Quadria Capital, a healthcare-focused private equity firm, has announced the final close of its third fund with total commitments of US$1.07 billion. The fund significantly exceeded its original target of US$800 million, with US$954 million in primary commitments and US$114 million in committed co-investment capital. An additional US$300 million in co-investment capacity is expected to be raised during the investment phase, bringing the total to approximately US$1.3 billion upon full deployment.
The latest fund is nearly 60 per cent larger than Quadria’s previous US$600 million fund raised in 2020, establishing it as the largest healthcare-focused private equity fund operating in South and Southeast Asia.
“Asia’s healthcare sector is at a pivotal moment, and it will remain in the limelight in 2025, especially with investment interest in India in areas like single-specialty hospitals, diagnostic chains, medical devices, and pharmaceutical manufacturing, which includes APIs and CDMOs. This sector will see growth because of higher healthcare consumption, cost-efficiency initiatives, and deepening technology integration. We are entering a golden decade of healthcare transformation. Our investment philosophy centres on forging deep partnerships with India’s healthcare visionaries as the ‘partner of choice’,” said Dr Amit Varma, Co-Founder and Managing Partner, Quadria Capital.
“Fund III’s close, amid one of the most demanding fundraising climates in recent memory, is a powerful validation of our strategy and our mission,” said Abrar Mir, Co-Founder and Managing Partner, Quadria Capital. “It reflects deep global investor conviction in the transformational opportunity in Asian Healthcare, where social impact and financial performance go hand in hand.”
Global institutional support across regions
Quadria Capital’s ability to close an oversubscribed fund during a cautious capital environment reflects confidence in its strategy and in the healthcare market across Asia. The firm received support from major sovereign wealth funds, asset managers, and strategic corporates in North America and Europe. New commitments were also secured from institutional investors in the Gulf Cooperation Council (GCC) region, including Saudi Arabia, the United Arab Emirates, and Bahrain.
Additional commitments came from Indian institutions, including banks, insurance firms, and family offices. The fund also drew re-investments from impact-focused investors, underlining Quadria’s alignment with healthcare delivery models that support underserved populations across the region.
Positioning for growth in Asia’s expanding healthcare sector
According to the firm, Asia is projected to contribute 40 per cent of global healthcare growth by 2030. “With Asia expected to drive 40 per cent of global healthcare growth by 2030, Fund III positions Quadria to lead a new era of private capital-driven healthcare transformation across the region,” added Abrar Mir.
India remains a strategic focus
India is central to Quadria Capital’s strategy, both for investment and innovation. The country’s healthcare landscape continues to present structural challenges and significant opportunities. Per capita healthcare spending in India is US$74, compared to US$364 in Thailand and US$487 in Malaysia. Nearly 50 per cent of healthcare costs are paid out-of-pocket by Indian households.
Quadria Capital plans to deploy capital in sectors such as specialty care, pharmaceutical and MedTech manufacturing, with an emphasis on scalable and cost-effective delivery models. Fund III will invest in around 10 companies, taking both majority and significant minority stakes. The firm will also pursue co-investment opportunities with its Limited Partners.
Approximately 40 per cent of Fund III has already been deployed through closed and signed investments. These include Aragen Life Sciences, a global CRDMO; NephroPlus, Asia’s largest dialysis chain; and Maxivision, an eye care chain in India. Two additional transactions in Southeast Asia are expected shortly.
Fund III builds on Quadria’s prior investment performance and successful exits from Funds I and II, reinforcing its operational and financial approach in the region’s healthcare sector.
