The Biotech Startups Podcast
🧬 Profit + Purpose: The New Model for Healthcare Investing | Parag Shah Re-Release (2/2)
November 27, 2025
"Entrepreneurship is great, but, for me, family always came first. [My] wife and kids always came first. I didn't miss a single game or show or anything of the kids, whether it was at 3 PM or 5 PM or 7 PM, I did that. And then I figured out the work otherwise." We’re revisiting some of our previous episodes over the holidays this year. Our next rerelease is part 2 of this episode of The Biotech Startups Podcast with Parag Shah, where we discuss his journey from leading the life sciences practice at Hercules Capital to founding K2 Health Ventures. Parag shares candid insights about the pivotal moment he transitioned from banking to private credit, his decision to join Hercules as one of the first employees, and the challenges of scaling a fund from $25 million to over a billion dollars as a public BDC. Parag offers rare transparency about the difficulties of navigating toxic corporate culture while building a successful business, and how those experiences shaped his vision for K2 HealthVentures. He emphasizes the critical importance of work-life balance in entrepreneurship, revealing how he never missed a single one of his children's games or shows despite the demands of building investment firms. The conversation explores the strategic advantages of evergreen fund structures versus traditional LP/GP models, and how K2's unique approach of combining debt and equity across the capital stack, along with dedicating a percentage of profits to underserved healthcare, represents a new model for impact investing in life sciences.
🧬 The Biotech Startups Podcast is powered by Excedr—helping life science startups accelerate R&D and commercialization with founder-friendly equipment leasing. Skip the upfront costs, stay lean, and focus on breakthrough science.

As a TBSP listener, you can get exclusive perks through Excedr’s partner network—special savings, promotions, and more. Explore these offers today: https://www.excedr.com/partners.

Episode Description:

"Entrepreneurship is great, but, for me, family always came first. [My] wife and kids always came first. I didn't miss a single game or show or anything of the kids, whether it was at 3 PM or 5 PM or 7 PM, I did that. And then I figured out the work otherwise."

We’re revisiting some of our previous episodes over the holidays this year. Our next rerelease is part 2 of this episode of The Biotech Startups Podcast with Parag Shah, where we discuss his journey from leading the life sciences practice at Hercules Capital to founding K2 Health Ventures. Parag shares candid insights about the pivotal moment he transitioned from banking to private credit, his decision to join Hercules as one of the first employees, and the challenges of scaling a fund from $25 million to over a billion dollars as a public BDC.

Parag offers rare transparency about the difficulties of navigating toxic corporate culture while building a successful business, and how those experiences shaped his vision for K2 HealthVentures. He emphasizes the critical importance of work-life balance in entrepreneurship, revealing how he never missed a single one of his children's games or shows despite the demands of building investment firms. The conversation explores the strategic advantages of evergreen fund structures versus traditional LP/GP models, and how K2's unique approach of combining debt and equity across the capital stack, along with dedicating a percentage of profits to underserved healthcare, represents a new model for impact investing in life sciences.
Key topics covered:


If you enjoy The Biotech Startups Podcast, please consider subscribing, leaving a review, or sharing it with your friends. Thanks for listening.

Subscribe to the Podcast:
Apple: https://podcasts.apple.com/us/podcast/the-biotech-startups-podcast/id1679591994
Spotify: https://open.spotify.com/show/2PSL162R2s0zOwU5913Zv4
Youtube: https://www.youtube.com/@thebiotechstartupspodcast 
Website: https://www.thebiotechstartupspodcast.com/ 

Find Our Guest, Parag Shah, at these links: 
https://www.linkedin.com/in/paragshah333/ 
https://k2hv.com/ 
 
Find our host, Jon Chee, at these links: 
LinkedIn: https://www.linkedin.com/in/jonchee

Learn more about Excedr:
LinkedIn: https://www.linkedin.com/company/excedr/ 
Website: https://www.excedr.com

Intro & Outro Songs Created by OkKyojin, Owned by Excedr:
Website: https://flow.page/kyojin 

Resources & Articles:
Biotech Startup Fundraising https://www.excedr.com/resources/biotech-startup-funding-options
Venture Debt Financing https://www.excedr.com/blog/venture-debt-for-biotech-startups-overview 
Business Development Companies (BDCs) https://www.investopedia.com/terms/b/bdc.asp 
Evergreen Fund Structures in Private Capital https://www.hamiltonlane.com/en-us/knowledge-center/evergreen-funds 
Understanding LP/GP Relationships: https://visible.vc/blog/general-partner-vs-limited-partner/ 
Private Credit and Venture Debt Explained https://www.investopedia.com/terms/v/venturecapital.asp 

Companies, Universities, & People mentioned:
Comerica Bank: https://www.comerica.com ​
Hercules Capital: https://www.htgc.com 

Roy Liu: https://www.linkedin.com/in/roy-liu-36a35/
Anup Arora: https://www.linkedin.com/in/anup-arora-368ba81/
Meghan FitzGerald: https://www.linkedin.com/in/meghanmfitzgerald/
John Hale: https://www.linkedin.com/in/john-hale-770158b/

Timestamps:
00:00 Intro
02:11 Pivoting to Private Credit and Starting a Fund
13:06 Importance of Corporate Culture in Firm Building
14:50 Going Public: Benefits and Pressures of a Public BDC
18:60 Knowing When It's Time to Leave
23:33 Taking a Break and Finding Balance
29:34 Founding K2 HealthVentures
38:30 Raising $400 Million: A Stark Contrast
42:14 Evergreen Structure and Long-Term Partnership
45:04 Working Across the Capital Stack
48:46 The Value of Co-Founders
53:14 Looking Ahead: Growth and the K2 Foundation
54:38 Shout Outs and Gratitude
57:43 Advice to Your 21-Year-Old Self
01:02:06 Outro

The Biotech Startups Podcast gives you a front-row seat to the business and science of building a biotech. Hosted by Jon Chee, CEO of Excedr, the show features honest conversations with founders, execs, and investors about their work, their companies, and how they got there. From scientific breakthroughs to startup lessons, each episode explores what it really takes to grow a life science company—from pre-seed to IPO.