Oak Hill is one of the longer standing US managers tracing its roots back to 1986. To date the manager has invested c. $9.5bn in more than 80 transactions across the US.
ICG has been tracking Oak Hill’s development for a decade and committed to Oak Hill IV and separately invested in Oak Hill II and III via a secondary transaction.
Oak Hill invests in mid-market companies and develops investment themes based on long term trends. It is focused on four core sectors: consumer, retail and distribution; industrials; media and communication; and services.
At the $2.65bn final close in July 2017, Oak Hill IV was c.35% invested and oversubscribed. In addition, Oak Hill II and III represent a well-balanced portfolio and are developing well.
Situations such as this suit our style of investment by applying our bottom-up, underlying company focused due diligence style and targeting opportunities with short term capital deployment alongside primary fund commitments.
At 31 January 2018, ICG Enterprise Trust’s total exposure to Oak Hill, including undrawn commitments, was £16m. In March 2018, Oak Hill announced the sale of one of the first investments made by Oak Hill IV at a 3x multiple of cost.