Patient Square Capital

Patient Square operates a dedicated in-house research unit, Patient Square Insights, staffed with PhDs and MDs, that generates a proprietary pipeline by analyzing clinical and regulatory data. The firm also runs the EMPIRIC Institute, which studies real-world patient outcomes, a capability intended to surface under-recognized assets before they reach broad auction processes.

Patient Square is a pure asset manager — a private equity firm raising external institutional capital. It operates as a dedicated health care investment firm with a GP model, not a proprietary capital vehicle.

The firm deploys capital through growth equity, buyout, and a royalty and structured-solutions practice. The royalty group provides non-dilutive funding to commercial-stage biopharma and medtech companies, co-headed by Russ Chong and Emily Janvey. It also lists a public-opportunities strategy.

Managing Partner Jim Momtazee, a former KKR health care executive, leads investment decisions alongside a deeply specialized partnership that includes multiple MDs and PhDs. Key partners include founding foursome Momtazee, Neel Varshney, Karr Narula, and Adam Fliss, plus practice heads like Laura Furmanski and Kelvin Baggett.

Patient Square's principal offices sit in Menlo Park, New York, and Dubai. The Dubai presence, alongside a documented capital-markets team, indicates cross-border activity connecting US health care assets with international limited partners, particularly Middle Eastern institutional pools.

The EMPIRIC Institute is a captive research and measurement vehicle inside Patient Square, chaired by Kelvin Baggett, that evaluates real-world patient outcomes. It does not function as a separate philanthropic entity; its work ties directly to deal sourcing, due diligence, and value-creation efforts at portfolio companies.

No. The firm does not publish a current AUM or fund-size figure on its website as of the latest capture. Its portfolio page lists no named investments, keeping position-level detail private.