Quadria closes maiden healthcare fund at $304m

The fund- which will focus on mid-sized healthcare companies across South and Southeast Asia - reached a first close of $107 million in September 2013.

LPs include the International Finance Corporation (IFC) and other development finance institutions (DFI), investment institutions, corporates and family offices globally. Last year it was revealed that US government-controlled Overseas Private Investment Corporation (OPIC) had contributed $100 million.

Around two thirds of the fund's corpus is expected to focus on healthcare delivery and life sciences. Around 30% of the capital will be deployed in India.

This is the first vehicle Quadria has raised independently. Its predecessor, the INR4.5 billion ($82.8 million) Milestone Religare India Build-Out Fund, was run in conjunction with Religare. Amit Varma, Quadria's managing partner, left Religare in 2012 to set up Quadria with Abrar Mir, formerly of NBD Sana Capital.

The decision to take over the fund was made when Milestone Capital Advisors' founder Ved Prakash Arya, died in an accident in 2011 and 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.

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• Topics
• Fundraising
• South Asia
• Southeast Asia
• Quadria Capital
• Fundraising
• healthcare
• India
• Southeast Asia