Transformation Capital
Transformation Capital is a digital healthcare investor that understands digital health is the future of health — let’s make it together.
In the firm's own words, from its website.
3 additional team members, 8 additional co-investors and affiliates, 12 additional investments, funds and LPs, 8 events, 2 verified contacts (1 general firm email, 1 firm phone)
Every relationship, signal and contact on this record, with the source on each.
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
What matters now
- 6 vehicleson Form D, 18 months
$15.7M reported sold so far.
A Form D is filed when a vehicle takes its first money, so these are open to LPs now.
- 1 companynew in 12 months
1 new company in the last 12 months.
A firm writing cheques this quarter is one a founder can pitch now.
People to know
View all people- Managing PartnerWhy: Managing partner: runs the firmNo route on file yet
- Managing PartnerWhy: Managing partner: runs the firmNo route on file yet
- Managing PartnerWhy: Managing partner: runs the firmNo route on file yet
Relationship network
35 connected entities2 observed rounds
From financing rounds and every investor named in them, Form ADV and Form D filings, the firm's funds and team, and disclosed LP commitments in the venture capital graph. A round's amount is the size of the round, not money that moved between two investors.
Some relationships on this record are counted rather than named here. They open with the full profile.
Click any name or line for the rounds and sources behind it. Line weight is rounds together; dashed lines are inferred.
- Sponsor
- Company
- Fund or vehicle
- Person
›How strength and recency are read
Co-investors are read from the rounds: three or more shared rounds is a strong observed relationship, two a repeat co-investor, one a single round. Funds and people are structural. Nothing is scored that a reader cannot check.
Darker lines were active in the last 24 months or are current; lighter lines are older or undated.
How am I connected?
Name your firm, a company or a person, and DFX finds the published routes to Transformation Capital: a shared portfolio company or board, a prior employer, a co-investor, a shared LP or service provider. Every step is a filed or published record with its source; none is a guess about who knows whom.
See how you connect to Transformation Capital
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
Investing
5 companies on record, 1 new in 12 months
Investments on record
What these amounts mean“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.Acquired, Public, Exited and Active are what the firm’s own portfolio card says, read on the date shown when you hover the chip; they are not deal dates. A company with no chip is one whose card states no outcome: DFX does not assume it is active.| Company | Round | Role | Partner | Round size | This investor | Date | Source |
|---|---|---|---|---|---|---|---|
| CertifyOS | portfolio listing | lead | unknown | unknown | unknown | Sep 29, 2026 | Fact Company website |
| Alaffia Health | portfolio listing | lead | unknown | unknown | unknown | Sep 28, 2026 | Fact Company website |
| Arbital Health, Inc. | portfolio listing | lead | unknown | unknown | unknown | Sep 23, 2026 | Fact Company website |
Stated thesis versus observed behaviour
- Sectors
- ai, healthcare
- Stages
- series b
- Geography
- not stated
- Check size
- not stated; DFX does not estimate checks from round sizes
Team
6 current, 0 departed
Decision makers
- Jared Adam Kesselheim · Managing PartnerWhy this person: Managing partner: runs the firm; Named with investment responsibility
- Michael E Dixon · Managing PartnerWhy this person: Managing partner: runs the firm; Named with investment responsibility
- Todd C Cozzens · Managing PartnerWhy this person: Managing partner: runs the firm; Named with investment responsibility
Ranked by the role the firm or its filing states, a route on file and deals led. Every reason is read from the record, never inferred. Routes are published by the person or the firm (their bio, the team page or a filing) and are revealed on a plan; data bought from a provider is never shown, and a route printed at a firm the person has since left is held back.
Investment team
How the team is orderedPartners who lead rounds first (rounds led, then deals attributed, then seniority), then the rest of the investment team, then investor relations, finance and operations. A person named by two sources under two spellings is shown once.- Managing Partner · 1 deal attributed
- Managing Partner
- Managing Partner
Contacts
1 general firm email, 1 firm phone on record, each with its source. Values open with the complete profile.
