Questa Capital is a healthcare venture growth equity firm that invests in breakout growth companies. We seek out disruptive business models that improve lives and provide better quality and more efficient care. We partner with superior management teams to help build innovative market leaders.
Exited 28 healthcare portfolio companies thus far.
Served on the board of >45 growth stage companies in healthcare.
>65 years of experience working with and building growth stage companies.
8 companies exited >$500 million each.
Our mission is to generate outstanding returns for our investors and management teams. We achieve this mission by investing with and supporting outstanding healthcare leaders who are striving to build the next generation of growth companies. Our job is to assist, coach, advise, amplify their efforts and champion their cause. We believe there has never been a better time to build a growth company in healthcare.
We are passionate about healthcare and our partners have been active investors in the healthcare sector since 1996. As partners at New Enterprise Associates and Parthenon Capital Partners, we have served on >45 boards of directors and thus far have helped guide 28 companies to successful exits.
We are a venture growth equity firm focused on later-stage companies across healthcare. We seek to invest $15 million – $40 million in equity capital on either a majority or minority basis. Our capital is employed to accelerate a company’s strategic growth plan, and, in some cases, to provide partial liquidity for founders or early shareholders.
Healthcare is a complex, $3 trillion industry. Scaling healthcare companies requires significant expertise and experience. Our partners have been active in healthcare for decades and have invested in and worked closely with more than 45 companies during that time. We believe that our deep experience base and extensive networks help us identify the most important trends and ideas in the industry. These insights help to provide our portfolio companies with a competitive advantage. As healthcare specialists, we can also better avoid the many pitfalls that often plague more generalist investors. We are seasoned healthcare experts and therefore offer maximum value-add to the CEOs and management teams with whom we invest.
Our ideal partner is the entrepreneurial CEO and management team. Without great entrepreneurs, great companies are impossible. We invest with exceptionally-driven, high-integrity executives who share our passion for improving healthcare. Our partnership model is built upon the alignment of incentives. Our partners have committed significant personal capital to Questa’s fund, and we expect our management teams to demonstrate a similar level of personal commitment to their companies.
We take a research-driven approach to developing our investment strategies within the healthcare sector. This thematic, proven approach to investing guides the Questa team towards identifying the best ideas and most innovative companies in our focus areas. We believe that this “prepared mind” approach best equips our team to respond quickly when opportunities arise for Questa and our portfolio companies.
What We Look for in Our Companies
We are fundamental investors who avoid situations with significant binary risk. We will shy away from opportunities where there is a single dominant customer, a vulnerable reimbursement situation or an unproven technology. We favor capital-efficiency and will avoid business models that require funding open-ended capital requirements.
Growth is the primary driver of our investment returns both at a market and company level. Questa seeks to build market-leaders in each of the sectors in which we invest. We aim to invest in companies that operate in addressable market opportunities greater than $500 million, have revenue growth of greater than 20% annually and have leverageable cost structures. This combination of factors translates into companies with outsized earnings and exit potential. Questa’s capital and expertise will accelerate the growth trajectory of our portfolio companies, both organically and selectively via acquisition.
We believe that technology will be both an enabler of efficiency and a catalyst for growth in all the businesses in which we invest. For our services companies, technology will be an optimizer of care delivery. For our digital health companies, technology will enable new service offerings promising better clinical outcomes at lower cost. For medical device companies, technology protected by significant intellectual property will underpin their key products and form the basis for their competitive advantage.
While science and technology are constantly improving the quality of healthcare, patients still struggle to navigate the complex system and select their optimal care. We believe a patient-centric mindset will continue to grow in importance as patients engage more deeply in their care and more actively evaluate their healthcare options as consumers. As a result, we seek to invest in companies focused on providing better patient care and improved quality-of-life at a lower overall cost to the healthcare system.
