Quadria Capital to raise a $300m healthcare fund
Quadria Capital is in the process of raising a $300 million fund to tap India's expanding healthcare market. Religare Global Asset Management, a unit of Delhi-based financial services group Religare Enterprises, has become an anchor investor, committing $15-30 million.
Quadria is led by healthcare industry veteran Amit Verma and Abrar Mir, founder and managing partner for NBD Sana Capital, a Sharia-compliant PE funds in the Middle East.
Their plan is to raise a further $100 million over the next five months and the remainder by the end of 2013.
Apart from Religare Global Asset Management, which also invests into two PE funds - North Gate and Landmark Capital - and currently controls assets worth over $13 billion globally, other LPs are likely to include foreign institutional investors, fund-of-funds and high net worth individuals.
The fund will invest in mid-size healthcare enterprises that are looking for expansion capital, principally hospitals, pharmaceutical developers, medical technology firms and related healthcare opportunities such as fitness centers, cosmetics and dental clinics. The ticket size will be $10-50 million.
About half of the fund will be deployed in India and the remaining in South and Southeast Asia.
"The equity market is tight and borrowing from banks is not easy," Verma told The Economic Times. "We also have the domain expertise."
According to AVCJ Research, private equity firms have committed $661 million to Indian healthcare companies across 18 disclosed deals so far in 2012, surpassing last year's total of $333 million.
The owners of Religare Enterprises, Malvinder and Shivinder Singh, are also scaling up their healthcare businesses. The brothers run Bangalore-based Fortis Healthcare, the country's largest hospital and diagnostic chain. In June, the company reached agreements with Jacob Ballas Capital and International Finance Corporation (IFC) to raise INR3.7 billion ($66.4 million) for its diagnostics unit Super Religare Laboratories.
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