QHP Capital

QHP relies on thematic origination within highly specialized sub-sectors of pharma services and life sciences — areas where regulatory moats and clinical complexity make cold outreach ineffective. The firm's leadership and strategic advisor network, built over decades inside Quintiles and the broader CRO industry, provides proprietary visibility into founder-owned companies before they run broad auctions. This combination of top-down sector mapping and bottom-up relationship sourcing yields a concentrated pipeline of technically complex platform deals.

QHP pursues control-oriented buyouts and recapitalizations of middle-market healthcare companies in tech-enabled life sciences and pharma services. The firm targets businesses that reduce the total cost of care, address unmet medical needs, or improve clinical efficiency. It deploys equity across a concentrated portfolio — 10 platform companies since 2018 — and uses a dedicated internal value-creation team of operating professionals rather than relying exclusively on deal-side generalists to drive post-close transformation.

QHP invests through committed blind-pool private equity funds branded under the NovaQuest name. Fund I closed at $275 million and Fund II at $500 million. The firm also syndicates co-investment alongside its fund commitments and has used continuation vehicles — most notably a $1.1 billion vehicle for Azurity Pharmaceuticals — to extend hold periods beyond a typical fund life (per QHP Capital website).

QHP Capital originated as the on-balance-sheet private equity operation of Quintiles, the global CRO. The investment team later separated as NovaQuest Capital Management, an independent firm, and eventually rebranded to QHP Capital. While legally distinct, the firm retains the clinical-operations DNA and industry network built during its Quintiles era.

QHP does not invest broadly across healthcare. The firm stays away from pure-play biotech platform risk, early-stage drug discovery, provider roll-ups without a technology or regulatory moat, and sectors where it cannot deploy its in-house clinical and manufacturing expertise to drive post-close value creation.

Investment decisions are led by the firm's senior leadership group, which includes Vern Davenport, Jeff Edwards, Matt Jenkins, Ashton Poole, and Michael Sorensen. The investment team — composed of principals, vice presidents, and associates listed on the firm's website — executes deal sourcing, diligence, and portfolio oversight under their direction.

QHP welcomes co-investment from limited partners and external capital sources alongside its fund commitments. The structure is common in the firm's larger platform deals, where co-investors can participate directly in individual assets. The $1.1 billion Azurity continuation vehicle, for example, was structured with outside capital participation to extend the asset's hold period beyond the original fund's term (per QHP Capital website).