# Patient Square Capital

Patient Square Capital is a Private Equity based in Menlo Park, United States.

## Overview

- **Organization type:** Private Equity
- **Headquarters:** Menlo Park, United States
- **Region:** North America
- **Address:** Menlo Park, CA, United States
- **Founded:** 2020
- **Assets under management:** Undisclosed
- **Website:** patientsquarecapital.com
- **LinkedIn:** https://www.linkedin.com/company/patient-square-capital

## Regulatory record

- **CRD number:** 312203
- **SEC file number:** 801-120508
- **Registration status:** APPROVED
- **Latest Form ADV filing:** 2026-03-31T05:00:00.000Z
- **Reports private funds:** Yes
- **Private funds reported:** 0
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/312203

## About

Patient Square Capital is an SEC-registered investment adviser in Menlo Park, CA, registered since 2021. The firm manages $17.5 billion in regulatory assets. It has 97 employees and 50 investment advisers.

## Sectors

- Healthcare Services
- Digital Health
- Pharmaceuticals & Biotech
- Medical Devices

## Offices

- New York, NY
- Dubai, United Arab Emirates

## People

- Jim Momtazee — Managing Partner
- Neel Varshney, M.D. — Founding Partner
- Karr Narula — Founding Partner, Head of Transformation and Growth
- Adam Fliss — Founding Partner; Head of Strategy, Capital, Legal, and Government Affairs
- Laura Furmanski, Ph.D. — Partner, Head of Patient Square Insights
- Jake Cabala — Partner, Head of Fund Partnerships
- Justin Sabet-Peyman — Partner
- David Katz — Partner
- Russ Chong — Partner, Co-Head of Royalty and Structured Solutions
- Emily Janvey, M.D. — Partner, Co-Head of Royalty and Structured Solutions
- Jason Ridloff — Partner, Capital Markets
- Kaveh Samie — Partner, Chairman and CEO of the Middle East and Head of International Fund Partnerships
- Bhavna V. Katkar — Partner; Head of Human Capital, Enterprise Solutions, and Corporate Affairs
- Chris Wade — Partner, Chief Financial Officer
- Kelvin A. Baggett, M.D., M.P.H., M.B.A. — Senior Managing Director, Head of Patient Impact and Chair of the EMPIRIC Institute

## Questions

### How does Patient Square Capital source proprietary deal flow?

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.

### What investment structures does Patient Square Capital offer beyond traditional equity?

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.

### Who makes investment decisions at Patient Square Capital?

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.

### How is the EMPIRIC Institute related to Patient Square's investment activities?

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.

### Does Patient Square Capital disclose a specific fund size or track record?

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.

## Related profiles

- [Patient Capital Management](https://altss.com/profile/patient-capital-management)
- [Patina Brands](https://altss.com/profile/patina-brands)

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Last updated: 2026-06-03T20:00:00.000Z

Canonical page: https://altss.com/profile/patient-square-capital

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