Overview of Revelation
For purposes of this brochure, the “Adviser” or “Revelation” means Revelation Capital Management,
LLC, a Delaware limited liability company, together with its affiliated general partners of the Funds (as
defined below) (each a “General Partner”). Such affiliated General Partners are under common control
with Revelation Capital Management, LLC and possess a substantial identity of personnel and equity
owners with Revelation Capital Management, LLC.
The Adviser provides investment supervisory services to Revelation Healthcare Fund I, L.P., Revelation
Healthcare Fund II, L.P., Revelation Alpine, LP, Revelation Healthcare Fund III, L.P., Revelation Co-
Invest II, L.P., and Revelation Healthcare Fund IV, L.P. (the “Funds”) that are exempt from registration
under the Investment Company Act of 1940, as amended (the “1940 Act”) and whose securities are not
registered under the Securities Act of 1933, as amended (the “Securities Act”).
Advisory Services
The Funds invest in healthcare companies primarily by providing liquidity to existing private equity
investors. The Funds focus primarily on acquiring or financing investments in late-stage, private
companies. In accordance with the Funds’ investment objectives, investments are generally made in
companies and partnerships doing business in the healthcare sector. The Adviser’s advisory services
consist of investigating, identifying and evaluating investment opportunities, structuring, negotiating and
making investments on behalf of the Funds, managing and monitoring the
performance of such
investments and disposing of such investments.
The Adviser provides investment supervisory services to the Funds in accordance with the limited
partnership agreements of the Funds and advisory agreements (the “Advisory Agreements”) of each of
the Funds. The Adviser will also, from time to time, organize one or more single purpose investment
vehicles organized to co-invest with a Fund in order to facilitate a particular transaction and whose co-
investment in the transaction is made on terms and conditions no more favorable than the terms and
conditions of the Fund’s participation in the same transaction.
Investment advice is provided directly to the Funds, subject to the discretion and control of each Fund’s
perspective General Partner, and not individually to the investors in the Funds. Services are provided to
the Funds in accordance with the Advisory Agreements with the Funds and/or organizational documents
of the Funds. Investment restrictions for the Funds are established in the organizational or offering
documents of the Funds, Advisory Agreements, and side letter agreements negotiated with investors in
the Funds (such documents collectively, the Funds’ “Organizational Documents”).
Assets Under Management
The principal owner of Revelation Capital Management, LLC is Revelation Partners, LLC. The Adviser
has been in business since October 2013. As of December 31, 2023, the Adviser manages a total of
$1,552,263,550 of regulatory assets under management, all of which is managed on a discretionary basis.