OPIC commits $150m to Quadria healthcare fund
The Overseas Private Investment Corporation (OPIC), a development finance arm of the US government, has committed $150 million to Quadria Capital II, the latest fund of healthcare-focused PE firm Quadria Capital.
The Quadria commitment was one of seven investments approved by OPIC’s board at its last meeting of the financial year, according to a statement, and the only one in Asia. Details about the fund’s target size have not been announced, though AVCJ understands the vehicle is targeting up to $500 million.
OPIC also contributed $100 million to Quadria’s previous fund, which closed in 2015 at $304 million. Like that vehicle, Quadria Capital II will provide growth capital to middle-market healthcare companies in South and Southeast Asia, investing in all aspects of the healthcare value chain including hospitals, laboratories, and manufacturers of medical devices and equipment.
Quadria was formed in 2012 and currently has over $1.5 billion in assets under management, with 18 investments across seven countries in the Asia-Pacific region. Its portfolio includes hospital operators in Singapore and Vietnam, Malaysian diagnostics services provider Lablink, and Indian drug maker Concord Biotech.
In addition to its healthcare funds, Quadria also manages the India Build-Out Fund, which it took over through the acquisition of Milestone Religare in 2013. Investments from that vehicle include Indian food processing company Capricorn Food Products, which filed for an IPO earlier this year that will provide the firm with a partial exit.
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