Revelstoke closes debut fund on $303m

The fund was oversubscribed, beating its $275m target from 2013.

Revelstoke Capital Partners has finished fundraising for Revelstoke Capital Partners Fund I on its $303 million hard cap, and Revelstoke Capital Partners Co-Investment Fund I, the firm said.

Fund I, which was oversubscribed, had an initial target of $275 million. It received commitments from insurance companies, endowments, fund of funds, pension plans, sovereign wealth funds and family offices, Revelstoke co-founder and managing director, Dale Meyer said in a statement.

Since its 2013 inception, the firm has raised $515 million including capital invested on a deal-by-deal basis, the new funds and co-investments alongside them, Meyer told Private Equity International.

During 2015 Revelstoke acquired three platform companies, completed five add-on acquisitions and exited its first portfolio company, according to Revelstoke co-founder and managing partner Simon Bachleda.

The first portfolio company, Accelecare, was acquired by Revelstoke in 2013 as a one-off deal and was sold in February of this year, Meyer said. Revelstoke acquired the company along with Yukon Partners and seven institutional co-investors, according to reports.

Revelstoke seeks to make equity investments of between $10 and $250 million in companies with minimum $5 million in EBITDA. Its primary focus is middle market health care services companies, with a smaller focus on a range of business services companies, mainly in the US and, in select cases, globally, Meyer told PEI.

Beartooth Advisors served as the lead strategic fundraising advisor on selected LP relationships for its debut fund, and Ropes & Gray served as legal advisor.