Oak Investment execs raise more than $400 mln for healthcare and fintech deals

growmoney

Three partners from Oak Investment Partners have held a first close on more than $400 million for a new fund called Oak HC/FT Partners, according to three people with knowledge of the fundraising.

PeHUB was unable to learn the amount of the hard cap for the fund. Two limited partners familiar with the fund said the original target was $400 million.

Oak HC/FT will make investments in companies focused on healthcare and financial technology.

The exact relationship between Oak Investment Partners and Oak HC/FT Partners is not clear. The founders of the new fund — Ann Lamont, Andrew Adams and Patricia Kemp — are expected to retain their current responsibilities with Oak Investment Partners.

Lamont is an Oak managing partner who leads the firm’s healthcare and financial services technology teams, Adams is an Oak general partner focused on healthcare and fintech, and Kemp is an Oak venture partner focused on financial services technology.

Some of the deals attributed to the partners at Oak Investment Partners include healthcare information provider Castlight Health Inc., which raised $178 million in its initial public offering in March, AthenaHealth Inc., which provides electronic health records software for physicians, cloud-based benefits service Benefitfocus Inc., and Netspend, which provides reloadable prepaid debit cards to the underbanked U.S. consumer, according to Oak’s website.

Oak HC/FT Partners declined to comment. Fortune wrote about the formation of the team back in March.

Photo courtesy of Shutterstock.

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