QHP Capital

What QHP Capital does

QHP Capital, L.P. is a Raleigh, North Carolina-based private equity firm that operates as the management company for the NovaQuest Private Equity family of funds, targeting lower middle market healthcare companies with $50-500 million in enterprise value. The firm was formalized under the QHP brand in 2021 (rebranded from NovaQuest Private Equity in October 2022), tracing its lineage to Quintiles (now IQVIA, founded 1982) and NovaQuest Capital Management (independent since 2010). QHP runs a sector-specialized strategy focused on tech-enabled life sciences and pharma services—such as clinical research organizations (CROs), contract development and manufacturing organizations (CDMOs), digital patient recruitment, drug formulation, and medical devices—exemplified by 10 active platform investments including Azurity Pharmaceuticals, Catalyst Clinical Research, Clinical Ink, Bend Bioscience, and Lexitas Pharma Services.

QHP applies a proprietary "QHP Management System" operational playbook and thematic research process for sourcing, diligence, and post-close value creation. The firm manages approximately $3 billion in assets under management across NovaQuest Private Equity Fund I ($275M, 2018 vintage) and Fund II ($500M hard cap, April 2022), supplemented by an affiliated NovaQuest Product Finance strategy run by the parent NovaQuest entity. The team of approximately 20 professionals works alongside Operating Partners and Strategic Advisors sourced from Pfizer, Eli Lilly, IQVIA, Cardinal Health, and GE Healthcare, enabling sector-specific operating support that differentiates the firm from generalist lower-middle-market sponsors.

The firm earns revenue through traditional private equity economics: management fees on committed/invested capital across its two funds (and now on the $1.1 billion Azurity continuation vehicle closed in February 2026 with HarbourVest Partners, Pantheon Ventures, and Audax Strategic Capital) and carried interest on successful exits. QHP has executed 22+ platform and add-on acquisitions across its two funds, with material exits including Pro-ficiency (sold to Simulations Plus) and Catalyst Clinical Research (sold to Worldwide Clinical Trials). Institutional limited partners include pension plans, insurance companies, asset managers, private foundations, and family offices.

Name

QHP Capital

Legal name

QHP Capital, L.P.

Website

https://qhpcapital.com

Company type

Private

Founded year

2021

Operating status

Operating

Headcount range

11–50 employees

Short description

QHP Capital is a Raleigh-based private equity firm investing in lower middle market healthcare companies with $50-500M in enterprise value, managing approximately $3B in assets through the NovaQuest Private Equity fund family and operating with a tech-enabled life sciences and pharma services focus.

Ownership category

akta.pro rank

Product category

Private Equity Investment Management

NAICS

Portfolio Management and Investment Advice (523940), Other Financial Vehicles (52599)

SIC

Investment Advice (6282)

akta.pro primary industry

Sector-Focused Venture Capital (Vertical Specialists) (FSANAAAD)

akta.pro secondary industry

Business Services (B2B) Growth Equity (FSANACAD)

Keywords

• Private equity investing
• Healthcare investments
• Middle market capital
• Life sciences funding
• Growth equity

Headquarters

HQ city

Raleigh

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Management Fees: QHP Capital generates revenue through management fees charged on assets under management across its NovaQuest Private Equity fund family.
2. Performance Carry: The firm earns carried interest (performance fees) when portfolio companies achieve successful exits above return thresholds, aligning GP and LP interests.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

QHP Capital is a private equity firm that invests capital and collaborates with management teams to build healthcare companies in the lower middle market. The firm manages the NovaQuest Private Equity fund family, deploying capital into tech-enabled life sciences and pharma services companies with $50-500M enterprise value at growth inflection points, while providing operational expertise and strategic guidance to accelerate portfolio company growth. Revenue is generated through management fees on committed capital and carried interest on successful exits.

Product overview

QHP Capital is a private equity firm, not a product company. The firm provides strategic capital and operational expertise to build leading healthcare companies in the middle market. QHP Capital invests in tech-enabled life sciences and pharma services companies through two primary funds (NovaQuest Private Equity Fund I - $275M raised in 2018, and Fund II - $500M raised in 2022). The firm's portfolio consists of 10+ platform companies across clinical trial services, pharmaceutical manufacturing, medical devices, and healthcare technology sectors. QHP Capital does not offer a unified product platform but rather partners with management teams to create value through operational improvements and strategic initiatives using their proprietary QHP Management System.

Differentiator

Problem solved

Functional benefit

Products and services

• NovaQuest Private Equity Fund II Private equity fund vehicle deploying $500M of LP commitments into lower middle market tech-enabled life sciences and pharma services companies in North America, structured with typical PE economics (management fees and carried interest). The fund is oversubscribed, targeting companies at growth inflection points with $50-500M enterprise value.
• NovaQuest Private Equity Fund I First private equity fund vehicle in the NovaQuest Private Equity fund family, raising $275 million in LP commitments to invest in lower middle market healthcare and pharmaceutical services companies, generating returns through management fees and carried interest on exits.

Quantifiable outcome

• 22 platform and/or add-on acquisitions completed since inception
• +2 more outcomes

Named customers13 records

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability5 records

Scale indicators8 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• New Mountain Capital: Sector-focused private equity firm with deep healthcare services and life sciences franchises, comparable lower-middle-market thesis, and similar emphasis on operational value creation.
• Welsh, Carson, Anderson & Stowe: One of the longest-tenured healthcare-focused PE specialists with deep pharma services, provider, and tech-enabled services portfolios - the most direct large-cap analog to QHP's strategy.
• Linden Capital Partners: Healthcare-dedicated middle-market private equity firm investing in healthcare services, pharma services, and products - directly comparable sector specialization and lower-middle-market check size.
• Ampersand Capital Partners: Life sciences and healthcare specialist PE firm focused on pharma services, diagnostics, CDMOs, and CROs - nearly identical core vertical to QHP, including tech-enabled services exposure.
• Avista Capital Partners: Healthcare-focused middle-market PE firm investing in pharma services, specialty pharma, and healthcare technology - overlap with QHP on CRO, CDMO, and specialty pharma themes.
• Great Point Partners: Healthcare-specialist private equity firm targeting lower-middle-market growth equity and buyouts in healthcare services and life sciences - closely comparable fund size and sector focus.
• HealthEdge Investment Partners: Lower-middle-market PE firm exclusively focused on healthcare services and tech-enabled healthcare businesses - close analog to QHP's sector-and-check-size profile.

Broad incumbents

• GTCR: Sector-focused PE firm with a long-running healthcare vertical; while generalist by structure, GTCR has been a major lower-middle-market healthcare investor including pharma services and device platforms.
• NovaQuest Capital Management: Adjacent firm sharing brand/management heritage with QHP Capital (historically the parent of NovaQuest Private Equity), focused on Product Finance/investment strategies in pharma - related but distinct capital pools.
• KKR Health Care Strategic Growth: Growth equity platform of a global PE firm dedicated to healthcare and life sciences - competes with QHP for tech-enabled services, pharma services, and growth-stage healthcare assets at a larger fund size.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/qhp-capital

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries12 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about QHP Capital