Oak HC/FT Research
Investment Thesis
Oak HC/FT is a venture and growth equity firm founded in 2014 by Annie Lamont and Andrew Adams, both formerly of Oak Investment Partners. The firm invests exclusively in companies driving structural transformation in two complex, regulated systems: healthcare and financial services. With $7B+ in assets under management and over 100 portfolio companies, Oak HC/FT has become one of the best-performing growth equity firms in healthcare and fintech globally.
The firm's central belief is that the most durable companies in this era will combine the velocity of modern AI with a genuine, deep understanding of how these industries work. Oak HC/FT spends significant time evaluating technology products and roadmaps, with particular interest in companies that not only build with true competitive moats, but also deeply understand distribution — the regulatory, institutional, and trust dynamics that define healthcare and financial services.
Oak HC/FT defines fintech broadly: the full spectrum of companies shaping how financial decisions are made, how money flows, and how risk is managed — from AI-native financial services infrastructure to horizontal AI platforms that embed financial logic at their core. In healthcare, they back founders who are not building point solutions, but restructuring how care is delivered, accessed, and paid for.
Sector Focus
Oak HC/FT invests in two primary sectors:
Healthcare:
- Value-based care and care delivery transformation
- Digital health and virtual care platforms
- Healthcare AI (ambient documentation, RCM, risk adjustment, clinical intelligence)
- Healthcare workforce and training
- Women's health, behavioral health, specialty care
- Life sciences and biotech infrastructure
- Payer and provider technology
Fintech:
- Payments infrastructure and fraud prevention
- AI-native financial services (tax, insurance, credit)
- Blockchain and regulated financial infrastructure
- Identity verification and compliance
- Capital markets and private markets infrastructure
- Agentic finance and AI-driven financial workflows
Historically, healthcare and fintech have been the slowest sectors to adopt technological change. The firm sees AI accelerating transformation in both sectors faster than any prior technology wave.
Stage Focus
Oak HC/FT invests across all stages, from seed to growth equity:
- Seed / Pre-Seed: Early conviction bets on exceptional founders with structural insight
- Series A / B: Scaling product-market fit with go-to-market expertise
- Series C+ / Growth: Supporting proven companies expanding nationally or globally
The firm is differentiated in its willingness to write checks from $1M (seed) to $100M (growth), making them a long-term partner through multiple stages of a company's life.
Check Size
Check sizes range from $1M to $100M, with the ability to lead at any stage. The firm frequently leads rounds and reserves follow-on capital for winners.
Lead Tendency
Oak HC/FT regularly leads investment rounds. Recent examples include leading Corner Health's $25M Series A (July 2026), co-leading Blue J's $122M Series D with Sapphire Ventures (August 2025), and leading Spade's $40M Series B (March 2026). The firm is known as a high-conviction lead investor in both venture and growth stages.
Recent Activity
Oak HC/FT closed Fund VI — nearly $2 billion — in March 2026, targeting healthcare and fintech with a significant AI focus. The fund's target was approximately $2B with no hard cap, per a Pennsylvania PSERS commitment document from October 2025. The fund strategy includes 8-9 early-stage investments and 15-17 growth-stage investments, with approximately 75% of capital allocated toward healthcare.
Recent investments include:
- Corner Health — $32.5M Seed + Series A (July 2026, led Series A)
- Stepful — $55M Series C (June 2026)
- Catena Labs — $30M Series A (May 2026)
- Courier Health — $50M Series B (April 2026)
- Black Ore — Series A (April 2026)
- Thesis Care — $45M Series A (March 2026)
- Spade — $40M Series B (March 2026, led)
- Turquoise Health — $40M Series C (March 2026)
- Fundamental — $255M Series A (February 2026)
- Chai Discovery — $130M Series B (December 2025)
- Arch — $52M Series B (September 2025)
- Blue J — $122M Series D (August 2025, co-led with Sapphire Ventures)
Portfolio Highlights
Oak HC/FT has built an exceptional track record with 100+ portfolio companies and numerous exits:
Notable Exits:
- One Medical (NASDAQ: ONEM, acquired by Amazon) — Andrew Adams investment
- Bridge (acquired by Stripe) — Simplified global money movement with stablecoins
- GeneDx (IPO: WGS) — Genetic testing services
- Blend (IPO: BLND) — Digital lending platform
- Pagaya (IPO: PGY) — Alternative assets AI platform
- Therapy Brands (acquired by KKR) — Behavioral health practice management
- CareBridge (acquired by Elevance Health) — Value-based LTSS care
- Aspire Health (acquired by Elevance Health) — Home-based palliative care
- NextCapital (acquired by Goldman Sachs) — Open-architecture platform for financial advisors
- Poynt (acquired by GoDaddy) — POS terminal OS
- Groundspeed (acquired by Insurance Quantified) — Insurance underwriting AI
- Mendel (merged with Ensemble Health Partners)
- OODA Health (acquired by Cedar)
Active High-Profile Portfolio Companies:
- Devoted Health (Medicare Advantage payvider)
- Maven Clinic (virtual women's health)
- Feedzai (fraud detection AI)
- Chai Discovery (molecular biology AI)
- Fundamental (large tabular model enterprise AI)
- Noom (digital health weight management)
- Brightline (virtual behavioral health for kids)
- Candid Health (autonomous RCM)
- Pagaya (alternative assets AI, public)
- Paxos (regulated blockchain infrastructure)
- Rapyd (global payments)
Team
- Annie Lamont, Co-Founder and Managing Partner — Spent 28 years at Oak Investment Partners before co-founding Oak HC/FT. $14B career AUM. Forbes Midas List healthcare investor. Board member at Bloomberg Inc. Stanford BA.
- Andrew Adams, Co-Founder and Managing Partner — 25+ years investing in healthcare. $10B career AUM. Investments include One Medical (acquired by Amazon). Princeton BA.
- Matt Streisfeld, General Partner (Fintech) — Joined 2014. Former VP at LLR Partners. Focus: fintech growth equity.
- Nancy Brown, General Partner (Healthcare) — Joined 2014. Former VP Strategy at McKesson; SVP at athenahealth.
- Allen Miller, Partner (Fintech)
- Andy Smith, Partner (Healthcare)
- Billy Deitch, Partner (Healthcare)
- Marc Andrusko, Partner (Fintech) — Joined March 2026
- Oivind Lorentzen, Partner (Fintech)
- Vig Chandramouli, Partner (Healthcare)
- Charlotte Black, Principal (Healthcare)
- Eliza Adams, Principal (Healthcare)
Decision Process
Oak HC/FT operates as a partnership with multiple GPs and Partners focused by sector (healthcare vs. fintech). Decisions are made collaboratively across the investment team. The firm has deep domain specialization — healthcare partners work with healthcare companies, fintech partners with fintech companies. Board seats are standard for led investments.
Founder Preferences
Oak HC/FT backs founders who understand the system they are trying to change. The firm's tagline is 'You have to know the system to change it.' They prioritize founders with deep domain expertise in healthcare or financial services who can navigate regulatory, distribution, and institutional trust dynamics. The firm is explicitly NOT interested in naive disruption or point solutions without genuine structural insight.
Geographic Focus
Primarily United States, with offices in Stamford, CT (headquarters) and San Francisco, CA. Selective investments in LatAm (99Minutos, Aplazo, Cobre, Toku) and Europe/Israel (Au10Tix, IMMO, Feedzai, Rapyd).