This work is devoted to the analysis of the quantum Liouville-BGK equation. This equation arises in the work of Degond and Ringhofer on the derivation of quantum hydrodynamical models from first principles. Their theory consists in transposing to the quantum setting the closure strategy by entropy minimization used for kinetic equations. The starting point is the quantum Liouville-BGK equation, where the collision term is defined via a so-called quantum local equilibrium, defined as a minimizer of the quantum free energy under a local density constraint. We then address three related problems: we prove new results about the regularity of these quantum equilibria; we prove that the quantum Liouville-BGK equation admits a classical solution; and we investigate the long-time behavior of the solutions. The core of the proofs is based on a fine analysis of the properties of the minimizers of the free energy.