ADB backs Quadria's third health fund
Asian Development Bank (ADB) has committed USD 25m to the third fund from Singapore-based Quadria Capital, a healthcare-focused private equity firm.
Fund III launched last year with a tentative target of as much as USD 1bn, now pared to USD 800m. The first two flagship funds closed on USD 304m in 2015 and USD 595m in 2020 with support from development finance institutions (DFIs) such as International Finance Corporation and the US Development Finance Corporation.
Assets under management now top USD 1.6bn, including a VC unit called HealthQuad that closed its second fund last year on USD 162m, more than doubling the target corpus. HealthQuad’s first fund raised about USD 12m in 2017.
“Through its investment, ADB will help Quadria III implement a gender impact tool to identify health care investments that address gender inequalities, promote women as a source of innovation, and support women’s empowerment,” Janette Hall, director of ADB’s private sector investment funds and special initiatives division, said in a statement.
Fund III will back companies in healthcare services, pharmaceuticals, life sciences, medical devices and consumables, and healthcare technology, as well as consumer healthcare products distribution and retail. It will write cheques in a range of USD 70m to USD 200m, with larger deals expected to mobilise co-investment capital. Some earlier-stage deals will be targeted on a select basis.
Standout portfolio companies include Hermina Hospitals, one of Indonesia’s largest hospital chains, and Concung, Vietnam’s biggest mother-and-baby retailer. Quadria is also an investor in Indian healthcare platform MediBuddy, which claimed a network of 90,000 doctors and 7,000 hospitals as of a USD 125m round last year.
This is ADB’s first investment in a Quadria fund. The Philippines-based DFI aims to reduce poverty in Asia by promoting economic and environmentally sustainable growth and regional integration through both direct investment and fund commitments.
It has supported several Asia-focused funds raised by OrbiMed Advisors, the largest healthcare-dedicated investor globally.
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