Singapore's Quadria closes second healthcare fund at $595m

Quadria Capital II is nearly double the size of its $304 million predecessor, which closed in 2015. Quadria said it set an initial target of $400 million.

Fund I made nine mid-market investments in India and Southeast Asia but has yet to achieve a full exit. Earlier, it acquired commitments to India Build-Out Fund, which it took over through the acquisition of Milestone Religare in 2013.

Quadria is led by Amit Varma and Abrar Mir (pictured, left and right), formerly an investment banker and a healthcare professional, respectively. They previously worked at Religare Capital, the investment arm of the eponymous Indian financial services firm.

LPs in the second fund include global asset managers, pension funds, sovereign wealth funds, insurance, healthcare corporates, and development finance institutions (DFIs). The Overseas Private Investment Corporation (OPIC), a DFI controlled by the US government, committed $150 million in 2018. Quadria did not specify any further details on the institutional investor base.  

Deployment of Fund II has already begun, with Hyderbad-based Asian Institute of Gastroenterology (AIG) and AKUMS Drugs & Pharmaceuticals, India's largest contract manufacturer for pharmaceutical companies, among the portfolio companies. AIG received backing from Fund I in 2015. 

Quadria expects to continue making mid-market investments in high-growth healthcare firms in South Asia and Southeast Asia.

“Countries in South and Southeast Asia are home to nearly a third of the world’s population and shoulder almost half of the world’s diseases burden. However, they receive just 5% of the global expenditure, and this severe underfunding of public health expenditure is challenging their development,” said Varma, in a statement.

The firm's assets under management now exceed $1.8 billion. It has more than 20 healthcare and financial professionals working out of offices in Singapore and New Delhi.

Other existing Quadria investments include Concord Biotech, an Indian drug producer; Medica Synergie, an Indian hospital chain; Soho Global Health, an integrated pharmaceutical and healthcare company in Indonesia; Lablink, a Malaysian diagnostics services business; MWH Holdings, a Singapore medical center operator; and FV Hospital in Vietnam.

Through the India Build-Out Fund, it achieved exits via IPO of Capricorn Food Products, a food processing company, and cancer services provider HealthCare Global.

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• Topics
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• South Asia
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• Quadria Capital
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