Jefferies Sells Oak Hill Capital Stake to Kuwait-Backed Wafra

Wafra Inc., the alternative-asset manager that invests on behalf of Kuwait, acquired a minority stake in private equity firm Oak Hill Capital from Jefferies Financial Group Inc.

“We think they are doing something differentiated in the middle market,” Wafra managing director Gustavo Cardenas, who helps lead the firms investments in both mature and growing firms, said in an interview. Oak Hill has been a “great provider” of co-investment opportunities to its limited partners, he said.

Oak Hill’s fourth and fifth funds delivered internal rates of return of 28.3% and 28.5% as of June 30, according to PitchBook data. ...