Transformation Capital, the largest dedicated digital health venture and growth equity firm, has announced the final close of its fourth fund, Transformation Capital Fund IV, at an $850 million hard cap. The raise came in oversubscribed, with the firm completing the close this summer after exceeding its original target. It's a milestone that says as much about the state of digital health investing in 2026 as it does about Transformation Capital itself, and it's worth unpackin