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.