Oak Hill Capital Management brings on Puccinelli

Steven Puccinelli will join as partner

New York-based Oak Hill Capital Management has hired Steven Puccinelli as a new partner to focus on investments in the services sector.

Puccinelli joins the firm from Investcorp International, where he was a managing director and the head of private equity for North America and Europe. Prior to his work at Investcorp he spent 15 years at Donaldson, Lufkin & Jenrette.

Oak Hill is believed to be in market with its fourth flagship fund. That vehicle likely to be smaller than its previous $3.8 billion fund raised in 2009, with a possible target of between $2-3 billion, according to Private Equity International’s research and analytics division.

Oak Hill was most recently involved in the successful IPO of Irish aircraft leasing company Avolon, which was also backed by Cinven and CVC, as PEI reported in December. Oak Hill was the largest investor in the company, and reduced its stake to just under 23 percent with the float.

In August, Oak Hill acquired Berlin Packaging from Bahrain-based Investcorp, in a deal is valued at 1.43 billion. Chicago-based Berlin Packaging is a supplier of rigid packaging products and services in North America. The investment came from Oak Hill’s third fund.