Montreux Equity Partners

What Montreux Equity Partners does

Montreux Equity Partners, now operating as Montreux Growth Partners, is a private growth equity and venture capital firm founded in 1993 and headquartered in San Francisco with an additional Miami office. The firm invests $10–20 million per company in commercial-stage healthcare and financial technology companies generating $5–50 million in annual revenue, providing capital for product expansion, new market entry, and strategic acquisitions. Over 32 years, Montreux has invested in more than 60 companies and is currently investing out of its second growth capital fund, Montreux Growth Partners II, L.P., launched in September 2018.

The firm's core "product" is its investment platform and active portfolio support model, anchored by a cohesive four-person leadership team with complementary operating, financial, and clinical backgrounds (founder Daniel K. Turner III, Howard Palefsky as Managing Director since 2002, Principal Michael Matly MD with Mayo Clinic innovation experience, and Operating Partner Greg Baty, who joined in 2019 from Trivest Partners and Hamilton Lane). Its thesis targets category-leading companies in dermatology, medical devices, pharmaceuticals, health tech SaaS, and consumer wellness, with a secondary fintech vertical.

Montreux's revenue model is typical of private investment firms: management fees on committed/invested capital across fund vintages plus carried interest on realizations. The firm has generated multiple liquidity events including the IPOs of MINDBODY (Nasdaq: MB), Glaukos (NYSE: GKOS), and Pulmonx (2020), and acquisitions of Tobira Therapeutics and SkinMedica by Allergan, MAKO Surgical by Stryker, and Renal CarePartners by Ambulatory Services of America. Most recently, in December 2025 Montreux participated in Tebra's $250 million financing alongside Hildred Capital, J.P. Morgan, and other co-investors, demonstrating ongoing capital deployment into later-stage healthcare technology positions.

Name

Montreux Equity Partners

Legal name

Montreux Growth Management V, LLC

Website

https://mepvc.com

Company type

Private

Founded year

1993

Operating status

Operating

Headcount range

11–50 employees

Short description

Montreux Growth Partners is a San Francisco-based private growth equity firm founded in 1993 that invests $10–20M in commercial-stage healthcare and fintech companies with $5–50M in revenue, currently investing from its second fund across 60+ portfolio companies.

Ownership category

akta.pro rank

Product category

Growth Equity / Private Equity Investment

akta.pro primary industry

Independent Sponsor / Fundless Sponsor ETA (FSANALAB)

Keywords

• Growth equity investing
• Healthcare venture capital
• Private equity investments
• Growth capital funding
• Portfolio management services

Headquarters

HQ city

San Francisco

HQ country

United States

HQ region

North America

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others

Distribution channels1 record

Marketing channels3 records

Core offering

Montreux is a private growth equity and venture capital investment firm that provides growth capital to commercial-stage, category-leading companies in healthcare and financial technology. The firm typically invests $10-20 million per company in businesses generating $5-50 million in annual revenue, with capital used for product expansion, innovation, new market entry, and strategic acquisitions. Active portfolio support is provided through the investment process from diligence to exit.

Product overview

Montreux Growth Partners (formerly Montreux Equity Partners) is a private growth equity and venture capital investment firm focused on making growth capital investments in high-growth, commercial-stage companies in healthcare and financial technology. The firm does not offer its own standalone product or platform. Its investment portfolio includes companies with distinct products and services such as TigerConnect (clinical communications platform), Kareo/Tebra (cloud-based medical practice management and EHR solutions), MINDBODY (business management software for wellness), Colorescience (science-based skincare), Crown Laboratories (specialty dermatology products), Pulmonx (Zephyr Endobronchial Valve and Chartis Pulmonary Assessment System for emphysema treatment), Glaukos (glaucoma treatment medical devices), and GC Aesthetics (breast implants and aesthetic medical devices). Montreux invests $10 to $20 million per company in firms typically generating $5 to $50 million in annual revenue, with capital used for product expansion, new market entry, and strategic acquisitions. The firm was founded in 1993, is headquartered in San Francisco with an additional office in Miami, and currently invests out of Montreux Growth Partners II, L.P.

