November 4, 2019, MENLO PARK, CA – GE Ventures has signed an agreement to sell a portfolio of up to sixteen healthcare venture equity investments to an affiliate of Leerink Revelation Partners (“Revelation Partners”), a San Francisco-based investment firm focused on the healthcare sector. An initial closing has occurred, with additional closings expected to follow subject to transfer requirements.
David Mayhew, Chief Investment Officer of GE Ventures, said, “From Series A to growth capital, we’ve been a strategic and dedicated partner to our portfolio companies. We are proud of our healthcare portfolio companies. This decision was made with their growth in mind, given Revelation Partners’ strong track record and expertise. We look forward to watching these companies continue to grow and flourish.”
Revelation Partners provides liquidity to investors in private healthcare companies giving counterparties the flexibility to manage their illiquid, private investments. These counterparties typically include corporations, venture capital firms, individuals and limited partners in investment funds.
Mike Boggs, Managing Partner, Revelation Partners, said, “For these highly negotiated transactions to be successful, you need to address the priorities of each party involved. We were able to buy a high quality portfolio, deliver for GE Ventures, and create a winning formula for the underlying portfolio companies. Each company gained a new investor, Revelation Partners, who specializes in healthcare, can serve on the board of directors as needed, and has substantial capital reserved to support them in their next phase of development.”
Financial terms were not disclosed. Lazard acted as financial advisor to GE. The international law firm Pillsbury Winthrop Shaw Pittman LLP advised Revelation Partners on the transaction. Paul Hastings and Holland & Knight advised GE on the transaction. The sale does not include any venture equity investments held by GE Healthcare. GE Ventures continues to hold a portfolio of venture equity investments, primarily in the software, energy, and industrial sectors.
Revelation Partners is a San Francisco-based investment firm that invests in healthcare companies acquired in negotiated transactions from existing shareholders. It invests broadly across healthcare sectors with a focus on commercial companies with proven business models or companies with novel technologies that have clear clinical and regulatory pathways. It actively invests in the following healthcare verticals - medical devices, biopharmaceuticals, healthcare IT and healthcare services. For more information, please visit: www.revelation-partners.com.
GE (NYSE:GE) drives the world forward by tackling its biggest challenges. By combining world-class engineering with software and analytics, GE helps the world work more efficiently, reliably, and safely. For more than 125 years, GE has invented the future of industry, and today it leads new paradigms in additive manufacturing, materials science, and data analytics. GE people are global, diverse and dedicated, operating with the highest integrity and passion to fulfill GE’s mission and deliver for our customers. www.ge.com
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