ProQuest Investments

Dennis Purcell and Jay Moorin jointly lead investment decisions. Purcell acts as Senior Managing Director with final authority on allocations, while Moorin serves as Managing Partner and typically leads company formation and clinical strategy. Both take board seats across the portfolio.

The firm's wealth is primarily sourced from the exit of its largest holding, Aerie Pharmaceuticals, a Nasdaq-listed glaucoma treatment developer. Aerie was acquired by Alcon in November 2022 for approximately $771 million. Purcell was an early investor and board member prior to the sale.

ProQuest deploys almost exclusively through direct equity. The firm does not operate as a fund of funds, though it has historically co-invested alongside specialized healthcare VCs, including Orbimed and venBio, on select larger rounds. The office prefers where it can take an active board seat.

ProQuest concentrates on biotechnology and digital health, with a pronounced sub-thesis in ophthalmology and chronic disease therapeutics. The firm generally avoids medical devices, consumer health, and therapeutic areas unrelated to its partners' clinical operating experience.

Unlike a traditional VC with limited partners and a fixed fund life, ProQuest uses permanent family capital with no forced deployment or exit timetable. The partners physically incubate companies — sometimes building the management team and clinical plan themselves before recruiting a CEO — which is rare among purely financial biotech investors.