Oak HC/FT has raised $600 million for its second fund. This is the VC and growth equity firm focused on healthcare and financial technology, which spun out of legacy Oak Investment Partners back in 2014. The new fund is a bit larger than the firm's $500 million debut vehicle, which is partially a reflection of wanting to bring in some new strategic limited partners, like an association for retirees and some insurance companies.

Risk management: Oak HC/FT appears on first glance one of the few non-biotech VC firms that directly aims at regulated industries, although it mitigates such risk on the healthcare side by not going after anything with binary FDA or reimbursement risk.

Fintech future: There has been talk that fintech startups may soon face M&A challenges because Trump-era deregulation could remove a lot of the banking sector's incentive to innovate. But Oak HC/FT partner Tricia Kemp isn't worried: "I'd argue that the digitization of payments and transactions and needing to know your customers -- in terms of things like anti-money laundering -- are only going in one direction. Trump is mainly talking about capital requirements for banks, which could possibly affect the direct lending space, but not most of fintech."

Go deeper

Ousted former U.S. attorney for SDNY to testify before House Judiciary Committee

Berman in October 2019 in New York City. Photo: Johannes Eisele/AFP via Getty Images

Geoffrey Berman, the former U.S. attorney for the Southern District of New York, is scheduled to testify to the House Judiciary Committee next week on the circumstances of his forced resignation, Politico reports, citing a congressional aide.

Why it matters: As the top federal prosecutor in Manhattan, Berman oversaw high-profile cases that worried and angered President Trump and his inner circle, including an investigation into his personal lawyer Rudy Giuliani. His removal has added to allegations by Democrats that Attorney General Bill Barr has politicized the Justice Department under President Trump.

Stimulus outlook takes a hit even as coronavirus cases skyrocket

Data: Bureau of Labor Statistics; Chart: Axios Visuals

The pandemic is getting worse, and the question is whether the economic recovery will go with it.

Why it matters: America adding 7.5 million jobs over the last two months pales in comparison to 20+ million lost over the two months prior.

2 hours ago - Health

Texas governor mandates face masks in public spaces

Photo: Mario Tama/Getty Images

Texas Gov. Greg Abbott (R) issued an executive order Thursday requiring all Texans to wear a face covering in public in counties with 20 or more positive coronavirus cases.

Why it matters: It's a dramatic reversal by the Republican governor that underscores the severity of the outbreak in Texas, which set a single-day record on Wednesday with more than 8,000 confirmed new cases. On June 3, Abbott issued an executive order banning local governments from imposing fines on people who don't wear masks in public.