Healthcare partnership collects $227m for secondaries

Leerink Revelation Partners, which can by direct stakes and take positions in healthcare funds, has nearly $400m under management.

Leerink Revelation Partners, an alliance of two West Coast fund managers, has hit the hard-cap on its sophomore healthcare secondaries fund.

The firm, formed in 2015 as a partnership between Leerink Capital Partners and Revelation Partners, raised $227 million for Leerink Revelation Healthcare Fund II against an initial target of $200 million, according to a statement.

Fund II has been in market since some point in 2015, according to Private Equity International data. The firm’s previous fund Leerink Revelation Healthcare I raised $192 million, hitting final close in 2015. Its investors have included endowments the Jim Joseph Foundation and the Passport Foundation.

The firm also announced the appointment of Fred Lee as head of business origination. Most recently, he worked at Bridge Bank as a managing director in the life sciences group where he was primarily responsible for originating venture debt investments in early to mid-stage life science companies.

Scott Halsted, managing partner of Revelation Partners, told Secondaries Investor that the fund can acquire direct positions in healthcare companies, stakes in funds, back GP-led processes and provide follow-on capital for managers that need more money to fund their portfolio companies.

Revelation Partners is a San Francisco-based investment firm that make direct secondaries investments in late-stage healthcare companies, according to its website. Leerink Capital Partners is the principal investment arm of Leerink Partners, an investment bank that specialises in healthcare.