John Malfettone quietly departed Oak Hill Capital Management after a six-year stint and Jon Zagrodzky, a relative newcomer to the fund, has stepped into roles that were previously occupied by him, peHub has learned.
Malfettone joined Oak Hill in 2004 and served as a partner, chief operating office and chief compliance officer with the firm.
An individual with Oak Hill confirmed Malfettone’s departure and declined to offer further comment. The personnel switch comes as PE firms prepare to face greater transparency and compliance requirements under the Dodd-Frank Act, which was passed this summer.
Zagrodzky joined Oak Hill earlier this year from McKinsey & Co., where he served most recently as a partner and also held roles as a consultant in the energy business and in multiple internal management capacities.
Malfettone also served on Duane Reade’s board until Oak Hill exited the investment in February 2010, selling it—alongside a group of other investors—for $1.08 billion, including debt, to grocery chain Walgreens. Before he came to Oak Hill, Malfettone worked in a number of roles within GE Capital, including as a managing director of the company’s private equity business.
This year, the PE firm has been on a dealmaking roll, acquiring privately-held managed services firm ViaWest from a consortium of sponsors; Oak Hill also struck a secondary deal with Wellspring Capital Management to acquire popular dining chain Dave & Busters.