Relevance Ventures closes first $50M toward $150M wellness fund
What's the deal? Nashville-based Relevance VenturesDealroom has a profile for this one. Try Dealroom → has completed the first close of its RV II The Wellness Fund LP, raising north of $50 million toward a $150 million target. Co-founder and managing general partner Cameron Newton confirmed the raise, which was filed in the first quarter of 2025 with no target initially listed.
Why now? Alongside the fund, Relevance is expanding under its Relevance CapitalDealroom has a profile for this one. Try Dealroom → brand into funded independent sponsorship, targeting lower-middle-market companies with "established revenue, profitability, and operating histories."
Where's the money going? The fund invests across four sectors: healthcare, technology, business services, and consumer. In healthcare, Relevance backs high-growth companies in personal, community, digital, and financial health, typically serving as lead or co-lead and taking a board seat.
The new hire: In July, Miami-based James Carey joined as managing partner of Relevance Capital to activate the sponsorship strategy. Carey brings more than 20 years in private equity and M&A, with prior roles at H.I.G. Capital, New River Capital PartnersDealroom has a profile for this one. Try Dealroom →, and E78 PartnersDealroom has a profile for this one. Try Dealroom →, among others.
What's the endgame? Carey will target companies generating $1 million to $15 million of EBITDA, extending Relevance's reach deeper into the growth journey. Its venture arm continues to back firms with $1 million to $10 million in revenue, scalable products, and clear paths to profitability.
Why the expansion? Carey will remain in South Florida, and Relevance plans to build a presence in Miami, mirroring its moves in Nashville, Charlotte, and Denver. "James gives us the experience and relationships to capitalize on lower-middle-market opportunities using an independent sponsor model," Newton said.
The signal: Relevance, a Native American-owned firm managing more than $100 million, is institutionalizing a capability it says it has practiced for years. "We've listened carefully to the market and to our LPs, and this is a natural evolution of the Relevance platform," Newton said.
Read more: venturenashville.com
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