's website.

Mr Wetherhill is the founder and former chief executive officer of Hemisphere Management Ltd. (now known as BISYS Hedge Fund Services Limited), a financial services company in Bermuda.

Oakley's media statement focused on Time Out's electronic media reach.

"Time Out has a worldwide audience of over 17 million per annum across all these channels and continues to grow its digital presence, with global unique users per month up 38 percent year on year to 7.5 million, of which over two million are in London," the statement read.

"Time Out also recently launched its location based iPhone applications and has already had over 500,000 downloads in 2010."

Tony Elliott, founder of Time Out, said he had considered many potential investors over the last seven years to help the brand with the next phase of development.

"I believe that Oakley Capital, with its entrepreneurial operational focus, will help us with this," Mr Elliott said. "I genuinely believe that I have found a real partner for what I expect to be a hugely successful worldwide digital journey."