Differentiator

Problem solved

Functional benefit

Products and services

• Montreux Growth Partners Investment Platform

Quantifiable outcome

• Multiple successful exits including MINDBODY IPO (Nasdaq: MB), Glaukos IPO (NYSE: GKOS), Pulmonx IPO (2020), Tobira acquired by Allergan, MAKO Surgical acquired by Stryker, SkinMedica acquired by Allergan

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Five partnerships are on record, tiered portfolio partnership and recognition.

• Janssen (Johnson & Johnson)portfolio partnershipStrategic or Co-development Partner · 29 September 2020M8 Pharmaceuticals, a Montreux portfolio company, announced a strategic partnership with Janssen for selected CNS Portfolio in Mexico.
• Gennisium Pharmaportfolio partnershipStrategic or Co-development Partner · 28 April 2020M8 Pharmaceuticals announced exclusive License and Distribution Agreement with Gennisium Pharma for orphan hybrid drug for treatment of apnea of premature newborns in Mexico and Brazil.
• Googleportfolio partnershipStrategic or Co-development Partner · 3 January 2018MINDBODY, a Montreux portfolio company, partnered with Google to pilot new fitness booking integration.
• Under Armourportfolio partnershipStrategic or Co-development Partner · 5 October 2016MINDBODY and Under Armour collaborated to help more people discover and schedule fitness classes nationwide.
• AlwaysOnrecognitionOthers · 29 November 2010Montreux Equity Partners was named to the 'AlwaysOn Top VC 100' for the second consecutive year, recognizing top venture capital performers in the industry.

Scale indicators2 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• SV Health Investors: Healthcare-focused growth and venture capital firm (formerly SV Life Sciences). Directly comparable to Montreux in healthcare vertical specialization and stage focus on commercial-ready companies.
• OrbiMed: Healthcare-dedicated investment firm spanning venture, growth, and credit across biopharma, medtech, and diagnostics. Direct vertical peer, though with stronger emphasis on life sciences and biopharma than Montreux's diversified healthcare focus.
• NewSpring Capital: Growth equity firm with a healthcare-focused strategy alongside tech and business services. Comparable to Montreux in growth-stage, commercial-revenue company focus and check-size range.
• Frazier Healthcare Partners: Dedicated healthcare growth equity and buyout firm investing across devices, pharma, and healthcare services. Closely comparable to Montreux in vertical focus and stage (commercial-stage companies), with a similar emphasis on category leaders.
• Longitude Capital: Healthcare-dedicated growth capital firm investing in commercial-stage life sciences and healthcare services. Very direct comparable to Montreux in vertical focus and stage; similar fund size profile.
• Vivo Capital: Healthcare-dedicated investment firm spanning venture, growth, and public equities across pharma, medtech, and digital health. Comparable in healthcare vertical commitment and check-size flexibility at growth stage.
• Welsh, Carson, Anderson & Stowe: Healthcare and technology-focused growth equity firm with a similar late-stage, commercial-stage investment model. One of the most direct comparables to Montreux in terms of vertical specialization and check size discipline, though at materially larger fund scale.
• Summit Partners: Growth equity firm investing across healthcare, technology, and consumer with similar check sizes to Montreux ($10-100M+). Direct peer in growth equity stage and category-leading company focus, including digital health and medical devices.
• TA Associates: Long-tenured growth equity firm with a strong healthcare and technology vertical. Comparable to Montreux in deploying $10-50M+ checks in commercial-stage category leaders, though at much larger AUM and broader sector coverage.

Broad incumbents

• New Enterprise Associates: Multi-stage venture and growth equity firm with a deep healthcare practice alongside technology investments. Comparable in healthcare growth-stage activity and category-leading company focus, though at significantly larger AUM and broader stage coverage.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights5 records

Customer concentration

• LinkedInlinkedin.com/company/3922200

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds

Investors

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

M&A

Investments81 records

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

Frequently asked questions about Montreux Equity Partners