Healthquest Capital Management, L.P.
- Regulatory AUM
- $1.8B
- Discretionary
- $1.8B
- Clients
- 11
- Avg AUM / client
- $162M
- Accounts
- 11
- Employees
- 28
AUM over time
Annual snapshots from Form ADV filings · as of Mar 30, 2026
Who they serve
| Client type | Clients | AUM | % of AUM |
|---|---|---|---|
| Pooled investment vehicles (non-investment companies) | 11 | $1.8B | 100.0% |
Private funds (9)
Reported in Form ADV Section 7.B.(1), filing of Mar 2024 · $1.8B combined gross assets
| Fund | Type | Domicile | Gross assets | Owners |
|---|---|---|---|---|
| Healthquest Partners Iv, L.P. | Venture Capital Fund | Delaware | $715M | 110 |
| Healthquest Partners Iii, L.P. | Venture Capital Fund | Delaware | $437M | 90 |
| Healthquest Tactical Opportunities Fund, L.P. | Venture Capital Fund | Delaware | $310M | 2 |
| Healthquest Partners Ii, L.P. | Venture Capital Fund | Delaware | $173M | 54 |
| Healthquest Madison Spv, L.P. | Venture Capital Fund | Delaware | $52.9M | 35 |
| Healthquest Ajax Iii Spv, L.P. | Venture Capital Fund | Delaware | $40.5M | 32 |
| Healthquest Ajax Iii A Spv, L.P. | Venture Capital Fund | Delaware | $34.8M | 27 |
| Healthquest Ajax Ii Spv, L.P. | Venture Capital Fund | Delaware | $31.5M | 19 |
| Sofinnova Healthquest Partners, L.P. | Venture Capital Fund | Delaware | $21.2M | 35 |
People (4)
| Name | Role / title | Credentials | With firm since | Ownership |
|---|---|---|---|---|
| Kong, Garheng, Albert | Managing Partner Of The General Partner | Jun 2014 (12y) | ≈ 0% – 5% via Healthquest Capital Management Company, Llc | |
| Yu, Manfred, Hsiao Wei | Chief Financial Officer Of The General Partner | Feb 2018 (9y) | Less than 5% | |
| Aghazadeh, Behzad | Class B Limited Partner | May 2019 (7y) | ≈ 37.5% – 75% via Avoro Capital L.P. | |
| Madan, Ajay | Chief Compliance Officer & General Counsel Of The General Partner | Jun 2023 (3y) | Less than 5% |
Entity owners (Schedule A/B)
| Entity | Title / status | Since | Sch. | Ownership |
|---|---|---|---|---|
| Avoro Capital L.P. | Limited Partner | May 2019 | A | 75% or more |
| Healthquest Capital Management Company, Llc | General Partner | Feb 2018 | A | Less than 5% |
| Avoro Capital Gp Llc | General Partner | May 2019 | B | GP / trustee / elected manager of Avoro Capital L.P. (indirect) |
Undisclosed: 0% – 25% of the firm is not attributable from the filed Schedule A bands.
Estimated effective ownership (look-through of filed bands):
- Kong, Garheng, Albert: 75% – 100% of Healthquest Capital Management Company, Llc × 0% – 5% direct ≈ 0% – 5% of the firm
- Aghazadeh, Behzad: 50% – 75% of Avoro Capital L.P. × 75% – 100% direct ≈ 37.5% – 75% of the firm
Roster from the IAPD representatives feed; ownership and acquisition dates from Form ADV Schedule A/B. "Since" is the earliest filed registration or acquisition date.
Private funds (9, $1.8B gross assets)
| Fund | Type | Gross assets | Min. investment | Owners |
|---|---|---|---|---|
| Healthquest Partners Iv, L.P. | Venture Capital Fund | $715M | $0 | 110 |
| Healthquest Partners Iii, L.P. | Venture Capital Fund | $437M | $0 | 90 |
| Healthquest Tactical Opportunities Fund, L.P. | Venture Capital Fund | $310M | $0 | 2 |
| Healthquest Partners Ii, L.P. | Venture Capital Fund | $173M | $0 | 54 |
| Healthquest Madison Spv, L.P. | Venture Capital Fund | $52.9M | $0 | 35 |
| Healthquest Ajax Iii Spv, L.P. | Venture Capital Fund | $40.5M | $0 | 32 |
| Healthquest Ajax Iii A Spv, L.P. | Venture Capital Fund | $34.8M | $0 | 27 |
| Healthquest Ajax Ii Spv, L.P. | Venture Capital Fund | $31.5M | $0 | 19 |
| Sofinnova Healthquest Partners, L.P. | Venture Capital Fund | $21.2M | $0 | 35 |
From Form ADV Section 7.B private fund reporting.
Documents (1 archived)
| Form | Period | Size | |
|---|---|---|---|
| Form ADV (full filing) | 03/30/2026 | 3.77 MB | View · PDF · Source ↗ |
Archived copies of the firm's regulatory filings, versioned by content hash.
Disciplinary disclosures
Allegations: THE ADVISOR RECEIVED AN ORDER SUMMARILY REVOKING EXEMPT STATUS AS AN EXEMPT REPORTING ADVISOR FOR FAILURE TO PAY THE ANNUAL RENEWAL FEES UNDER SECTION 25608(Q)(1) THE CALIFORNIA CORPORATE SECURITIES LAW OF 1968. IMMEDIATELY UPON RECEIPT OF THE NOTICE OF REVOCATION, THE ADVISOR TOOK STEPS TO REMEDY THE ISSUE. Status: Final Sanction Detail: THE ADVISOR WAS INFORMED BY THE DEPARTMENT OF BUSINESS OVERSIGHT THAT THE ONLY WAY TO REMEDY THE PROBLEM WAS TO RESUBMIT AN APPLICATION FOR EXEMPT STATUS. THE ANNUAL AMENDMENT UPDATE SUBMITTED BY HEALTHQUEST CAPITAL MANAGEMENT COMPANY, LLC ON FEBRUARY 12, 2015 (AND PAYMENT OF ASSOCIATED FEES) WAS INTENDED TO SERVE AS SUCH NEW APPLICATION. Summary: THIS WAS AN ACCIDENTAL AND UNINTENTIONAL OVERSIGHT ON THE PART OF THE ADVISOR TO PAY ITS ANNUAL RENEWAL FEES IN CALIFORNIA. THE ADVISOR OFFERED TO WIRE THE FEES IMMEDIATELY UPON RECEIPT OF THE NOTICE OF REVOCATION BUT WAS INFORMED BY THE DEPARTMENT OF BUSINESS OVERSIGHT THAT THE ONLY WAY TO REMEDY THE PROBLEM WAS TO RESUBMIT AN APPLICATION FOR EXEMPT STATUS. THE ANNUAL AMENDMENT UPDATE SUBMITTED BY HEALTHQUEST CAPITAL MANAGEMENT COMPANY, LLC ON FEBRUARY 12, 2015 (AND PAYMENT OF ASSOCIATED FEES) WAS INTENDED TO SERVE AS SUCH NEW APPLICATION.
Disclosure text reproduced verbatim from the firm's own Form ADV filings.
How they charge
- • Percentage of assets under management
- • Performance-based fees
Services
- • Portfolio management for pooled investment vehicles
Custody
Firm reports it does not have custody of client funds or securities (Item 9.A).
No custodian data reported or mined yet.
Source
All data on this page comes from this firm's Form ADV filings, reproduced without modification. Latest filing: Mar 30, 2026.
View current Form ADV (SEC/IAPD) ↗