Quadria Capital announces first close of third healthcare fund at nearly US$500 million
SINGAPORE-BASED private equity (PE) firm Quadria Capital achieved the first close of its third healthcare fund at almost US$500 million – about 60 per cent of its US$800 million target.
Commitments came from both existing and new investors including institutional investors, insurance and pension funds, development finance institutions, as well as family offices across the United States, Europe and Asia-Pacific.
On Wednesday (Oct 18), Quadria said its third healthcare fund will continue to invest in “large, scalable, market-leading businesses in South and South-east Asia with the potential to generate attractive financial returns while making a social impact on communities they serve”.
Quadria’s co-founder and managing partner Abrar Mir said the fund is on track to reach its final US$800 million target. This puts Quadria in good stead to execute its strategy and capitalise on a rich pipeline of opportunities, he added.
“Asia healthcare remains a highly resilient sector with tremendous 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,” said Amit Varma, who is also a co-founder and managing partner of the firm.
Quadria recently completed its first deal, backed by commitments to the third fund.
Under the terms of the deal, the PE firm will invest up to US$155 million in India’s Maxivision Eye Hospital.
Its first tranche of this investment, valued at roughly US$75 million, is expected to give Quadria a significant minority stake in the private eye care clinic chain. A further US$80 million investment will give it a controlling interest.
The PE firm said it expects this investment to enhance Maxivision’s ability to expand the scale of its business and “serve the growing demand for eye care in underserved South and West Indian cities”.
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