DFX Intelligence
Venture Capital Intelligence
Firms, funds, partners, companies and rounds from sworn filings, firm sites and announcements, kept as a graph with a date and a source on every edge. Facts, inferences and estimates are labelled as such. A fund target is never a close, GAV is never dry powder, and a round size is never an investor’s check.
Firms / Transformation Capital
Transformation Capital
Transformation Capital is a digital healthcare investor that understands digital health is the future of health — let’s make it together.
both early and growth/opportunity families, reported GAV $1,649M
Importance
44
elevated
Active deployment
29
moderate
Emerging
0
low
Completeness
75
high
Freshness
100
high
Research priority
13
low
Identity and regulatory footprint
- Headquarters
- Boston, MAadviserinfo.sec.gov
- Office address
- 699 BOYLSTON STREET, 2ND FLOOR, Boston, MA, 02116adviserinfo.sec.gov
- Business phone
- 617-984-6355adviserinfo.sec.gov
- Website
- https://www.transformcap.com
- SEC adviser type
- exempt reporting adviseradviserinfo.sec.gov
- SEC exemption claimed
- venture capital fund adviseradviserinfo.sec.govItem 2.B(1): advises solely venture capital funds
- Latest Form ADV
- Mar 20, 2026
- Private funds reported
- 10 (10 venture capital funds)adviserinfo.sec.gov
- Private fund gross assets
- $3.1Badviserinfo.sec.govreported GAV of the funds, the adviser's own number; not fund size, not dry powder
- Owners on Schedule A
- Transformation Capital Partners GP, LLC (General Partner), NA
- business email
- contact@transformcap.comtransformcap.compublished by the subject
- business phone
- 617-984-6355adviserinfo.sec.govpublished by the subject
Stated thesis versus observed behaviour
1 observed deals
Stated (the firm’s website)
- Sectors
- ai, healthcare
- Stages
- series b
- Geography
- not stated
- Check size
- not stated; DFX does not estimate checks from round sizes
Observed (from deals on record)
Stage at participation
series a 100%
Stage at first entry
series a 100%
Sectors
unknown 100%
lead rate 100%follow-on rate 0%new logos, 12 months 1
Funds and vehicles
12 reported
| Vehicle | Type | Vintage | Lifecycle | Reported GAV | Owners | Form D sold | Latest Form D |
|---|---|---|---|---|---|---|---|
| Transformation Capital Partners I-Dv, L.P. | Fund | 2024 adv first reported | Early deployment | $82.7M Feb 26, 2024 | 3 | $0 | Dec 6, 2023 |
| Transformation Capital Executive Fund III, L.P. | Fund | 2023 adv first reported | Active deployment | $9.2M Feb 26, 2024 | 54 | $0 | Mar 31, 2022 |
| Transformation Capital Co-Investment Fund III, L.P. | SPV or co-invest vehicle | 2023 form d first sale | Fundraising | unknown | unknown | $15.7M | Oct 6, 2025 |
| Transformation Capital Fund III, L.P. | Fund | 2022 adv first reported | Active deployment | $453M Feb 26, 2024 | 56 | $0 of $800M | Jan 26, 2022 |
| Transformation Capital Fund Iii-A, L.P. | Feeder or parallel | 2022 adv first reported | Active deployment | $417M Feb 26, 2024 | 73 | $0 of $800M | Jan 26, 2022 |
| Transformation Capital Partners I-A, L.P. | Feeder or parallel | 2022 form d first sale | Active deployment | $19.2M Feb 26, 2024 | 5 | $19.2M of $19.2M | Feb 18, 2022 |
| Transformation Capital Fund II, L.P. | Fund | 2019 form d first sale | Mature | $668M Feb 26, 2024 | 164 | $500M of $500M | Jan 6, 2021 |
| Golden Eagle Opportunities, L.P. | Opportunity fund | unknown | Fundraising | unknown | unknown | $0 | Jun 5, 2026 |
| Transformation Capital Partners III-CPRX, L.P. | Fund | unknown | Fundraising | unknown | unknown | $0 | Nov 14, 2025 |
| Transformation Capital Fund IV-A, L.P. | Feeder or parallel | unknown | Fundraising | unknown | unknown | $0 | Aug 13, 2025 |
| Transformation Capital Fund IV, L.P. | Fund | unknown | Fundraising | unknown | unknown | $0 | Aug 13, 2025 |
| Transformation Capital Fund IV (Cayman Feeder), L.P. | Feeder or parallel | unknown | Fundraising | unknown | unknown | $0 | Aug 13, 2025 |
GAV is the gross asset value the adviser reported on Form ADV for the vehicle, never the fund’s committed size and never dry powder. Form D sold is the amount sold as of the latest filing, never a final close.
