Soffinova spinout HealthQuest raises $175m fund

Sofinnova Ventures-spun out HealthQuest Capital is looking to raise $175 million for a new fund focused on the healthcare industry, according to an SEC filing posted this week.

The firm looks to invest in medical devices, diagnostics, digital health, consumer health and hospital care, according to their website.

The new fund, titled HealthQuest Partners II., was inked on Dec 31st last year, and currently doesn’t have any investors to note, according to the SEC filing.

In late 2014, HealthQuest Capital brought in $110 million for a fund looking for unmet needs in medical devices, diagnostics and information technology.

The Sofinnova Ventures-backed investment group garnered a lot of support for its inaugural fund, which was only expected to raise about $50 million. HealthQuest didn’t release the names of its backers, but said that the funds came from “endowments, pensions and family offices,” among others.

HealthQuest was born in 2013 from Sofinnova general partner Garheng Kong, who saw an opportunity to differentiate the company’s pursuit of medical devices and molecular diagnostics from its existing biotech fund. Sofinnova has some investor overlap with HealthQuest, but the firms diverge on strategy.

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