Proparco makes $35m LP commitment to Quadria healthcare fund – update
French development finance institution (DFI) Proparco has made a USD 35m fund commitment to Singapore’s Quadria Capital, a healthcare-focused GP active across South and Southeast Asia.
Quadria is currently raising its third flagship fund with a target of USD 880m. The vehicle was launched last year with a view to raising as much as USD 1bn. Asian Development Bank announced a USD 25m commitment in January.
Proparco describes itself as a longstanding partner of Quadria. It contributed USD 20m to Fund II, which closed on USD 595m in 2020 with additional support from ING Group and DFIs such as International Finance Corporation and the US Development Finance Corporation
Chrysoula Zacharopoulou: "Universal access to health is a longstanding priority of France’s development policy. We need both the public and private sector to mobilise,” French Minister of State for Development, the Francophonie and International Partnerships Chrysoula Zacharopoulou said in a statement.
Quadria was established by Abrar Mir, a former investment banker, and Amit Varma, a critical care physician, in 2008. Although early investments focused on India, Singapore was chosen as the project’s base due to a favourable regulatory regime, a strong local talent pool in both healthcare and financial services, and more immediate access to a wider swath of Asia’s high-growth regions.
A debut fund closed on 304m in 2015. Assets under management currently exceed USD 1.6bn, including a VC unit called HealthQuad that closed its second fund last year on USD 162m, more than double its target corpus. HealthQuad’s first fund raised about USD 12m in 2017.
Target categories include healthcare services, pharmaceuticals, life sciences, medical devices and consumables, and healthcare technology, as well as consumer healthcare products distribution and retail. Cheque range from USD 70m to USD 200m, with larger deals expected to mobilise co-investment capital. Earlier-stage deals are considered on a select basis.
“There is tremendous need in India alone, which by some estimates requires over USD 200bn in investments to scale up adequate healthcare infrastructure,” Sunil Thakur, a partner at Quadria, added.
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