Quadria reaches first close on South, Southeast Asia healthcare fund
Quadria Capital has reached a first close of $107 million on its second fund, which invests in mid-size healthcare companies in South and Southeast Asia. This is the first vehicle the GP has raised independently, its predecessor being the Milestone Religare India Build-Out Fund, which was acquired earlier this year.
Quadria Capital Fund has attracted commitments from development finance institutions, investment institutions, corporates and family offices globally, some of which have considerable healthcare experience.
"We believe their support is a testament to a focused strategy and a team with deep healthcare experience ready to execute," said Amit Varma, Quadria's managing partner, in a statement.
Varma left Religare last year and set up Quadria with Abrar Mir, formerly of NBD Sana Capital. The PE firm, which is based in Singapore and New Delhi, focuses on healthcare delivery, life sciences, medical technology and retail healthcare.
Varma told AVCJ in April that more than two thirds of the Fund I corpus will be concentrated on healthcare delivery and life sciences. Furthermore, only 30% of the capital will be deployed in India.
"There is going to be an avalanche of opportunity in healthcare in South and Southeast Asia in the next 10 years," he added. "The key statistic is that 80% of healthcare expenditure is out of the private pocket and only 20% is public expenditure. There is a fundamental need for high-quality healthcare as incomes increase across the region but a lack of infrastructure and manpower to deliver it."
Assuming control of the INR4.5 billion ($82.8 million) India Build-Out Fund was never part of the plan for Quadria. However, when Milestone Capital Advisors' founder Ved Prakash Arya, died in a freak accident in 2011, his family decided to exit the joint venture. Varma had been the Religare representative involved in the joint venture from its inception so there was pressure from LPs to take over the fund.
The vehicle is now a wholly-owned subsidiary of Quadria's onshore India unit. It is run by a team of investment professionals that operates independently of Quadria Capital Fund.
In June, Rajesh Singhal, who previously helped build Milestone Religare was appointed principal managing partner at Quadria with specific responsibility for the India Build-Out Fund I portfolio companies.
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