Wafra buys a minority stake in Oak Hill Capital. Credit: bertholdbrodersen from Pixabay.

US-based alternative investment manager Wafra has purchased a minority stake in middle-market private equity firm Oak Hill Capital Partners (OHCP).

OHCP has developed a theme-based investing strategy that caters to a number of industries including services, industrials, consumer as well as media and communications.

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It operates under the leadership of managing partners Tyler Wolfram, Brian Cherry and Steve Puccinelli.

Funds managed by Wafra bought the stake from an affiliate of Jefferies Financial Group.

The strategic alliance is in line with Wafra’s strategy to buy minority interests in key alternative asset management companies through a partnership-driven approach.  

It will not impact the ownership of OHCP’s investment procedures, management and daily functions.

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The deal follows a transaction that was announced around a year ago and saw the sale of Wafra’s involvement in alternative credit manager Oak Hill Advisors (OHA) to T. Rowe Price.

It also comes shortly after OHCP announced an agreement to buy a minority stake in funds owned by Stone Point Capital in wealth management firm Kestra.

Wafra managing director Gustavo Cardenas said: “We are pleased to partner with Oak Hill, a distinguished group of investors whose current management team has accelerated the evolution of OHCP to a world class private equity firm.

“We look forward to embarking on this new chapter with them, working together to execute strategic initiatives and positioning the firm for continued growth.

“Their thematic approach is differentiated in the market and this thoughtful approach is reflected in all aspects of their business.”