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August 12, 2019

Annie Lamont’s VC firm raises $800M fund

Photo | J. Fiereck Photography Annie Lamont pictured at HBJ's 2019 Women in Business Awards, where she delivered the keynote.

The venture capital firm run by Gov. Ned Lamont’s wife, Annie Lamont, and her partners has raised approximately $800 million for a new fund.

Announced earlier this month, it’s the third and largest investment fund yet for Greenwich-based Oak HC/FT, which said it will use the capital to continue to invest in the healthcare and financial technology sectors.

The firm, founded five years ago by Lamont, Andrew Adams and Tricia Kemp, says it has invested in nearly 40 companies so far.

“As we move forward with Fund III, we will continue exploring new approaches to solving complex problems in our focus markets,” Oak HC/FT said in its announcement. “Healthcare costs will continue to escalate. Digitization of financial services will continue to proliferate. The opportunities are endless and endlessly evolving, and Oak HC/FT is purpose-built to keep pace.”

A total of 70 investors were listed in Oak's disclosure filing to the U.S. Securities & Exchange Commission. Oak’s prior two funds were $600 million and $456 million, according to SEC documents.

The new fund is also the first for Annie Lamont since her husband took office. 

Earlier this year, the governor asked the Office of State Ethics for an opinion on potential conflicts of interest involving his official duties and his wife’s business.

The agency issued an advisory opinion in May finding that the two were taking adequate steps to comply with conflict-of-interest laws and disclosure requirements.

In addition, the opinion said neither Oak nor any of its portfolio companies have state contracts in Connecticut. Any such contracts would be barred, unless they are awarded through an “open and public process.”

None of the current portfolio companies listed on HC/FT’s website as of Monday morning are based in Connecticut, but among its handful of exits thus far is Branford-based Core Informatics, acquired by Thermo Fisher Scientific in 2017 for $94 million.

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