Transformation Capital
Transformation Capital last closed a fund in September 2026 — 2 months ago. By its own rhythm, that is barely into the cycle.
Transformation Capital has raised 4 times about every 25 months. The last was Transformation Capital Executive Fund IV, L.P. That points to Oct 2028.
Historically about 1 in 8 firms this early in their cycle filed within a year. The month is approximate — how often this is right.
This firm closed a fund in the last 18 months, so it has money to put to work now.
- Funds on file
- 9
- Capital raised
- $1.32B+
- Latest close
- September 2026
- Based in
- MA
Vehicles on file
| Vehicle | First close | Amount | Filings |
|---|---|---|---|
| Transformation Capital Executive Fund IV, L.P. | September 2026 | not stated | 0002149432 ↗ |
| Transformation Capital Partners III-CPRX, L.P. | November 2025 | not stated | 0002076759 ↗ |
| Transformation Capital Fund IV-A, L.P. | August 2025 | not stated | 0002067223 ↗ |
| Transformation Capital Fund IV, L.P. | August 2025 | not stated | 0002067224 ↗ |
| Transformation Capital Partners I-DV, L.P. | December 2023 | not stated | 0002002054 ↗ |
| Transformation Capital Executive Fund III, L.P. | March 2022 | not stated | 0001918128 ↗ |
| Transformation Capital Partners I-A, L.P. | February 2022 | $19M | 0001910965 ↗ |
| Transformation Capital Fund III, L.P. | January 2022 | $800M | 0001906182 ↗ |
| Transformation Capital Fund II, L.P. | December 2019 | $500M | 0001796512 ↗ |
| Transformation Capital Fund III-A, L.P. | January 2022 | $800M | 0001906181 ↗ |
| Transformation Capital Fund IV (Cayman Feeder), L.P. | August 2025 | not stated | 0002081045 ↗ |
6 of these filed no amount (an “Indefinite” offering), so the total above is a floor.
Dated from filing date; no date of first sale was reported.
Each row links to that vehicle’s Form D filings on EDGAR — the name, date and amount above should match what is filed there.
Named on filings
Jared Kesselheim, Michael Dixon, Todd Cozzens
What Transformation Capital invests in
- Typical fund
- $500M median, multistage
- Says it invests in
- health/bio
- Website
- transformcap.com
Sector and stage are quoted from the firm’s own website, not inferred, and dated.
Service providers
- Fund administrator
- Ultimus LeverPoint (8 funds)
- Auditor
- BDO (5 funds)
From Form ADV filed by TRANSFORMATION CAPITAL PARTNERS, L.P. CRD 307367 ↗, latest filing March 2026, covering 8 funds linked to this firm by Form D file number. Form ADV is filed once a year, so a provider may have changed since. How this is matched.
What this is. Every figure on this page comes from Form D filings with the U.S. Securities and Exchange Commission — public records, reproduced here as filed. Service providers, where shown, come from the adviser’s Form ADV and are dated.
What it is not. Single-deal SPVs, feeder vehicles and GP or employee commitment funds are listed but excluded from fund counts and capital totals: an SPV is one investment, a feeder holds the same capital as its master, and a “Principals” or “Entrepreneurs” fund closes alongside a main fund rather than being raised in its own right. Capital deployed from a family office, a corporate balance sheet or an evergreen structure never arrives as a fund close, so a firm doing that looks quiet here. Amounts are as of the last amendment and go stale. Dates are the date of first sale — a fund's first close, not its final one. Funds filed as “Indefinite” are excluded from totals rather than counted as zero, so a total is a floor.
“No recent fund” is a statement about filings. It is not a statement about whether a firm is solvent, investing, or still in business.