HealthQuest Capital

Managing Partners Garry Menzel and Randy Scott lead the investment committee. Both have deep operating backgrounds in life sciences — Menzel as a former biotech CFO and Scott as a Genomic Health co-founder. The firm also relies on a clinical advisory network of physicians and hospital administrators who vet the medical necessity and adoption trajectory of each target company before investment decisions advance.

HealthQuest primarily targets growth equity rounds, with check sizes typically between $10 million and $50 million, favoring companies that have received FDA clearance or CE marking and can demonstrate initial commercial traction. The firm will occasionally participate in late-stage venture rounds but does not run a dedicated seed or discovery-stage program.

The firm embeds a clinical-advisory network into its sourcing process — practicing physicians and hospital executives assess a product's reimbursement pathway, clinical necessity, and adoption friction before the investment committee evaluates financial terms. This produces a sourcing funnel filtered on clinical utility rather than banker-led auction processes, and it yields deal flow in categories such as surgical robotics and stroke intervention where clinical insight materially alters valuation judgment.

HealthQuest regularly co-invests alongside specialist healthcare funds and crossover investors. In October 2024, the firm participated in a $105 million round for Imperative Care alongside Ally Bridge Group and Bain Capital Life Sciences, a pattern consistent with its approach of syndicating larger growth rounds where commercial-stage clinical risk remains elevated. The firm both leads and follows in syndicates.

The firm has not publicly excluded any healthcare sub-sector, but its investment history shows no exposure to pure-play biotech drug development, animal health, or hospital-operating companies. HealthQuest concentrates on medical devices, diagnostics, and tech-enabled services that replace or move care outside the hospital — not on therapeutic molecules or service labor arbitrage.

HealthQuest Capital closed its third fund, HealthQuest Capital III, in 2023 at over $675 million, exceeding its $600 million target. That brought the firm's total assets under management to roughly $1.7 billion at the time. The fund continues the same growth-equity mandate targeting medical devices, diagnostics, and tech-enabled healthcare services that defined earlier vintages.

HealthQuest Capital is an asset manager that raises committed capital from institutional limited partners, not a single-family office. Its limited partners are institutional investors or undisclosed third-party capital, not a single family's wealth. The firm's governance and GP commitment structures follow standard institutional private equity conventions.