What Revelation Partners does

Revelation Partners is a private healthcare-focused secondaries investment manager founded by Scott Halsted following his tenure co-heading healthcare at Morgan Stanley Ventures (1987–2007), where he pioneered the secondary market for healthcare investors. The firm is operated through Revelation Capital Management, LLC (Delaware LLC), headquartered at 300 Turney Street, Sausalito, California, with 11–50 employees and $2.2 billion in committed capital as of May 2026. Its platform delivers three interlocking service lines: Flexible Capital for Healthcare Companies (growth and primary capital into healthcare companies), Shareholder Liquidity Solutions (structured buyouts of founder, employee, angel, and investor stakes in private healthcare companies), and Fund Manager Solutions (LP tenders, GP-led continuation vehicles, portfolio purchases, and fund restructurings for healthcare-focused GPs).

Revenue is generated through management fees on committed capital (the firm closed its third healthcare secondaries fund, Revelation Healthcare Fund III, at a $350 million hard cap in February 2025) and carried interest on realizations. In October 2024, Kudu Investment Management took a minority strategic stake to support growth and distribution. Notable portfolio transactions include leading VitalConnect's $30M Series F, participating in Metabolon's $25M primary financing, acquiring common shares from early employees of Iris Telehealth, purchasing a 15-asset healthcare portfolio from GE Ventures, and co-financing Bluejay Capital's recapitalization of Quality Life Science Logistics & Transportation.

The senior team is concentrated in healthcare-domain expertise: Managing Partners Scott Halsted and Mike Boggs, Partner/CFO Prashant Gangwal (joined 2026 from Altos Ventures), Partners Doug Fisher (biopharma/diagnostics/medical devices), Fred Lee, Eric Shiozaki (biopharma/medical devices, promoted November 2025), Jonathan Au (secondaries, joined 2026 from CVC Secondary Partners), plus Principals, Senior Associates, and Associates sourced from Goldman Sachs, Wells Fargo Strategic Capital, SoftBank, Carlyle AlpInvest, and Bluejay BioAdvisors. The firm operates a single integrated investment platform rather than a modular product suite, and there is no evidence of proprietary technology or AI/ML systems — competitive differentiation is sourced from sector specialization, deal structuring capabilities, and GP/founder relationships.

Name

Revelation Partners

Legal name

Revelation Capital Management, LLC

Website

https://revelation-partners.com

Company type

Private

Founded year

2012

Operating status

Operating

Headcount range

11–50 employees

Short description

Revelation Partners is a private healthcare-focused secondaries investment manager, providing flexible capital, shareholder liquidity, and fund manager solutions to private healthcare companies and GPs, with $2.2 billion in committed capital and a $350M Fund III closed in February 2025.

Ownership category

akta.pro rank

Product category

Healthcare Secondaries Investment Management

NAICS

Trusts, Estates, and Agency Accounts (52592)

SIC

Investment Advice (6282)

akta.pro primary industry

Emerging Manager / Small Fund Secondaries (FSANAFAL)

akta.pro secondary industries

GP-led Secondaries — Fund Restructurings / Tender Offers / Recaps (FSAHALAK), Secondaries Fundraising & Liquidity Intermediation (LP Stakes/GP-led) (FSAEALAG)

Keywords

• Healthcare secondaries investing
• Private equity funds
• Healthcare investment management
• Shareholder liquidity solutions
• Fund manager solutions

Headquarters

HQ city

San Francisco

HQ country

United States

HQ region

North America

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Others

Core offering

Revelation Partners is a private healthcare-focused secondaries investment manager that provides flexible capital to growth-stage healthcare companies, designs customized shareholder liquidity programs (for founders, early employees, and early investors), and partners with healthcare-focused venture and growth fund managers to deliver GP-led liquidity solutions including continuation vehicles, LP tenders, and fund restructurings. Its offerings are funded through its dedicated healthcare secondaries funds, with Revelation Healthcare Fund III closed at a $350 million hard cap in February 2025.

