Healthcare-focused Revelstoke Capital Partners has sealed a massive increase in capital under management by closing a pair of new funds on almost $1.4bn.
The firm has beaten its hard cap for its second flagship fundraise by holding a $714m final close for the vehicle, a huge increase on the $303m it gathered for the hard cap close of its debut fund.
Revelstoke also revealed it had gathered $660m for Revelstoke Single Asset Fund I.
It said that concurrent with the fundraises it had acquired Upstream Rehabilitation, the third largest provider of outpatient physical therapy services in the US.
Since the firm’s inception in 2013 Revelstoke has raised over $2.3 billion in equity commitments and invested in 17 platform companies and 48 add-on acquisitions.
Revelstoke typically makes investments valued between $10m to $250m in businesses with an EBITDA of at least $5m.
Simon Bachleda, co-founder and managing partner of Revelstoke, said, “We look forward to investing our new capital base in compelling risk-reward opportunities.
“With the significant growth in demand for high-quality healthcare procedures, products and services, we will continue our disciplined and systematic approach to thematic investing in attractive sub-sectors and operationally intensive post-investment value creation.”
Houlihan Lokey Capital served as placement agent for RCP Fund II, and PJT Park Hill served as financial advisor to RSAF I.
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