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Ryan has been actively investing in healthcare since 1996. He specializes in healthcare investments in the medical device, healthcare services, healthcare information technology and specialty pharma sectors. During his investment career, he has served on 35 boards of directors and has overseen the deployment of $1.0 billion in equity capital. Ryan has been named four times to the Forbes Midas List of best venture capital investors. Prior to founding Questa, Ryan was a General Partner at New Enterprise Associates (NEA), where he joined in 1996, became a General Partner in 2004 and served on the firm’s investment committee for 11 years spanning four funds totaling $8.0 billion in total capital. He led the firm’s global healthcare investing practice and served as a member of NEA’s four-person management committee. Previously, Ryan was with the Health Care Investment Banking Group of Alex. Brown & Sons and Arthur Andersen & Co. Ryan graduated from Stanford University with a BA in Political Science.
Brad has spent over 20 years in the healthcare industry and has been investing in the space since 1999. During his investment career, Brad has been involved with 13 company boards of directors and the deployment of over $400 million in equity capital in the healthcare services and healthcare information technology sectors. Prior to co-founding Questa, Brad was a senior investment professional at Parthenon Capital Partners, a growth oriented private equity firm, where he helped lead their healthcare investment practice. During his time there, he deployed over $270 million in equity capital and served on eight different boards of directors. Prior to Parthenon, Brad worked at Broadlane, Inc., a healthcare technology company, where he was a member of the Executive Management Committee. Brad previously worked in a variety of healthcare investment roles at MTS Health Partners and Evercore Partners in their New York offices. Brad started his career in the Healthcare Investment Banking Group at Bear, Stearns & Co. Inc. in New York. Brad graduated from the University of North Carolina at Chapel Hill with a BA with distinction in Economics and concentration in Finance.
Shawn has been involved with emerging growth companies both in healthcare and technology for over 18 years in a broad range of business, legal and operating capacities. Shawn manages all day-to-day operational and administrative functions of Questa. Prior to co-founding Questa, Shawn was a Partner and senior staff member at Andreessen Horowitz, serving as General Counsel. Prior to Andreessen Horowitz, Shawn worked at New Enterprise Associates (NEA), where he served as US Counsel. At both Andreessen Horowitz and NEA, Shawn was involved in a wide array of the firms’ operations, including: fund formation; the investment process from deal execution to exit; portfolio management; fund administration; compliance; and general firm administrative matters. Shawn was previously an attorney at Cooley LLP, where he worked closely with dozens of emerging companies on their financings and general corporate legal affairs. Earlier in his career, Shawn gained valuable operational insight at Interliant. Shawn graduated from Rice University with a BA, magna cum laude, in Policy Studies, Political Science and graduated with distinction from Stanford Law School.
Justin is a Vice President at Questa Capital where he focuses on sourcing and executing new investment opportunities and monitoring portfolio companies. Prior to joining Questa, Justin was a Vice President at Angelo, Gordon & Co. where he spent over four years focusing on growth-oriented private equity transactions in the healthcare, consumer and specialty finance sectors. Justin previously worked at Harris Williams & Co. as an investment banking analyst focused on the healthcare sector, where he was involved in dozens of transactions. Justin graduated from the McIntire School of Commerce at the University of Virginia with a BS in Commerce.
Brian is a Vice President at Questa Capital where he focuses on sourcing and executing new investment opportunities and monitoring portfolio companies. Prior to joining Questa, Brian was an analyst and associate at Great Point Partners, a healthcare private equity firm, where he spent three years focusing on growth-oriented transactions in the medical device and life science industries. Brian was previously a consultant at Insight Strategy Advisors where he completed a variety of engagements with pharmaceutical and life science companies. Brian graduated from Harvard University with an AB, magna cum laude, in Human Developmental and Regenerative Biology and received his MBA from the Stanford Graduate School of Business.
Evans is an Associate at Questa Capital where he focuses on executing new investment opportunities and monitoring portfolio companies. Prior to joining Questa, Evans worked at Raymond James & Associates, Inc. as an investment banking analyst and associate, where he spent over three years focusing on the healthcare sector working with both healthcare services and life sciences companies. Evans graduated from the McIntire School of Commerce at the University of Virginia with a BS in Commerce.
Our partners have been fortunate to collaborate and invest with an incredible group of executives and entrepreneurs over the past two decades. During that time, our partners have been involved with more than 45 boards of directors in helping our management team partners build exceptional healthcare growth companies.
The following investments are select transactions with which we were involved at predecessor firms and which are generally representative of Questa's investment strategy: