- Leading private equity firm Revelstoke Capital Partners announced that it raised $1.4 billion of committed capital for two of its funds
Revelstoke Capital Partners — a leading private equity firm focused on investing in healthcare services companies — announced that it has completed fundraising for Revelstoke Capital Partners Fund II, L.P. (RCP Fund II) and Revelstoke Single Asset Fund I, L.P. (RSAF I). These funds will enable Revelstoke to continue its investment approach of partnering with entrepreneurs and management teams to build successful healthcare companies. Ever since Revelstoke launched in 2013, the firm has raised over $2.3 billion in equity commitments across various investing entities and has invested in 17 platform companies and 48 add-on acquisitions.
“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,” said Revelstoke co-founder and managing partner Simon Bachleda.
WIth $714 million of commitments, RCP Fund II was oversubscribed and exceeded its target of $500 million and reaching its hard cap. And RSAF I — which has $660 million of commitments — was also oversubscribed.
Along with the closing of RSAF I, the funds acquired Upstream Rehabilitation — which is the third-largest provider of outpatient physical therapy services in the US through a broad network of 746 clinics across 27 states. And the funds have substantially committed capital to advance Upstream Rehabilitation’s strategy of consolidating the physical therapy market.
“We appreciate the tremendous support from our existing and new limited partners, and we are pleased that our global investor base has expanded to include a broad group of financial institutions, endowments, sovereign wealth funds, family offices, and pension funds,” added Russell Cassella, Managing Partner of Revelstoke.
Revelstoke’s investment team will continue to be led by general partners Bachleda, Cassella, and Eric Shuey, and Andrew Welch.
Houlihan Lokey Capital had served as placement agent for RCP Fund II and PJT Park Hill served as financial advisor to RSAF I. Simpson Thacher & Bartlett LLP served as legal advisor to the funds. And Winston & Strawn LLP provided legal advice and Harris Williams served as financial advisor to Upstream Rehabilitation.
