Oak Hill Capital Partners raised its fourth fund, Oak Hill Capital Partners IV, valued at $2.65 billion. The closing of Fund IV comes during one of best PE fundraising climates ever.

Fund IV received commitments from limited and general partners, along with current and former portfolio company management teams. The fund already invested more than $900 million in five companies including: Print Solutions, FirstLight Fiber, CCC Information Services, and Charter NEX. Oak Hill seeks to invest between $100 million and $300 million across the consumer, retail, industrial and media sectors. Paul Weiss Rifkind Wharton & Garrison LLP represented Oak Hill.

“Oak Hill has been incredibly active, yet disciplined in the current market environment," says Oak Hill managing partner Tyler Wolfram. "We have a well-diversified portfolio to build upon in the months and years to come." Earlier in 2017, New York-based Oak Hill paid $525 million for fast food chain Checkers Drive-In Restaurants. The restaurant sector has been ripe with M&A actively lately with both PE and strategic buyers in the mix. Oak Hill is not currently invested in any other restaurants. The PE firm previously invested in Dave & Buster's Entertainment Inc. (Nasdaq: PLAY), which went public in 2014.

Private equity is experiencing the best fundraising climate in years - perhaps ever. In the first half of the year, 224 North America-focused funds closed, raising $133 billion, while globally there have been 412 private equity funds closed, which raised a combined $221.4 billion, surpassing slightly the record $220.8 billion raised in 2008, according to Preqin.

Other recent fundraises include: Industrial Opportunity Partner’s (IOP) raising its third fund with $450 million; Platte River Equity's closing the firm’s fourth fund; Private Advisors’ closing its fourth co-investment program; CVC Capital Partners’ $18 billion fund to target U.S. and European investments; Saw Mill's second fund; and the Riverside Co.’s first minority investment fund.

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Demitri Diakantonis

Demitri Diakantonis

Demitri Diakantonis joined SourceMedia in 2015 and serves as Managing Editor of Mergers & Acquisitions. He covers all aspects of middle-market deamaking, with a focus on strategic buyers and the consumer and retail sectors, and writes The Buyside column.