# Healthcare Royalty Partners

Healthcare Royalty Partners is a Private Equity based in Stamford, United States.

## Overview

- **Organization type:** Private Equity
- **Headquarters:** Stamford, United States
- **Region:** North America
- **Address:** Stamford, CT, United States
- **Founded:** 2006
- **Assets under management:** Undisclosed
- **Website:** hcrx.com
- **LinkedIn:** https://www.linkedin.com/company/healthcare-royalty

## Regulatory record

- **Reports private funds:** No

## About

Healthcare Royalty (HCRx) is a leading royalty acquisition company founded in 2006 that is majority owned by KKR. The firm invests in commercial-stage and near-commercial-stage biopharmaceutical assets, committing over $7 billion in capital on behalf of its investors. HCRx manages approximately $3 billion in assets with a portfolio spanning over 40 therapeutic areas and over 50 products, and provides innovative capital solutions including royalty monetization and corporate financing.

## Sectors

- Healthcare Services
- Digital Health
- Private Credit

## People

- Todd Davis — Co-Founder & Managing Partner
- Clarke Futch — Co-Founder & Managing Partner

## Questions

### Who runs investment decisions at Healthcare Royalty Partners?

Investment decisions are led by the two Co-Founders and Managing Partners, Todd Davis and Clarke Futch. Both previously built and led Paul Capital Partners' healthcare royalty group before spinning out to form HCRx in 2006. The senior investment team below them includes principals with backgrounds in structured finance, biopharma R&D, and healthcare banking.

### How does Healthcare Royalty Partners source its royalty deals?

HCRx sources royalty interests directly from academic medical centers, research universities, and biotech companies that hold intellectual property on approved drugs or late-stage clinical assets. The firm also acquires royalty positions from inventors and early-stage life-science investors who want liquidity before a drug's full commercial ramp. Its long track record and relationship network with tech-transfer offices give it proprietary access to off-market royalty opportunities.

### What investment stages does Healthcare Royalty Partners target?

The firm targets products that are already approved and generating revenue, or in late-stage development with a clear path to commercialization. By focusing on revenue-stage or near-revenue assets, HCRx avoids the binary risk of early-phase clinical trials.

## Related profiles

- [Healthcare Property Advisors](https://altss.com/profile/healthcare-property-advisors)
- [HealthCare Ventures](https://altss.com/profile/healthcare-ventures)

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Last updated: 2026-08-11T15:06:57.816Z

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