<DOCUMENT>
<TYPE>EX-99.(L)
<SEQUENCE>8
<FILENAME>a2136845zex-99_l.txt
<DESCRIPTION>EXHIBIT 99(L)
<TEXT>
<Page>

                                                                    Exhibit (l)


                                   Dechert LLP
                              200 Clarendon Street
                                   27th Floor
                              Boston, MA 02116-5021


May 26, 2004

H&Q Healthcare Investors
30 Rowes Wharf, Fourth Floor
Boston, MA 02110-3328

Re:  H&Q Healthcare Investors
     Registration Statement on Form N-2
     Securities Act Registration No. 333-114322
     Investment Company Act File No. 811-04889

Ladies and Gentlemen:

     We have acted as counsel for H&Q Healthcare Investors, a Massachusetts
business trust ("Trust"), and are familiar with the Trust's above mentioned
registration statement relating to the offer and sale of its shares of
beneficial interest (the "Registration Statement"). The authorized shares of
beneficial interest of the Trust are hereinafter referred to as the "Shares."

     In our capacity as counsel for H&Q Healthcare Investors, we have
examined the Trust's Declaration of Trust, as amended, by-laws, resolutions
adopted by the board, and other materials relating to the authorization and
issuance of the Shares as contemplated by the Registration Statement, on Form
N-2 filed under both the Securities Act of 1933, as amended ("1933 Act"), and
the Investment Company Act of 1940. In rendering this opinion, we have also
made such examination of law and of fact reasonably available to us as we
have deemed necessary in connection with the opinion hereafter set forth, and
we have relied with respect to matters of Massachusetts law and such other
documents and matters as we have deemed necessary to enable us to give this
opinion.

     Based upon such examination, we are of the opinion that the Shares have
been duly authorized and, when issued and sold in the manner contemplated by
the Registration Statement, will be legally issued, fully paid, and
non-assessable.

     We hereby consent to the inclusion of this opinion as an exhibit to the
Registration Statement and to the reference to our firm under the caption
"Legal Matters." In giving such consent, we do not hereby admit that we are
within the category of persons whose consent is required by Section 7 of the
1933 Act and the rules and regulations thereunder.

Very truly yours,

/s/ Dechert LLP


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