Naishadh Lalwani

Naishadh R. Lalwani is a Managing Partner at Revelar Capital, the New York–based middle-market private equity firm formerly known as Wellspring Capital Management. He joined the firm in 2013 (initially as an Associate) and was promoted to Partner in 2020, subsequently rising to Managing Partner. He sits on the firm's Investment Committee and has co-led its healthcare investing effort. According to the firm's October 2025 rebrand announcement, Lalwani is one of the senior leaders — alongside John E. Morningstar and Matthew G. Harrison — who together have raised over $6 billion across more than 10 funds, backing a portfolio that generates roughly $4 billion in revenue and employs about 60,000 people.

Before Wellspring/Revelar, Lalwani was a Vice President at L1 Health (the healthcare investing arm associated with LetterOne / L1 Investment Holdings). Earlier in his career he worked as an Analyst at UBS within the Leveraged Finance and Financial Sponsors group, and he has also been associated with Corinthian Capital Group. This progression — leveraged finance, sponsor coverage, and dedicated healthcare investing — underpins his current focus on control buyouts of healthcare-services and essential-services businesses.

He holds a B.S. in Biomedical Engineering from Yale University, an engineering-and-healthcare background that maps directly onto his sector specialization within the firm.

On October 15, 2025, Wellspring Capital Management — founded in 1995 as a middle-market firm with roughly $2 billion under management at earlier points in its history — rebranded as Revelar Capital. Per Managing Partner John Morningstar, the new name was chosen to capture the firm's "longstanding focus on uncovering potential and driving long-term value creation." Lalwani continued in his Managing Partner role through the transition.

• Stage: Control-equity buyouts of established, profitable middle-market companies — this is a private equity fund, not an angel or seed vehicle. Founders seeking pre-seed/seed venture capital are not a fit.
• Sectors: Revelar invests exclusively across three verticals — healthcare services, business/essential services, and specialty manufacturing. Lalwani's personal focus is healthcare investing, where he co-leads the effort.
• What they look for: Established businesses with real revenue and cash flow where operational improvement and buy-and-build M&A can drive value creation (the firm's stated ethos of "uncovering potential and driving long-term value creation").
• Scale: The leadership team has raised $6B+ across 10+ funds; portfolio companies collectively produce ~$4B in revenue — indicating check sizes and enterprise values consistent with middle-market control deals, not small early-stage tickets.