# Triathlon Medical Partners

Triathlon Medical Partners is a Venture Capital based in Cincinnati, United States.

## Overview

- **Organization type:** Venture Capital
- **Headquarters:** Cincinnati, United States
- **Region:** North America
- **Address:** Cincinnati, OH, United States
- **Founded:** 2003
- **Assets under management:** Undisclosed
- **Website:** triathlonmed.com
- **LinkedIn:** https://www.linkedin.com/company/triathlon-medical-ventures

## Regulatory record

- **Reports private funds:** No

## About

Triathlon Medical Partners is a private equity firm based in Cincinnati, US. It focuses on a Venture Capital strategy. The firm has a team of 4 staff, including 4 investment professionals.

## Sectors

- Medical Devices
- Diagnostics
- Drug Delivery
- Healthcare Services
- Digital Health

## People

- Suzette Dutch — Managing Partner
- John Rice — Managing Partner

## Questions

### What types of companies does Triathlon Medical Partners invest in?

Triathlon focuses on biomedical companies across three main sectors: medical devices, drug delivery platforms, and diagnostics. The firm targets companies that have developed a working prototype or have early clinical data and are preparing for regulatory submission or initial commercialization. Triathlon avoids biotech therapeutics and health IT software in favor of engineered products that require FDA clearance.

### Is Triathlon Medical Partners a single-state investor or does it invest nationally?

While Triathlon is headquartered in Cincinnati and emphasizes sourcing in the Midwest and Southeast, the firm invests nationally within the United States. Its geographic concentration in the Midwest reflects a strategic choice to operate in regions with high biomedical research output but lower venture competition compared to Boston or San Francisco.

### How does Triathlon exit its investments?

Triathlon has historically pursued exits through strategic acquisitions by larger medical device or healthcare companies rather than through initial public offerings. Confirmed trade sales of portfolio companies include CardioMEMS to St. Jude Medical and OrthoHelix Surgical Devices to Tornier. The firm structures its fund lifecycle to prioritize these acquisition outcomes.

### Who runs investment decisions at Triathlon Medical Partners?

Investment decisions are led by Managing Partners Suzette Dutch and John Rice, who co-founded the firm in 2003. They draw on a network of clinical advisors from academic medical centers to support technical diligence, but the partnership itself maintains a flat decision-making structure without a large hierarchy.

### What differentiates Triathlon from generalist healthcare venture funds?

Triathlon does not invest in biotechnology therapeutics, health IT platforms, or general healthcare services. Its exclusive focus on engineered medical products — devices, diagnostics, and drug delivery systems — combined with its operational emphasis on FDA regulatory strategy, sets it apart from broad life sciences funds. The firm's Midwest base further shapes a deal flow network distinct from coastal venture clusters.

## Related profiles

- [Triage Ventures](https://altss.com/profile/triage-ventures)
- [Tribune Digital Ventures](https://altss.com/profile/tribune-digital-ventures)

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

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