**HealthQuad Seeks $300 Million for Third Fund Amid Leadership Changes**
HealthQuad, an investor focused on early to growth-stage healthcare opportunities, is aiming to raise approximately $300 million for its third fund. This initiative comes during a period of transition within the firm’s leadership, as sources familiar with the situation indicate a division among the general partners (GPs) managing HealthQuad.
The firm has recently refiled its documentation with the market regulator to facilitate the fundraising process. The updated filing lists only Sunil Thakur, Amit Varma, and Abrar Mir—founders of Quadria Capital—as the GPs of HealthQuad. In 2015, when HealthQuad was established to target early-stage healthcare investments in India, Charles-Antoine Janssen was brought on as a fourth founder and appointed as chief investment officer. However, the three original partners have now regained control, with Janssen departing to launch his own fund, HealthKois. Alongside him, two senior executives from HealthQuad, Pinak Shrikhande and Ajay Mahipal, are also leaving.
Despite attempts to reach out, representatives from HealthQuad and Janssen did not respond to inquiries for comments. Janssen’s LinkedIn profile indicates that he co-founded KOISs.a. with François de Borchgrave, a firm specializing in global impact investing across healthcare, education, and living environments. He is also involved with the investment committees of two other KOIS funds focused on healthcare and social entrepreneurship in India.
The financial structure of HealthQuad’s first two funds will remain unchanged, but moving forward, the firm will operate with just three partners. Janssen is expected to focus on sourcing deals in the early to growth stages within India, although specific strategies have yet to be disclosed.
HealthQuad’s first fund raised ₹75 crore in 2016, and the firm has not yet fully utilized its second fund, which has a total of $162 million. Notable portfolio companies include the Asian Institute of Nephrology and Urology (AINU), HealthifyMe, Medikabazaar, Qure.ai, THB, Impact Guru, Ekincare, and Stanplus.
This restructuring at HealthQuad coincides with Quadria Capital’s announcement of the successful closing of its third fund, which garnered $1.07 billion in total commitments. This oversubscribed fundraising includes over $954 million in primary commitments and $114 million in committed co-investment capital, with an additional $300 million expected during the investment phase.
**FAQ**
**What is HealthQuad’s focus in its investment strategy?**
HealthQuad primarily invests in early to growth-stage healthcare opportunities in India, aiming to support innovative companies in the healthcare sector.