Revelstoke Capital raises $1.4bn

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.