# HealthQuest Capital: portfolio, investments and team > HealthQuest Capital is a growth equity based in United States. 21 investments on record, 1 in the last 12 months, latest Sept 2026. Source: https://millionrounds.com/fund/healthquest-capital (Millionrounds; every figure on the page links to its filing or article) United States · [Investor](https://millionrounds.com/investors) # HealthQuest Capital Last cheque observed Sep 2026; 21 cheques on record. Email Deploying now New fund $300M, Apr 2023 Growth equity Growth Healthcare Medical_devices Healthcare_services Follow HealthQuest Capital and see its new cheques in your feed. [Start following](https://millionrounds.com/login?join=1&why=follow&next=%2Ffund%2Fhealthquest-capital) Deploying now **100%** of best year **1** **cheques in 12 months**, 21 on record Since the last cheque **61** days **00** hrs **00** min **00** sec Median round **$23M** Rounds led **1 of 21** Sole investor **4 rounds** Mostly in **United States, 100%** Pitch HealthQuest Capital ## HealthQuest Capital highlights - 01 1 cheques in the last 12 months - 02 Mostly Series C and Series B: 67% of its rounds - 03 Sole investor in 4 rounds, median $15M ## What they do > We invest in commercial stage innovations across the healthcare spectrum: medical devices and technologies, healthcare services and diagnostics From their own website - **Type:** Growth equity - **Cheque size:** Not stated - **Stages:** Growth - **Sectors:** Healthcare Medical_devices Healthcare_services - **Based in:** Redwood City, United States - **Cold pitches:** Not stated ## The record Every round we can evidence, newest first **21 appearances** - **2026** 1 round - **Sept** **[Thyme Care](https://millionrounds.com/company/thyme-care)** Series E · US · Echo Health Ventures **$125M** With 12 others - **2024** 1 round - **Aug** **[HistoSonics](https://millionrounds.com/company/histosonics)** Series D · US · Hatteras Venture Partners **$102M** With 7 others - **2019** 4 rounds - **Sept** **[Ajax Health](https://millionrounds.com/company/ajax-health)** US · FinSMEs **$100M** *Led* - **Apr** **[Bardy Diagnostics](https://millionrounds.com/company/bardy-diagnostics)** Series B · US · FinSMEs **$36M** With 8 others - **Apr** **[Ajax Health](https://millionrounds.com/company/ajax-health)** US · FinSMEs **$85M** Sole investor - **Jan** **[Trice Medical](https://millionrounds.com/company/trice-medical)** Series C · US · Massdevice **$18M** With 3 others - **2018** 3 rounds - **Jul** **[Ajax Health](https://millionrounds.com/company/ajax-health)** Series B · US · Bioportfolio **$120M** With 5 others - **May** **[Avedro](https://millionrounds.com/company/avedro)** US · FinSMEs **$25M** With 2 others - **Jan** **[Springbuk](https://millionrounds.com/company/springbuk)** Series B · US · FinSMEs **$20M** With 2 others - **2017** 3 rounds - **Oct** **[Vestagen](https://millionrounds.com/company/vestagen)** US · FinSMEs **$9.5M** With 4 others - **Jun** **[Trice Medical](https://millionrounds.com/company/trice-medical)** Series C · US · FinSMEs **$19M** With 3 others - **Apr** **[Vestagen](https://millionrounds.com/company/vestagen)** US · FinSMEs **$10M** With 2 others - **2016** 2 rounds - **Oct** **[Avizia](https://millionrounds.com/company/avizia)** Series A · US · FinSMEs **$17M** Sole investor - **Jul** **[Magnolia Medical Technologies](https://millionrounds.com/company/magnolia-medical-technologies)** US · GeekWire **$14M** Sole investor - **2015** 5 rounds - **Nov** **[First Aid Shot Therapy](https://millionrounds.com/company/first-aid-shot-therapy)** Series C · US **$24M** With 4 others - **Oct** **[inMediata](https://millionrounds.com/company/inmediata)** Venture · US **$4.0M** Sole investor - **Sept** **[Vestagen Technical Textiles](https://millionrounds.com/company/vestagen-technical-textiles)** US **$3.3M** With 1 other - **Jul** **[Castle Biosciences](https://millionrounds.com/company/castle-biosciences)** Series F · US **$12M** With 1 other - **Jan** **[Lineagen](https://millionrounds.com/company/lineagen)** Series C · US **$12M** With 9 others - **2014** 2 rounds - **Aug** **[Castle Biosciences](https://millionrounds.com/company/castle-biosciences)** Venture · US **$12M** With 2 others - **Jul** **[Trice Medical](https://millionrounds.com/company/trice-medical)** Series B · US **$12M** With 2 others An announcement gives the size of the round, not the size of this investor's cheque: the only rounds that imply a cheque are those where they were the sole named investor. ## The team Named by the firm itself, on a filing, its Form ADV or its company registration **7 named** AM **Ajay Madan** Chief Compliance Officer & General Counsel of the General Partner i Form ADV DK **David Kabakoff** Member of the General Partner i Filing they signed GA **Garheng Albert Kong** Managing Partner of the General Partner i Form ADV MH **Manfred Hsiao-Wei Yu** Chief Financial Officer of the General Partner i Form ADV RS **Randy Scott** Member of the General Partner i Filing they signed RL **Richard Lin** Member of the General Partner i Filing they signed TC **Tom Callaway** Member of the General Partner i Filing they signed We also hold **12** people at this firm from the lists this database was built from: a weaker source than the filings, since a list does not say when a title ended. Login to see them. ## What the register says From the firm's own filings with the SEC, which it must file accurately by law **$1.8B** assets it manages Oct 2026 **Registered** investment adviser