Revelstoke Capital raises $1.4bn

The American manager closes two oversubscribed healthcare focused funds.

Revelstoke Capital Partners announced the closing of two oversubscribed funds on Thursday, Revelstoke Capital Partners Fund II and Revelstoke Single Asset Fund I. Fund II closed with $714 million of commitments, above the fund’s $500 million target. Fund I closed with $660 million of commitments. The target size of Fund I was not disclosed but the firm said the vehicle was oversubscribed.

The funds will invest in the healthcare business sector in North America. Both funds invested in Upstream Rehabilitation, a physical therapy services company, as part of the firm’s plan to consolidate the physical therapy market, the firm said in a statement.

This follows the strategy of Revelstoke first fund, the predecessor vehicle to the just-closed RCP Fund II, Revelstoke Capital Partners Fund I, which closed with $307 million in November 2015. That fund was targeting $275 million.

Houlihan Lokey served as placement agent for RCP Fund II and PJT Park Hill served as financial advisor to RSAF I. Simpson Thacher & Bartlett LLP provided legal advice to both funds.