Oak HC/FT is already back in market and seeking $1.1bn for Fund IV

The firm looks to continue its strategy of investing in healthcare and financial services companies from early stage through growth equity.

Less than two years after closing its third fund on $800 million, Oak HC/FT is seeking more than $1 billion for its largest fund yet.

The Greenwich, Connecticut-based firm is targeting $1.1 billion for Oak HC/FT Fund IV, according to meeting documents from the Pennsylvania Public School Employees’ Retirement System (PSERS). The fund does not have a hard-cap.

The fund will continue the firm’s strategy of investing in US-based healthcare and financial services companies ranging from early-stage start-ups through growth equity opportunities.

Pennsylvania PSERS committed $100 million to the new vehicle in its first investment with the venture manager.

Oak HC/FT Fund III closed on $800 million in August 2020. The fund raised capital from such LPs as the Los Angeles City Employees’ Retirement System ($25 million) and the Los Angeles Fire and Police Pension System ($15 million).

At the end of Q3 2020, the firm had invested 46 percent of Fund III, or $368 million, into 14 portfolio companies, according to the pension documents.

Fund II closed on $600 million in 2017 and Fund I closed on $500 million in 2014.

The firm most recently invested in the $300 million Series D round for London-based Rapyd. The payments platform also raised capital from Avid Ventures, Target Global and Tiger Global Management, among others.

The firm could not be reached for comment by press time.