full reporting to the SEC - **Legal name:** Healthquest Capital Management, L.P. - **SEC number:** CRD 296583 Funds on its Form ADV **9** private funds, **$1.8B** in gross assets · filed Mar 2024 - HealthQuest Partners IV, L.P. *Venture* 110 investors $715M - HealthQuest Partners III, L.P. *Venture* 90 investors $437M - HealthQuest Tactical Opportunities Fund, L.P. *Venture* 2 investors $310M - HealthQuest Partners II, L.P. *Venture* 54 investors $173M - HealthQuest Madison SPV, L.P. *Venture* 35 investors $53M - HealthQuest AJAX III SPV, L.P. *Venture* 32 investors $41M - HealthQuest AJAX III-A SPV, L.P. *Venture* 27 investors $35M - HealthQuest AJAX II SPV, L.P. *Venture* 19 investors $31M - Sofinnova HealthQuest Partners, L.P. *Venture* 35 investors $21M New fund on file **$300M** raised in Apr 2023 From its SEC filing, not a journalist: a firm that has just raised has money to deploy. ## The cheque Growth Median round joined **$23M** the round, not its cheque Alone, median **$15M** Led 1 of 21 rounds **5%** - **Sole investor:** 4 rounds - **Last cheque:** Sept 2026 Rounds by stage said on their site - Series C *4* - Series B *4* - Venture *2* - Series D *1* - Series E *1* - Growth said *-* Cheques by month Led Joined Dec 2023 Nov 2026 Often in the room with - [Advent Life Sciences Llp](https://millionrounds.com/fund/advent-life-sciences) 3 - [Lumira Ventures](https://millionrounds.com/fund/lumira-ventures) 3 - [Mountain Group Partners](https://millionrounds.com/fund/mountain-group-partners) 2 - [Polaris Partners](https://millionrounds.com/fund/polaris-partners) 2 - [Safeguard Scientifics](https://millionrounds.com/fund/safeguard-scientifics) 2 - [Smith & Nephew](https://millionrounds.com/fund/smith-and-nephew) 2 **Pitching HealthQuest Capital?** Put them on your fundraising board with this record on the card, and follow them to hear when they write a new cheque. Add to your CRM *→* ## Who they invest alongside The investors most often in the same rounds as HealthQuest Capital. A count of rooms they were both in, not a relationship either has claimed. [**Advent Life Sciences Llp** VC firm **3** rounds together](https://millionrounds.com/fund/advent-life-sciences)[**Lumira Ventures** VC firm **3** rounds together](https://millionrounds.com/fund/lumira-ventures)[**Mountain Group Partners** VC firm **2** rounds together](https://millionrounds.com/fund/mountain-group-partners)[**Polaris Partners** VC firm **2** rounds together](https://millionrounds.com/fund/polaris-partners)[**Safeguard Scientifics** Private equity **2** rounds together](https://millionrounds.com/fund/safeguard-scientifics)[**Smith & Nephew** Corporate VC **2** rounds together](https://millionrounds.com/fund/smith-and-nephew) ## Recently backed The latest companies HealthQuest Capital put money into. [**Thyme Care** $125M · Sept 2026](https://millionrounds.com/company/thyme-care)[**HistoSonics** $102M · Aug 2024](https://millionrounds.com/company/histosonics)[**Ajax Health** $100M · Sept 2019](https://millionrounds.com/company/ajax-health)[**Bardy Diagnostics** $36M · Apr 2019](https://millionrounds.com/company/bardy-diagnostics)[**Trice Medical** $18M · Jan 2019](https://millionrounds.com/company/trice-medical)[**Avedro** $25M · May 2018](https://millionrounds.com/company/avedro) ## Mentioned on podcasts Episodes that name HealthQuest Capital in their description, not their title. - [Growth Investor](https://millionrounds.com/podcasts/growth-investor) 31 Aug 2022 · 19 min Top Healthcare Investor: HealthQuest’s Garheng Kong With [Garheng Kong](https://millionrounds.com/person/garheng-kong) Mentions [Duke University](https://millionrounds.com/fund/duke-university)[HealthQuest Capital](https://millionrounds.com/fund/healthquest-capital)[Intersouth Partners](https://millionrounds.com/fund/intersouth-partners) *+1* Apple PodcastsShow page ## Quick answers about HealthQuest Capital ### What does HealthQuest Capital invest in? HealthQuest Capital invests most often at Series C and Series B (67% of the rounds on record), in sectors such as Healthcare, Medical_devices and Healthcare_services. ### How active is HealthQuest Capital? 21 investments on record, 1 of them in the last 12 months, and it led 1. The most recent was in Sept 2026. ### What has HealthQuest Capital invested in recently? Its most recent investments on record: Thyme Care (Series E, Sept 2026), HistoSonics (Series D, Aug 2024) and Ajax Health (Undisclosed round, Sept 2019). ### How big are HealthQuest Capital's cheques? The median round it joins is $23M. ### Does HealthQuest Capital lead rounds? Sometimes: it led 1 of its 21 investments on record (5%). ### Where does HealthQuest Capital invest? Most of the companies it backs are in the United States (100%). ### Is HealthQuest Capital investing now? Yes: it is actively investing, with 1 investments in the last 12 months. ### Who does HealthQuest Capital invest alongside? Most often Advent Life Sciences Llp (3 rounds together), Lumira Ventures (3 rounds together) and Mountain Group Partners (2 rounds together). ## Raising now? Find the investors who back rounds like yours, and keep every conversation on one fundraising board. Find similar investorsOpen your CRM Built from the rounds we watched, its filings and its own website, refreshed every night. [How we count](https://millionrounds.com/methodology) · [Report a correction](https://millionrounds.com/corrections?slug=healthquest-capital) · [Is this your firm? Claim it](https://millionrounds.com/claim?org=healthquest-capital)