Leerink, Revelation Partners raise $192m healthcare fund

Leerink Capital Partners and Revelation Partners said they’ve teamed up to form an “investment platform” for investing in the healthcare sector and closed an over-subscribed fund worth $192 million.

The firms said Leerink Revelation Partners unites the investment bank’s healthcare expertise with Revelation’s experience with secondary transactions in healthcare. The San Francisco-based investment teamled by Scott Halsted focuses on established, commercial-stage companies or those with novel technologies “that have clear clinical and regulatory pathways.”

Recent investments include PneumRX (acquired for $475 million last year by BTG); Corventis (acquired by Medtronic last summer); Crescendo Bioscience (acquired by Myriad Genetics last year for $270 million); and DiscoveRx.

“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,” Leerink chairman & CEO Jeff Leerink said in prepared remarks.

“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,” Halsted added. “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.”

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