Profile

HealthQuest Capital is a private equity firm that provides capital to transformative healthcare companies. HealthQuest Capital focuses on commercial prospects that drive enhanced patient outcomes and elevate the efficiency of healthcare delivery. With approximately $2 billion in capital under management, the firm focuses on fostering innovation across the healthcare spectrum, including medical technologies, diagnostics and tools, digital health, and innovative services. The HealthQuest Capital team combines decades of investing experience with domain expertise in the various aspects of the healthcare industry.

Awards

2026 Top Healthcare Investors

2025 Top Private Equity Firms, Top Healthcare Investors, Top 40 Under 40 Growth Investors, Top Growth Equity Firms

2024 Top Growth Equity Firms, Top Private Equity Firms, Top Healthcare Investors

2023 Top Growth Equity Firms

2022 Top Healthcare Investors

Features

Top Healthcare Investor: HealthQuest’s Garheng Kong

GrowthCap’s RJ Lumba spoke with Garheng Kong on August 31, 2022. Garheng is the Founder and Managing Partner of HealthQuest Capital, a healthcare-focused growth equity firm investing in commercial-stage innovations across medical devices, biopharma, and diagnostics. He founded the firm in 2012 and brings over two decades of investing experience, with a track record that includes 28 IPO and M&A exits.

Key People

Garheng Kong

Garheng founded HealthQuest Capital in 2012 with a vision to improve people’s lives by transforming healthcare through high-growth companies. He has a unique background as a physician, scientist, and engineer and over 2 decades of experience in healthcare investing, including 40 exits (IPO / M&A).

Randy Scott

Randy is a founding partner at HealthQuest Capital. After a successful career as a MedTech entrepreneur, Randy switched careers to investing because he also saw the opportunities overlooked by investors and felt he could help innovative young businesses by applying the lessons he learned by leading similar companies.

Sam Brasch

Sam Brasch joined HealthQuest in 2023 as a Partner, bringing over 25 years of experience in leveraging technology innovations to drive value in the healthcare and life sciences industries.

Sharath Reddy

Sharath Reddy, with over sixteen years of investing experience, joined HealthQuest in 2022. His investing and operating experience spans private, public and credit markets.

Funds Raised

HealthQuest was founded in 2012 by a team of seasoned healthcare investors and operators with a vision to create a leading healthcare-focused growth equity firm. The firm launched its first fund, HealthQuest Fund I, in 2013 with $111 million of committed capital and began investing in commercial stage healthcare companies across modalities and sectors. In 2016, HealthQuest closed its second fund, HealthQuest Fund II, with $228 million of committed capital, followed by HealthQuest Fund III in 2019 with $447 million of committed capital.

The firm continued to execute on its strategy of backing innovative and high-growth healthcare companies that address significant unmet needs and have clear competitive advantages. In 2022, HealthQuest closed its fourth and largest fund, HealthQuest Fund IV, with $685 million of committed capital and started deploying capital in 2023.

In addition to its flagship funds, HealthQuest also launched and closed a Tactical Opportunities Fund in 2023 with $310 million of committed capital. This fund aims to expand the firm’s reach and vision to be a healthcare capital provider of choice to a broader array of healthcare companies, including those that may not fit the traditional growth equity profile or require more flexible capital solutions. Today, HealthQuest manages approximately $2.0 billion of assets and a diverse portfolio of healthcare companies across the globe.