Investment team
6 current, 0 departed
Jared Adam Kesselheim
Managing partnerManaging Partner · since Aug 1, 2019
Michael E Dixon
Managing partnerManaging Partner · since Aug 1, 2019
Todd C Cozzens
Managing partnerManaging Partner · since Aug 1, 2019
Vinay Shah
PartnerPartner Acceleration
Kevin Michael Brown
Platform and operationsChief Compliance Officer · since Aug 1, 2019
Tanya Wesley
Platform and operationsOperations
Investments on record
1 edges, 1 companies, 0 partner-attributed
| Company | Round | Role | Partner | Round size | This investor | Date | Source |
|---|---|---|---|---|---|---|---|
| Solstice | Series A · Series A | lead | unknown | unknown | unknown | May 28, 2026 | Fact Press release wires (Business Wire, PR Newswire, GlobeNewswire public RSS) |
“This investor” is the amount disclosed for this investor alone; it is unknown unless a source said it. The round size is the whole round.
Co-investors
2 relationships from shared deals, counted for the whole firm
Limited partners
0 disclosed
No LP commitment on record. An LP edge needs a public disclosure with a quote: a pension report (see Limited partners for the plans read), a fund announcement naming the LP, or a Form ADV owner. The fund page carries the LP’s reported performance.
Timeline
8 dated events
- Sep 12, 2026Transformation Capital: INSTITUTIONAL_VC -> MULTI_STAGE_VC (both early and growth/opportunity families, reported GAV $1,649M)Classification changedClassificationInferenceno URL
- Feb 26, 2024Transformation Capital Partners I-Dv, L.P. first reported on Form ADV by Transformation Capital (Venture Capital Fund), GAV $82,688,000Fund first reported on Form ADVFundsFactTransformation Capital Partners I-Dv, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 2, 2023Transformation Capital Executive Fund III, L.P. first reported on Form ADV by Transformation Capital (Venture Capital Fund), GAV $9,980,000Fund first reported on Form ADVFundsFactTransformation Capital Executive Fund III, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 4, 2022Transformation Capital Fund III, L.P. first reported on Form ADV by Transformation Capital (Venture Capital Fund), GAV $416,983,573Fund first reported on Form ADVFundsFactTransformation Capital Fund III, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 4, 2022Transformation Capital Fund Iii-A, L.P. first reported on Form ADV by Transformation Capital (Venture Capital Fund), GAV $384,616,427Fund first reported on Form ADVFundsFactTransformation Capital Fund Iii-A, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 4, 2022Transformation Capital Partners I-A, L.P. first reported on Form ADV by Transformation Capital (Venture Capital Fund), GAV $19,200,000Fund first reported on Form ADVFundsFactTransformation Capital Partners I-A, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Feb 21, 2020Transformation Capital first filed Form ADV (ERA, venture capital fund adviser exemption)First SEC adviser filingOrganizationFactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Feb 21, 2020Transformation Capital Fund II, L.P. first reported on Form ADV by Transformation Capital (Venture Capital Fund), GAV $171,500,000Fund first reported on Form ADVFundsFactTransformation Capital Fund II, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Classification history
- Sep 12, 2026Multi-stage venture firm (confirmed, 95%, cls-1)both early and growth/opportunity families, reported GAV $1,649M
- Sep 12, 2026Institutional venture firm (confirmed, 95%, cls-1)venture manager, reported GAV $1,649M across 9 vehicles
Evidence
44 observations from 3 sources