Revelstoke Capital Partners Raises $1.4 Billion for Fund II and Single Asset Fund I and Completes Related Structured Secondary Transaction
12.09.19
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Simpson Thacher represented Revelstoke Capital Partners in connection with raising $714 million for Revelstoke Capital Partners Fund II, L.P. (“RCP Fund II"). RCP Fund II, which is the successor to Revelstoke’s debut fund Revelstoke Capital Partners Fund I, L.P. (“RCP Fund I”), will enable Revelstoke to continue its investment approach of partnering with management teams and entrepreneurs to build market-leading healthcare companies.
Simpson Thacher also represented Revelstoke in connection with a structured secondary transaction whereby RCP Fund II and Revelstoke Single Asset Fund I, L.P. (“RSAF I”) acquired Upstream Rehabilitation (“Upstream”) from RCP Fund I. RSAF I, a co-investment fund formed for the purpose of investing in Upstream, raised $660 million of commitments for the transaction. Upstream is the third largest provider of physical therapy services nationwide through a broad network of 705 clinics across 26 states.
The Simpson Thacher team included Tom Wuchenich, John Kreager and Jing Xu (Funds); Jacqueline Clinton, Caroline Phillips and Abigail Hopper (Tax); and Erin Murphy (ERISA).