Oak Hill Capital Partners is a private equity firm headquartered in New York city. They are into managing funds with more than $19 billion of initial capital commitments since inception from leading entrepreneurs, foundations, corporations, endowments, pension funds and global financial institutions. Oak Hill Capital is one of many Oak hill partnerships, each of which has an independent management team. Over the past 30 years, the professionals at Oak Hill and its predecessors have invested in around 81 remarkable private equity transactions across broad segments of U.S and global economies. Oak Hill applies an industry focused and theme-based approach to investing in the following sectors: Consumer, industrials, retail and distribution, services and media and communication. Oak Hill works actively in partnership with the management to execute strategic and operational initiatives to create a franchise value as per written on their website.
My experience as per their revered status:
Never seek help from Oak Hill if you wish to save time and money! I used to own a small business. We were into a toy making store. Since our inception we had been providing best services to our customers. Being a medium size company, we had limited funds. In the competitive world to compete with big companies we needed a lot of funds to start with. Before this, I had never framed myself in the same picture with an investment partner for my company. However looking at the brighter side, I chose Oak Hill Capital Partners to help me with the excess finance that I couldn’t handle alone. This decision made by me absolutely started on a wrong note.
The meeting was held and as usual we had words with the team of the company. They assured us that they would come up with the best plan and solution for our expansion. The team even visited our office to access the documents and the nature of our business. The meetings were fruitful and I was glad to find someone so actively involved in delivering their services. Initially I felt they were the best I could have but as time passed by, I realized that my notion about this company was absolutely wrong. The agreement was signed on 70-30% partnership in presence of both the partners. Initially I was ok to start with as I needed an excess fund to set the platform. But as days and months passed by , I experienced a very bad phase wherein Oak Hill Capital Partners people were looking for profitability only for themselves. Being someone seeking help doesn’t make us incompetent and this is what we had kept in mind while signing the agreement as well. But we were proved wrong. These people seemed opportunistic and prudent. They dictated terms that were wrongfully defined. During a 1 year tenure of the agreement, it reached a bankruptcy stage. The staff, employees and laid off workers weren’t paid. Oak Hill people were very rude to them. The scenario showed how little the employees were valued. Atlast it reached a bankruptcy stage where we had to close the doors for good. We lost our potential customers. I was completely shocked and embarrassed that there was nothing we can do. The entire agreement was made in falsehood and only keeping them in consideration. We weren’t getting what we deserved and that’s how we got a slap in the face! I spoke with them and was stunned to get the reply from them that they had to cover for the losses if made. Instead of helping me grow , I eventually lost my money and savings. It cost us a huge problem to have compromised with them. We trusted them and that’s where we went wrong. These people are very dangerous for your business. Its better to stay away from such people.
The rise or the fall of commercialized hospice industry
The rise of the commercialized hospice industry concerns me that they may not be providing the compassionate care they promise.
The hospice movement began with non-profit, small, community-based organizations meant to provide the compassionate care to the terminally ill. However, in the US, the hospice movement has been co-opted by commercial hospices that are often run by large corporations which puts profit ahead of compassion. But on sad note, the hospices industry in the U.S. is booming accompanied by surging in enrolling patients who aren’t close to death and in some cases this practice can expose the patients to the more powerful pain-killers that are routinely used by hospice providers.
Yet evidence continues to gather that modern industrialized hospices, especially those owned and run by large for-profit corporations, may enroll patients who are not terminally ill to increase revenue. One such corporation is Guardian Hospice and Accentcare owned by Oak Hill Capital Partners.
There are more cases being reported in which hospices, especially those owned and run by large for-profit corporations, have enrolled patients who were not terminally ill. These enrollments may be motivated by the urge for more money but put the patients at risk.
Hospice patients may receive large doses of psychoactive narcotics and drugs, which may lead to adverse effects up to and including death. Hospice patients may not, however, receive treatments for new acute problems, even if those problems are potentially curable. Therefore, hospice patients may die from untreated infections that otherwise might respond to antibiotics. In my humble opinion, we should return control of direct patient care, especially of the most vulnerable patients, to health care professionals and if necessary small non-profit community organizations. We ought to give strong consideration to banning corporate hospices, and banning all forms of the corporate health care “delivery.”
Oak’s rogue partner:
Oak has been slammed by numerous allegations that what it called a “rogue” partner committed a fraud that went on for more than a decade.
In 2002, Iftkar Ahmed, a native of Assam, India arrived at Oak. Nicknamed as Ifty hopped from Harvard to Goldman to his final venture capital firm, Oak Investment Partners, before being accused for insider trading and defrauding Oak. Oak’s funds launched after 2000 were relative disasters. As fundraising grew difficult, firms started focussing on sectors such as financial technology, health care, even private investments in public equity .
In April, Oak’s problem intensified rapidly. The securities and Exchange Commission ( SEC) announced an accusation against Ifty Ahmed, an Oak general partner since 2004 and his friend, Kanodia, A private equity investor for insider trading. The two allegedly made more than $1 million trading in shares and an option of India’s Apollo tyres . In May, the SEC announced more devastating charges and revealed that Ifty manipulated 9 Oak investments for personal gain- often by making fake invoices, by making up numbers or just listing false exchange rates. In all of these cases, no one at Oak bothered to check Ifty’s work.
For venture capital firms built on trust between partners, fraud is an ongoing challenge. With $9 billion to insulate themselves, though, Oak managed to keep their doors open — even when Ifty tried to countersue for $133 million while living in exile on his buddy’s couch in India. After the internal investigations by Oak, they were determined that Mr. Ahmed was a rogue employee who repeatedly outwitted Oak’s policies and procedures in carrying out the criminal scheme.
Meanwhile in May, the man at the heart of the scandal disappeared and fled to India after swindling his company.
Employees working at Oak Hill:
Most of the employees here are dysfunctional and unhappy. This is one of the worst places to be employed. The management team which is headed in New York, micromanages the work and disrespects the employees regularly. They have a careless attitude as far as employee satisfaction is concerned. There is no flexibility of work. Management expects employees to sit at their desk even if they have no work to do. Managers are expected to check their emails at all times and respond and revert even when on vacation. Corporate communication is awful with non-competitive salaries. There is no training provided but high expectations.