# HealthQuest Capital

HealthQuest Capital is a Private Equity based in Austin, United States.

## Overview

- **Organization type:** Private Equity
- **Headquarters:** Austin, United States
- **Region:** North America
- **Address:** Austin, TX, United States
- **Founded:** 2013
- **Assets under management:** Undisclosed
- **Website:** www.healthquestcapital.com
- **LinkedIn:** https://www.linkedin.com/company/healthquest-capital

## Regulatory record

- **CRD number:** 296583
- **SEC file number:** 801-127705
- **Registration status:** Registered
- **Reports private funds:** Yes
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/296583

## About

HealthQuest Capital provides growth capital to companies transforming healthcare. The firm primarily focuses on commercial-stage companies ready to scale through Growth Equity and Tactical Opportunities strategies. It invests across the healthcare landscape, including services, healthcare IT, medical devices, diagnostics, and pharma services, targeting prospects that improve patient outcomes and healthcare delivery efficiency.

## Sectors

- Digital Health
- MedTech
- Diagnostics & Tools
- Healthcare Services

## People

- Garry Menzel — Managing Partner and Co-Founder

## Questions

### Who runs investment decisions at 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.

### How does HealthQuest source deals differently from a generalist growth equity firm?

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.

### Which sectors does HealthQuest Capital explicitly avoid?

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.

### What is the size and structure of HealthQuest's most recent fund?

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.

## Related profiles

- [HealthQuad](https://altss.com/profile/healthquad)
- [Health Rosetta Group](https://altss.com/profile/health-rosetta-group)

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

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