Revelation Partners Taps Secondaries Stars for Healthcare Push

SAUSALITO, Calif. – March 18, 2026 – Revelation Partners, the largest investment manager specializing in private healthcare secondaries, has significantly deepened its bench of expertise with the strategic appointments of Jonathan Au as partner and Jordan Bloom as associate. The move signals a decisive effort by the firm to solidify its leadership and expand its capacity to execute complex transactions in a rapidly evolving market.

Au, a veteran with over 15 years of experience, joins from CVC Secondary Partners, while Bloom arrives from The Carlyle Group's AlpInvest Secondaries team. These hires bring a wealth of specialized knowledge in GP-led transactions and structured liquidity solutions, areas of explosive growth within the private equity landscape. The additions are poised to enhance Revelation Partners' ability to provide creative capital solutions to founders, companies, and investors across the healthcare ecosystem.

Bolstering an Expert Bench

The recruitment of Jonathan Au and Jordan Bloom represents a significant talent acquisition for Revelation Partners. Au is a well-regarded figure in the secondaries world, bringing a deep reservoir of experience from his time as a managing director at CVC Secondary Partners (formerly Glendower Capital) and as a senior vice president at Goldman Sachs in its AIMS Vintage Strategies group.

At CVC, he was instrumental in sourcing and executing secondary investments, with a particular focus on the GP-led transactions that have become increasingly central to the market. His work involved building relationships with more than 25 buyout firms, giving him a unique vantage point on proprietary deal flow. Before that, at Goldman Sachs, he helped spearhead the GP-led and fund restructuring vertical within a massive $45 billion secondaries platform, executing numerous large-scale deals.

"Jonathan is a highly respected leader in the secondaries market with deep experience structuring and executing complex GP-led transactions," said Mike Boggs, managing partner of Revelation Partners, in a statement. "His record of sourcing compelling investment opportunities and building enduring sponsor relationships advances our strategy and long-term vision."

Jordan Bloom’s background is similarly aligned with the firm’s strategic direction. Her experience as a private equity secondaries associate on The Carlyle Group's $20 billion AlpInvest Secondaries team exposed her to a high volume of both GP-led and LP-led transactions. She has been involved in the intricate diligence and financial modeling for single-asset and multi-asset continuation vehicle processes. Her career also includes time as a private equity associate at Audax Group and an investment banking analyst at Jefferies.

Boggs noted that Bloom "brings strong analytical capabilities and hands-on experience across a variety of secondary transaction structures," reinforcing the firm’s commitment to adding talent with directly relevant, cutting-edge skills.

Capitalizing on the GP-Led Revolution

The strategic timing of these hires cannot be overstated. They arrive as the private equity secondaries market is being reshaped by the meteoric rise of GP-led transactions, particularly continuation vehicles. Once a niche solution, GP-led deals have surged to become a primary tool for portfolio management, accounting for nearly half of the secondary market's total volume in recent years. Market volume for GP-leds tripled over the last five years, surpassing $115 billion in 2025.

This explosion is driven by several factors. As private equity firms hold onto their top-performing "trophy assets" for longer periods—now averaging over six years—they require new mechanisms to provide liquidity to their original fund investors (LPs) while continuing to manage and grow the asset. A challenging environment for traditional exits like IPOs and M&A has further accelerated this trend.

Continuation vehicles offer an elegant solution. A General Partner (GP) can move a prized asset from an older fund into a new, purpose-built vehicle. This allows existing LPs to either cash out or roll their stake into the new vehicle for continued upside, while new investors gain access to a de-risked, mature asset. By bringing in specialists like Au and Bloom, Revelation Partners is positioning itself to not just participate in this trend, but to lead it within the specialized healthcare sector.

Cementing Leadership in a Niche Domain

Revelation Partners’ claim as the "largest secondaries investment manager focused solely on private healthcare" is backed by a formidable track record. With $1.5 billion in committed capital, the firm has demonstrated consistent growth, including the successful closing of its oversubscribed fourth fund, Revelation Healthcare Fund IV, at $608 million in late 2023. This growth trajectory, which has seen the firm expand at an annualized rate of over 40%, underscores the significant demand for its specialized strategy.

The firm's differentiation lies in its exclusive focus. While larger, generalist secondaries firms dabble in healthcare, Revelation Partners invests its entire capital base across all healthcare sub-sectors, from medical devices and diagnostics to biotech and health-tech. This deep domain expertise allows it to underwrite complex scientific and regulatory risks that others cannot, offering tailored liquidity and growth capital solutions that are vital in the often-illiquid private healthcare market.

By adding Au's deal-sourcing and structuring prowess and Bloom's analytical rigor, the firm enhances its ability to navigate this complex terrain. The new hires strengthen the team’s capacity to offer sophisticated solutions, from providing liquidity to early founders and venture funds to structuring complex, multi-asset continuation funds for other healthcare-focused GPs.