Key Investments

Alcresta: Invested March 12, 2024, active
Category: Medical devices

Digestive enzyme platform enabling improved nutrient and healthy fat digestion for EPI patients

Avedro: Invested April 17, 2017, exited
Category: Medical devices

Leader in corneal remodeling, acquired by Glaukos (NYSE:GKOS)

Bardy Diagnostics: April 11,2019, exited
Category: Medical devices

Remote cardiac monitoring, acquired by Hill-Rom

BioIQ: Invested March 8, 2018, exited
Category: Diagnostics

Diagnostic solutions for health testing programs, acquired by LetsGetChecked

Biotheranostics: Invested January 20, 2016, exited
Category: Diagnostics

Molecular diagnostic tests for oncology, acquired by Hologic (NASDAQ:HOLX)

Castle Biosciences: Invested August 11, 2014, exited
Category: Diagnostics

Molecular diagnostic tests for rare cancers, IPO (NASDAQ:CSTL)

Lunit: Invested November 23, 2021, exited
Category: Diagnostics

AI-enabled precision diagnostics, IPO (KOSDAQ:328130)

Pulmonx: Invested April 17, 2020, exited
Category: Medical devices

Minimally invasive treatment for emphysema, IPO (NASDAQ:LUNG)

Everly Health: Invested December 28, 2020, active
Category: Diagnostics / HCIT

Patient-centric at-home diagnostic testing platform

hellocare: Invested December 18, 2024, active
Category: HCIT

Virtual healthcare delivery platform

Histosonics: Invested August 7, 2024, active
Category: Medical devices

Non-invasive platform and proprietary sonic beam therapy to mechanically destroy and liquify unwanted tissue and tumors

Somatus: Invested February 10, 2023, active
Category: Healthcare services

Value-based care for kidney disease patients

Thirty Madison: Invested May 18, 2021, active
Category: Healthcare services

Virtual specialist care for chronic conditions

TigerConnect: Invested September 21, 2020, active
Category: HCIT

Care communication and collaboration platform

Capital Responsibility

HealthQuest’s mission is to broadly improve people’s lives by investing in healthcare innovation. The firm is focused on identifying and accelerating transformative companies that are improving patient outcomes, or reducing cost/inefficiency in the healthcare system. HealthQuest believes that implementing ESG conscious practices into its investment process and operating responsibly as a firm are important to maximizing long-term relationships and outcomes with its investment companies (and their users/stakeholders/patients), its employees and its capital partners.

Through involvement on its investments Board of Directors, HealthQuest aims to proactively identify risks and opportunities related to ESG issues, and contribute positively to the responsible practices of its portfolio companies. The firm approaches ESG issues with humility (one of its core values), and believes there is always room to continually improve its investment and operational practices. HealthQuest commits to identifying and monitoring ESG risks and opportunities both pre- and post- investment, as appropriate.

CEO Reviews

Everly Health CEO, Julia Cheek

“They’ve helped in everything from recruiting leadership roles to providing key perspectives on the landscape of testing innovation and introducing us to various leaders within the HealthQuest network.”

Lunit CEO, Brandon Suh

“HealthQuest has been very supportive in our efforts to grow as a company… HealthQuest was very understanding and helped us navigate through the difficult times of going public in a very unfavorable market.”

CleanSlate CEO, Chris Bove 

“HealthQuest has consistently been an invaluable resource for our executive team and a strong advocate for our mission. Their commitment to building a mission-driven organization focused on delivering quality outcomes aligns seamlessly with the goals of the CleanSlate executive team.” 

Clearsense CEO, Jason Rose 

“I have found HealthQuest to be highly supportive of the management team, eager to overcome big issues and has a long-term vision.  As a new CEO with HealthQuest with a year under my belt, I am quite pleased about the relationship and commitment we have forged thus far.”  

The CEO Reviews and the portfolio companies these CEOs represent are examples of portfolio companies that HealthQuest has assisted with business and capital raising goals. These statements by the CEOs are intended to highlight their experiences working with HealthQuest as an investor in their companies and are not intended to be representative of all HealthQuest portfolio companies. The experiences of other portfolio companies and portfolio company executives may differ from the experiences presented. HealthQuest did not provide compensation to the portfolio company executives or portfolio companies in connection with the statements provided by such executives. There is no guarantee that HealthQuest’s work with other portfolio companies will produce similar results to those presented.