Leerink Revelation Partners, a joint venture between Leerink Capital Partners and Revelation Partners, has raised $192 million for its oversubscribed inaugural healthcare-focused fund, beating its initial $175 million target. Leerink Revelation Healthcare Fund I has made recent investments in companies that include Crescendo Bioscience, PneumRX, Inc, Corventis and DiscoveRx Corporation.
BOSTON & SAN FRANCISCO – June 11, 2015 – LEERINK Capital Partners, the asset management affiliate of LEERINK Partners, a leading healthcare investment bank, and Revelation Partners, an investment firm focused on late-stage, private healthcare companies, announced today that they have created an investment platform that provides capital and liquidity to healthcare investors, companies, founders and funds, called LEERINK Revelation Partners. In addition, they announced the close of its first fund, LEERINK Revelation Healthcare Fund I, with $192 million of commitments, surpassing its initial target of $175 million.
LEERINK Revelation Partners combines the experience and resources of LEERINK’s leading healthcare investment bank with Revelation Partners’ established leadership in secondary transactions across healthcare. The investing team is based in San Francisco and invests broadly across healthcare sectors, focusing on commercial companies that have proven business models or companies with novel technologies that have clear clinical and regulatory pathways. Specifically, the firm invests in medical devices, diagnostics, biopharmaceuticals, healthcare IT and healthcare services. Recent investments of the Fund include: Crescendo Bioscience, PneumRX, Inc., Corventis and DiscoveRx Corporation.
The investment team, led by Scott Halsted, Dr. Zack Scott, and Michael Boggs has been executing this strategy, often referred to as direct secondary investing, for the past seven years. Prior to the partnership with LEERINK, the investment team has invested over $230 million in healthcare secondary transactions.
Jeff Leerink, Chairman and CEO of LEERINK Partners, said, “We are very excited by this partnership and look forward to working with Scott and his team. Our unique position and institutional knowledge in the healthcare marketplace will help to strengthen what is already a very impressive team and investment platform, and we are all equally committed to its success.”
James Nahirny, Managing Partner of LEERINK Capital Partners said, “We see this as yet another way in which LEERINK can support companies and investors who are shaping the future of healthcare. Revelation Partners’ substantial experience and proven track record in direct secondary investing in late-stage, private healthcare companies makes them an ideal partner for LEERINK, as we are uniquely suited to add value to this highly regarded investment team.”
“We believe our investment strategy capitalizes on an attractive market opportunity, given the macro trends affecting traditional healthcare investors and declining number of active venture capital firms,” said Mr. Halsted. “There are many exciting healthcare companies that have taken more time and more money than originally expected to achieve scale and, as a result, there is often misalignment in the investor syndicate relative to the ability or desire to fund the company for an optimal exit. By providing liquidity and financing options to these existing investors, we can help to re-align the investors and maximize the company’s value.”
He continued, “Working with LEERINK provides a substantial competitive advantage, and we look forward to leveraging their distinct expertise, broad industry relationships and unrivaled position in healthcare to deliver value to our investors and portfolio companies alike.”
About LEERINK Partners:
LEERINK Partners LLC is a leading investment bank, specializing in healthcare. Our knowledge, experience and focus enable us to help our clients define and achieve their strategic, capital markets and investment objectives. We partner with companies that develop and commercialize innovative products and services that are defining the future of healthcare. LEERINK Partners LLC is a member of FINRA/SIPC. For more information, please visit: www.leerink.com.
About Revelation Partners:
Revelation Partners is a San Francisco-based investment firm that invests in late-stage, private healthcare companies acquired in negotiated transactions from existing shareholders. We invest broadly across healthcare sectors with a focus on commercial companies with proven business models or companies with novel technologies that have clear clinical and regulatory pathways. We actively invest in the following healthcare verticals – medical devices, biopharmaceuticals, healthcare IT and healthcare services. For more information, please visit: www.revelation-partners.com.