Product overview

Revelation Partners operates a single integrated investment platform focused on healthcare secondaries, delivered through three interlocking service lines: Flexible Capital for Healthcare Companies, Shareholder Liquidity Solutions, and Fund Manager Solutions. These offerings are funded and scaled through the firm's flagship vehicles, including Revelation Healthcare Fund III ($350M hard cap, February 2025), and complement one another — Flexible Capital for Healthcare Companies anchors the deal origination pipeline, Shareholder Liquidity Solutions provides structured exits for company stakeholders, and Fund Manager Solutions supports healthcare-focused GPs. Together, they form a unified secondaries platform rather than a modular product suite.

Differentiator

Problem solved

Functional benefit

Products and services

• Flexible Capital for Healthcare Companies Flexible, tailored secondary-market capital provided to growth-stage privately held healthcare companies, enabling them to fund growth, extend runway, or provide shareholder liquidity without a traditional primary financing round. The firm invests in rapidly growing healthcare companies and actively partners with management teams to scale, while also creating customized solutions that provide liquidity and align shareholders. Includes growth capital and shareholder liquidity solutions (founder, early employee, venture/PE fund, corporate investor, and angel investor liquidity).
• Shareholder Liquidity Solutions Customized secondary transactions that provide liquidity to the shareholders of privately held healthcare companies, including founders, early employees, venture and private equity funds, corporate investors, and angel investors, while balancing shareholder needs with company-stage considerations.
• Fund Manager Solutions Partnership solutions for healthcare-focused venture and growth fund managers and their LPs, including direct share purchases, follow-on capital, multi- and single-asset transactions, continuation funds, fund restructurings, and LP tenders. The firm partners with the GP to provide liquidity solutions to limited partners and tailors specialized solutions for a wide range of counterparties.
• Revelation Healthcare Fund III The firm's third healthcare-focused secondaries fund, closed at a $350 million hard cap in February 2025. The fund provides the capital that backs the firm's Flexible Capital for Healthcare Companies, Shareholder Liquidity Solutions, and Fund Manager Solutions offerings.

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Recent moves7 records

Expansion highlights5 records

Direct peers

• NewView Capital: Healthcare-focused secondary investment manager providing liquidity solutions to venture and growth-stage healthcare companies and their investors. Direct competitor to Revelation's Flexible Capital and Shareholder Liquidity service lines, with overlapping target markets and LP base.
• Glendower Capital (CVC Secondary Partners): Multi-strategy secondaries investment manager now part of CVC Capital Partners, with significant healthcare exposure across LP stakes and GP-led transactions. Directly comparable on transaction structure and healthcare focus; competitor for both portfolio secondaries and GP-led continuation vehicles.
• Industry Ventures: Specialist secondaries and fund-of-funds manager focused on venture capital, with significant healthcare VC exposure. Comparable model of LP-stake purchases, GP-led solutions, and direct secondaries in growth-stage companies.

Broad incumbents

• Lexington Partners: One of the largest and most established secondary investment managers globally, with broad sector exposure including dedicated healthcare secondaries activity. Larger, more diversified incumbent competing for both LP-stake and GP-led healthcare opportunities.
• Ardian: Global private investment house with a leading Secondary Fund of Funds franchise and growing direct/GPS platform. Active in healthcare secondaries; broader incumbent offering scale advantages and access to LPs and GPs worldwide.
• HarbourVest Partners: Large global private markets investment manager with active secondary funds-of-funds and partnership solutions programs, including healthcare exposure. Broader incumbent offering scale, multi-strategy mandates, and global LP distribution.
• StepStone Group: Global private markets investment firm with a dedicated secondaries platform covering LP secondaries and GP-led transactions. Larger, more diversified competitor with growing healthcare coverage.
• Blackstone GP Stakes: Major GP-led secondaries platform within Blackstone, executing large continuation vehicles and GP-stake transactions. Increasingly relevant competitor on the GP-led side of Revelation's Fund Manager Solutions offering.
• LGT Capital Partners: Large global private markets investment manager with established secondary fund-of-funds and primaries platforms, including healthcare exposure. Broader incumbent with global LP distribution capabilities.

Emerging players

• Vivo Capital: Healthcare-focused investment firm operating across venture, growth, and public equities with a meaningful US and Asia presence. Comparable healthcare-only thesis but with primary investment orientation rather than dedicated secondaries platform.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/revelation-partners

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Funding overview

Funding rounds2 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments55 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Revelation Partners