Funds and LPs
13 vehicles, 0 LPs disclosed
Funds and vehicles
What these amounts meanGAV 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.| 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 | $209M Mar 20, 2026 | 3 | $0 | Dec 6, 2023 |
| Transformation Capital Co-Investment Fund III, L.P. | SPV or co-invest vehicle | 2023 form d first sale | Fundraising | $21.5M Mar 20, 2026 | 17 | $15.7M | Oct 6, 2025 |
| Transformation Capital Executive Fund III, L.P. | Fund | 2023 adv first reported | Active deployment | $13.4M Mar 20, 2026 | 54 | $0 | Mar 31, 2022 |
Limited partners
Known LPs and allocators
What these amounts and dates areEach commitment is counted once across the pension tape and the allocator graph. A commitment date prints only when the source printed one; otherwise the row carries the report date. A foundation’s 990-PF line is a holding at fair value, never a commitment. Rows without a fund on the venture graph are commitments to this manager.| Allocator | Type | Fund | Amount | Date | Source |
|---|---|---|---|---|---|
| Thornburg Foundation | FOUNDATION | Transformation Capital Fund III, L.P. | $503,409 fair value on the foundation's return | reported as of Dec 31, 2024 | Fact IRS Form 990 / 990-PF e-file returns |
| Thornburg Foundation | FOUNDATION | Transformation Capital Fund II, L.P. | $1.3M fair value on the foundation's return | reported as of Dec 31, 2024 | Fact IRS Form 990 / 990-PF e-file returns |
| The University Financing Foundation Inc | FOUNDATION | Transformation Capital Fund Iii-A, L.P. | $1.0M fair value on the foundation's return | reported as of Dec 31, 2024 | Fact IRS Form 990 / 990-PF e-file returns |
Relationships across DFX
11 co-investors · on 1 other DFX graph
Co-investors
- 2026-10-011 shared deal · one time · this firm led 1
- 2026-10-011 shared deal · one time · this firm led 1
- 2026-09-301 shared deal · one time · this firm led 1
Across DFX and the capital chainon 1 other DFX graph · 1 capital path ShowHide
- The same institution is held on Allocators, matched by identifier. See which records
Transformation Capital is the same institution as 1 record in Allocators.
The joined record opens with the product, beside every other relationship on this page.
Checking your plan…
Transformation Capital sits on 1 traced path of capital across the graphs.
DFX traced 1 path of capital through this record
Every record on each path, what it committed or lent, and as of when.
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
Derived from allocator disclosures, BDC schedules and SEC filings; confidence is the weakest hop.
Checking your plan…
Evidence and history
13 dated events, 58 observations from 3 sources
Timeline
- seen on or beforeSep 12, 2026Transformation Capital: INSTITUTIONAL_VC -> MULTI_STAGE_VC (both early and growth/opportunity families, reported GAV $1,649M)Classification changedClassificationInference
- Mar 20, 2026Transformation Capital Fund Iv-A, L.P. first reported on Form ADV by Transformation Capital (Venture Capital Fund), GAV $236,545,200
- Mar 20, 2026Transformation Capital Fund IV, L.P. first reported on Form ADV by Transformation Capital (Venture Capital Fund), GAV $322,654,800
- Mar 20, 2026Transformation Fund I L.P. first reported on Form ADV by Transformation Capital (Venture Capital Fund), GAV $341,658,719
- Mar 20, 2026Transformation Capital Co-Investment Fund III LP first reported on Form ADV by Transformation Capital (Venture Capital Fund), GAV $21,507,068Fund first reported on Form ADVFundsInferenceTransformation Capital Co-Investment Fund III, L.P.Form ADV
Identity and regulatory footprint
Address, phone, Form ADV filing and ownersForm ADV filed Mar 20, 2026 · 10 private fundsShowHide
- Headquarters
- Boston, MAadviserinfo.sec.gov
- Office address
- unknownadviserinfo.sec.gov
- Business phone
- unknownadviserinfo.sec.gov
- Website
- 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, adviser total
- $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), owns under 5%
Classification history
Classification history
Every classification this record has carried3 on recordShowHide
- Sep 23, 2026Multi-stage venture firm (confirmed, 95%)Both early and growth/opportunity families, reported GAV $3.1B
- Sep 12, 2026Multi-stage venture firm (confirmed, 95%)Both early and growth/opportunity families, reported GAV $1.6B
- Sep 12, 2026Institutional venture firm (confirmed, 95%)Venture manager, reported GAV $1.6B across 9 vehicles
Evidence
Every observation behind this profile, with its source, date and class
| Fact | Value | Effective | Class | Source |
|---|---|---|---|---|
