Quadria Capital buys India’s Milestone Religare
Quadria Capital, which is currently raising a healthcare fund focused on South Asia and Southeast Asia, has acquired Milestone Religare Investment Advisors. Milestone Capital, joint owner of the asset alongside Religare Enterprises, had been looking for a buyer ever since its founder, Ved Prakash Arya, died in a freak accident in 2011.
Milestone was responsible for managing the joint venture's India Build-Out Fund I, a 2009 vintage vehicle with a corpus of INR4.5 billion ($82.8 million) that predominantly targets education and healthcare opportunities. Portfolio companies include Resonance Eduventures, Krishna Institute of Medical Services and IMS Learning Resources.
Quadria was founded in 2012 by Amit Varma, formerly head of Religare's healthcare business, and Abrar Mir, founder of NBD Sana Capital, a Sharia-compliant PE funds in the Middle East. Varma has been involved in the Milestone Religare joint venture since its inception four years ago, sitting on the board and investment committee as Religare's representative.
Quadria is targeting $300 million for its healthcare fund, with Religare Global Asset Management, a unit of Religare, committing $15-30 million as an anchor investor. International Finance Corporation, the investment arm of the World Bank, also plans to put in $25 million. A first close is expected in 2013.
The Milestone Religare team will operate independently under the Quadria banner, continuing to manage the India Build-Out Fund. Once the transaction is completed, the joint venture will be renamed Quadria Investment Advisors Private.
"We along with Milestone have been reviewing the strategic option of transitioning the platform in experienced and stable hands," Shachinadra Nath, CEO of Religare, said in a statement. "We are very pleased that Amit Varma who has been part of the fund from its inception has stepped up to take the ownership and management responsibility of the entire fund."
Milestone also has a sizeable real estate business, with two funds operating as joint ventures with IL&FS Investment Management and several more independent vehicles. VCCircle reported last week that the firm was close to selling its property funds business to a group of high net worth individuals.
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