Singapore and New Delhi-based private equity firm Quadria Capital has reached a significant milestone by achieving the first close of its third investment vehicle, which is focused on the healthcare sector. This successful close marks a substantial step towards their goal, with the fund having secured approximately 60% of the base amount of $800 million. The firm is operating with a hard cap of $1 billion for this particular fund.
Quadria Capital has managed to attract commitments from a diverse group of investors, including both existing and new partners. These investors encompass institutional investors, insurance and pension funds, development finance institutions, and family offices across the United States, Europe, and the Asia-Pacific region. The broad appeal of Quadria’s investment strategy has helped the firm raise substantial capital for their latest venture.
Abrar Mir, co-founder and managing partner of Quadria Capital, expressed his enthusiasm for the first close, stating, “The first close of our third fund serves as a clear validation of investors’ confidence in our strategy and consistent execution.” This achievement reflects the trust placed in the firm by its investors.
Mir further added, “We are on track to reach our final target for this fund, which puts us in good stead to execute our strategy and capitalize on a rich pipeline of opportunities.” This statement indicates the firm’s readiness to leverage its financial strength and investment expertise in the healthcare sector.
Quadria Capital’s investment focus continues to be centered on companies in healthcare-related areas, including healthcare delivery, life sciences, medical technology, and associated healthcare services sub-sectors. Notably, the firm recently invested $155 million in Maxivision Eye Hospital, a private eyecare clinic chain, in July, highlighting their commitment to supporting various segments of the healthcare industry.
The investment thesis for Quadria Capital’s latest fund remains consistent with their previous approach, emphasizing investments across all healthcare sub-sectors. They plan to back companies in the South and Southeast Asia regions, with investment amounts ranging from $50 million to $120 million per portfolio company.
Amit Varma, co-founder and managing partner of Quadria Capital, emphasized the resilience and growth prospects of the Asian healthcare sector, saying, “Asian healthcare remains a highly resilient sector with significant growth prospects, especially given rising regional demand and huge unmet needs. We have unique expertise and networks to support and accelerate the growth of portfolio companies poised to become industry leaders and drive social impact in the region.”
While Quadria Capital did not disclose the names of its limited partners (LPs), it was reported in August that the firm was set to receive $35 million from the German development financial institution DEG, which also invested $30 million in their second fund.
Previously, Quadria Capital secured investments from notable institutions, including the Asian Infrastructure Investment Bank (AIIB) and the Asian Development Bank (ADB), both of which were first-time LPs for Quadria’s investment vehicles. Returning LPs include the US International Development Finance Corporation (DFC), International Finance Corporation (IFC), and French development financier Proparco.
Proparco and AIIB are contributing $35 million each, the ADB is providing $25 million, and the DFC has committed $75 million to the third fund. The IFC has pledged approximately $40 million to the new fund, along with a co-investment sleeve of up to $30 million.
