Oak Hill eyes final close on $3.6bn for Fund V

Oak Hill Capital is heading for a final close on its fifth fund on $3.6 billion, a person with knowledge of the firm told Buyouts.

The close would be over the fund’s $3 billion target. Oak Hill started raising Fund V last year. It secured around $2.65 billion by the end of 2019, but then ran up against the pandemic, which caused fundraising to slow generally as LPs and GPs took stock of the lock down impacts on their portfolios.

Oak Hill’s GP has traditionally been the largest investor in its fund – the firm put $300 million in Fund IV, Buyouts previously reported.

Oak Hill closes Fund V with a new leadership slate in place. Taylor Crandall, managing partner, moved into the role of chairman emeritus. Tyler Wolfram remains as managing partner and CEO, sharing leadership with two other managing partners, Brian Cherry and Steven Puccinelli.

Park Hill Group is working as placement agent on the fundraising.

In November, Oak Hill agreed to invest in Race Communications, a fiber optics provider to homes, small businesses and large enterprises in California. The deal was expected to close in early 2021.