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Adviser Profile

As of Date 03/25/2024
Adviser Type - Large advisory firm
Number of Employees 22
of those in investment advisory functions 17
Registration SEC, Approved, 4/21/2023
Other registrations (6)
Former registrations

HEALTHQUEST CAPITAL MANAGEMENT, L.P.

AUM* 1,815,565,479 100.00%
of that, discretionary 1,815,565,479
Private Fund GAV* 1,815,565,479 -1.15%
Avg Account Size 201,729,498
SMA’s No
Private Funds 9 1
Contact Info 650 xxxxxxx
Websites

Client Types

- Pooled investment vehicles

Advisory Activities

- Portfolio management for pooled investment vehicles

Compensation Arrangments

- A percentage of assets under your management
- Performance-based fees

Recent News

Reported AUM

Discretionary
Non-discretionary
1 1 1 1
2023

Private Funds



Employees

Private Funds Structure

Fund Type Count GAV
Fund TypeVenture Capital Fund Count9 GAV$1,815,565,479

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Brochure Summary

Overview

A. Description of the Advisory Firm HealthQuest Capital Management, L.P. (“HealthQuest Capital”) is a Delaware limited partnership formed in February 2018. HealthQuest Capital is managed and fully controlled by its general partner, HealthQuest Capital Management Company, LLC (“Management GP”), a Delaware limited liability company formed in April 2014. HealthQuest Capital’s relying adviser is HealthQuest TOF Capital Management, L.P. (“HealthQuest TOF Capital”). HealthQuest TOF Capital was formed in February 2023 and is managed and fully controlled by Management GP, its general partner. HealthQuest Capital, HealthQuest TOF Capital and Management GP are each based in Austin, Texas with an office in Redwood City, California. Dr. Garheng Albert Kong is the Managing Partner of HealthQuest Capital and HealthQuest TOF Capital. Dr. Kong is also the Managing Member of Management GP. B. Types of Advisory Services HealthQuest Capital and HealthQuest TOF Capital (together, “HealthQuest” or the “Adviser(s)”) serve as investment advisers to certain private investment funds, which are organized as Delaware limited partnerships (each a “Fund” and collectively the “Funds”). Affiliates of HealthQuest serve as the general partners (each a “General Partner” and, the General Partners together with HealthQuest, the ”Firm”), as applicable, of the Funds. HealthQuest may also decide in the future to sponsor or manage additional private investment funds or other clients. The Funds offer limited partnership interests (“Interests”) to certain qualified investors as described in response to Item 7 (such investors are referred to herein as “Investors”). From time to time, the Firm forms and manages, on a transaction-by-transaction basis, special purpose vehicles (“SPV”s) to participate in investment opportunities, often alongside the Funds. Unlike the Funds, which generally do not limit investment discretion, the SPVs are often limited to investing only in the securities relating to the particular transaction or portfolio company for which the SPV was created. Collectively, the SPVs and the Funds will be known as the “Clients”. HealthQuest is a venture capital firm whose primary purpose is to make investments in early stage, commercial stage and growth companies with the potential to positively transform healthcare. The investments may include venture capital investments, growth capital investments and investments in securities of publicly held corporations. Clients generally invest in healthcare companies (see Item 8B below) primarily in the United States, and outside the United States based on the limitations set forth in each Fund’s Governing Documents (as defined below). Target sectors include medical devices, diagnostics, consumer health, patient care products, digital health, healthcare services, healthcare information technology
and technology-enabled services. A Fund’s strategy is described in its limited partnership agreement, private placement memorandum and subscription documents (collectively, the “Governing Documents”). C. Client Tailored Services and Client Imposed Restrictions Advisory services are tailored to achieve each Client’s investment objectives, not each underlying Investor’s objectives. The Firm has the authority to select which and how many portfolio companies to invest in and determine exit strategies without consultation with its Investors. As a general matter, HealthQuest will seek to cause investment opportunities to be allocated among Clients on a fair and equitable basis and in a manner that is consistent with each applicable Client's particular objectives, investment strategy, terms and restrictions. Other than as expressly provided herein, HealthQuest will seek to cause investment opportunities generally to be allocated to those Clients for which participation in the respective opportunity is considered suitable, taking into account for each Client, among other considerations, the nature of the opportunity, whether the risk-return profile and other characteristics of the proposed investment are consistent with the Client's objectives, investment strategy, terms and restrictions; the potential for the proposed investment to create an imbalance in a portfolio or a breach of any specific issuer concentration, geographic, investment stage, sector-specific or other parameters; the liquidity profile of the Client; potentially adverse tax consequences; applicable regulatory restrictions; the particular risk(s) in a portfolio; and relative amounts of capital available for investment. None of HealthQuest, its affiliates, or any of their respective principals, members, officers, directors, employees or other supervised personnel will be obligated to present an investment opportunity to any particular Client if, in HealthQuest’s opinion, such investment opportunity does not appear to be suitable for such Client. The Funds and SPVs may co-invest with third parties in one or more specific portfolio companies. Where possible and appropriate, a Fund or SPV may, but will be under no obligation to, provide co-investment opportunities to one or more Investors before making such opportunities available to others unless otherwise specified in a Client’s Governing Documents. Any allocations among Funds, SPVs and co-investment vehicles would be made on what HealthQuest believes to be a fair and equitable basis. D. Wrap Fee Programs HealthQuest does not participate in wrap fee programs. E. Amounts Under Management As of December 31, 2023, HealthQuest has approximately $1.82 billion of regulatory assets under management on a discretionary basis. HealthQuest does not manage assets on a non- discretionary basis.