| Why admitted | VC exemption, VC funds reported | Mar 20, 2026 | Fact | Form ADV |
| SEC exemption claimed | Venture capital fund adviser | Mar 20, 2026 | Fact | Form ADV |
| SEC exemption claimed | Venture capital fund adviser | Feb 26, 2024 | Fact | Form ADV |
| SEC adviser type | Exempt reporting adviser | Mar 20, 2026 | Fact | Form ADV |
| SEC adviser type | Exempt reporting adviser | Mar 20, 2026 | Fact | Form ADV |
| SEC adviser type | Exempt reporting adviser | Feb 26, 2024 | Fact | Form ADV |
| First Form ADV filing | 2020-02-21 | Mar 20, 2026 | Fact | Form ADV |
| First Form ADV filing | 2020-02-21 | Feb 26, 2024 | Fact | Form ADV |
| Adv history loaded | adv-hist-1+panel:2026-09-30 | Oct 1, 2026 | Fact | Form ADV |
| Adv history loaded | adv-hist-1+panel:2026-09-29 | Sep 30, 2026 | Fact | Form ADV |
| Adv history loaded | adv-hist-1+panel:2026-09-25 | Sep 26, 2026 | Fact | Form ADV |
| Adv history loaded | adv-hist-1+panel:2026-09-23 | Sep 24, 2026 | Fact | Form ADV |
| Adv history loaded | adv-hist-1+panel:2026-09-21 | Sep 23, 2026 | Fact | Form ADV |
| Adv history loaded | adv-hist-1+panel:2026-09-22 | Sep 23, 2026 | Fact | Form ADV |
| Adv history loaded | adv-hist-1 | Sep 12, 2026 | Fact | Form ADV |
| Latest Form ADV filing | 2026-03-20 | Mar 20, 2026 | Fact | Form ADV |
| Latest Form ADV filing | 2026-03-20 | Mar 20, 2026 | Fact | Form ADV |
| Latest Form ADV filing | 2024-02-26 | Feb 26, 2024 | Fact | Form ADV |
| SEC status | ERA - Active | Mar 20, 2026 | Fact | Form ADV |
| SEC status effective | 2020-02-21 | Mar 20, 2026 | Fact | Form ADV |
| Venture share of reported funds | 1 | Mar 20, 2026 | Fact | Form ADV |
| Venture share of reported funds | 1 | Feb 26, 2024 | Fact | Form ADV |
| Business phone | Mar 20, 2026 | Fact | Form ADV | |
| Business phone | Feb 26, 2024 | Fact | Form ADV | |
| Contact page url | Sep 16, 2026 | Fact | ||
| Description | Sep 16, 2026 | Fact | ||
| Description | Sep 15, 2026 | Fact | ||
| Headquarters | Boston, MA | Mar 20, 2026 | Fact | Form ADV |
| Headquarters | Boston, MA | Feb 26, 2024 | Fact | Form ADV |
| Office address | Mar 20, 2026 | Fact | Form ADV | |
| Office address | Feb 26, 2024 | Fact | Form ADV | |
| Legal form | Limited Partnership | Mar 20, 2026 | Fact | Form ADV |
| Legal form | Limited Partnership | Feb 26, 2024 | Fact | Form ADV |
| Private funds reported | 10 | Mar 20, 2026 | Fact | Form ADV |
| Private funds reported | 10 | Mar 20, 2026 | Fact | Form ADV |
| Private funds reported | 6 | Feb 26, 2024 | Fact | Form ADV |
| Private fund gross assets (reported) | $3.1B | Mar 20, 2026 | Fact | Form ADV |
| Private fund gross assets (reported) | $3.1B | Mar 20, 2026 | Fact | Form ADV |
| Private fund gross assets (reported) | $1.6B | Feb 26, 2024 | Fact | Form ADV |
| Schedule a diff | sadiff-1 | Mar 20, 2026 | Fact | Form ADV |
| Stated sectors | AI, healthcare “sector words on the home page” | Sep 16, 2026 | Fact | |
| Stated sectors | AI, healthcare “sector words on the home page” | Sep 15, 2026 | Fact | |
| Stated stages | Series b “stage words on the home page” | Sep 16, 2026 | Fact | |
| Stated stages | Series b “stage words on the home page” | Sep 15, 2026 | Fact | |
| Team page | Sep 16, 2026 | Fact | ||
| Team page | Sep 15, 2026 | Fact | ||
| Venture funds reported | 10 | Mar 20, 2026 | Fact | Form ADV |
| Venture funds reported | 10 | Mar 20, 2026 | Fact | Form ADV |
| Venture funds reported | 6 | Feb 26, 2024 | Fact | Form ADV |
| Website | Mar 20, 2026 | Fact | Form ADV | |
| Website | Feb 26, 2024 | Fact | Form ADV | |
| Site title | Sep 16, 2026 | Fact | ||
| Site title | Sep 15, 2026 | Fact |
How this is scored
Scores, classification basis and filing advisersMulti-stage venture firm, confirmedShowHide
Both early and growth/opportunity families, reported GAV $3.1B
- importance
- gav: 0.75 · funds: 1 · people: 0.28 · investments: 0.26 · co investors: 0.42
- active deployment
- investments 12m: 0.13 · fund raising 18m: 0 · people joined 12m: 0 · vintage within 3y: 1 · latest investment at: 2026-05-28
- emerging manager
- fund count: 13 · reported gav: $3.1B · first adv filing: 2020-02-21 · years since first filing: 6.6
Fits, record history and connections
scored matches for this investor, every identity change, every edge
Record history
- Organization classification changed2026-09-12
- Adviser's first ADV filing2020-02-21source on record
The ledger records every merge, rename and reclassification this record went through and the dated filings observed on it, so the identity on this page can be traced to the records it was built from. The ledger's own sentences name other records, so they show with the names.