**Quadria Capital Secures $1.07 Billion for Third Fund Focused on Healthcare in Asia**
Quadria Capital, a private equity firm specializing in healthcare investments across Asia, has successfully closed its third fund with total commitments reaching $1.07 billion, surpassing its initial target of $800 million. This marks a significant milestone for the firm, as it has for the first time attracted approximately 10% of the fund from Indian investors, including family offices, insurance companies, and corporate entities, according to Amit Varma, co-founder and managing partner of Quadria Capital.
The firm’s existing investors include notable North American and European sovereign wealth funds, asset managers, and strategic corporations. Additionally, Quadria Capital has secured new commitments from institutions within the Gulf Cooperation Council (GCC), including Saudi Arabia, the UAE, and Bahrain. The oversubscribed fundraising effort consists of over $954 million in primary commitments and $114 million in committed co-investment capital, with an anticipated additional $300 million in co-investment capacity during the investment phase, potentially bringing total committed capital to around $1.3 billion upon full deployment.
Varma indicated that approximately 60% of the fund is expected to be allocated to India, with nearly 48% already deployed. The firm aims to fully deploy Fund III by 2027. This latest fundraising effort is about 60% larger than the firm’s previous $600 million fundraising in 2020. Through this new fund, Quadria Capital has invested in companies such as NephroPlus, Maxivision Eye Hospitals, Medibuddy, and Encube Ethicals, while also successfully exiting from investments in Akums Drugs and Pharmaceuticals, Concord Biotech, Healthcare at Home, and AIG.
Discussing the performance of the second fund, Varma noted that it has been marked at over 2x the principal capital, with a DPI (distributed paid-in) of 1.1x. He expressed confidence that the firm should be completely exited by 2027 with a projected DPI of nearly 3x.
With Fund III, Quadria Capital plans to make larger investments in approximately 10 leading companies, taking significant minority and majority stakes. Varma highlighted the firm’s focus on opportunities in med tech and diagnostics, leveraging their success in hospital investments. Additionally, they are exploring smaller ticket sizes in digital health, particularly in areas related to point-of-care testing and services that address planetary health challenges, which are increasingly influenced by climate change.
**FAQ**
**What is Quadria Capital’s focus in its third fund?**
Quadria Capital’s third fund primarily focuses on healthcare investments in Asia, with a significant portion allocated to India, and aims to support companies in med tech, diagnostics, and digital health.
