Quadria Capital, an Asia-based healthcare-focused private equity firm, announced the final closing of Fund III, with total commitments of $1.07 billion, significantly exceeding its original target of $800 million.

This oversubscribed fundraising features over $954 million in primary commitments and $114 million in committed co-investment capital. And an additional $300 million co-investment capacity is anticipated throughout the investment phase, bringing total committed capital to approximately $1.3 billion upon full deployment.

This latest fundraise is approximately 60% larger than the firm’s previous $600 million fund, raised in 2020, cementing Quadria’s position as the largest dedicated healthcare private equity fund in South and Southeast Asia.

KEY QUOTES:

“Fund III’s close, amid one of the most demanding fundraising climates in recent memory, is a powerful validation of our strategy and our mission. It reflects deep global investor conviction in the transformational opportunity in Asian Healthcare, where social impact and financial performance go hand in hand.”

Abrar Mir, Co-Founder and Managing Partner, Quadria Capital

During a time when global capital is cautious, Quadria’s ability to consistently attract top-tier global investors underscores the firm’s conviction in its investment strategy and the undeniable opportunities in the Asian healthcare market.

Quadria Capital’s largest existing backers include North American and European sovereign wealth funds, asset managers, and strategic corporates. And the fund also secured new commitments from globally recognized institutional investors. There was also strong backing from leading institutions across the Gulf Cooperation Council (GCC), including Saudi Arabia, the United Arab Emirates (UAE), and Bahrain.

The fundraising further attracted interest from India, with fresh capital from major banks, insurance companies, and family offices. Additionally, the fund received robust re-up commitments from impact investors, highlighting Quadria’s continued dedication to scalable, high-impact healthcare businesses that deliver lifesaving care to underserved populations across Asia.

Fund III will build a portfolio of about 10 market-leading companies, taking significant minority and majority stakes, and further scaling impact through targeted co-investments from Limited Partners (LPs). Already nearly 40% deployed, including closed and signed investments, the fund has invested in Aragen Life Sciences (a global Contract Research and Development Manufacturing Organization (CRDMO) serving over 400 pharma clients), NephroPlus (Asia’s largest dialysis chain), and Maxivision (India’s leading eye care chain).

Fund III builds on Quadria Capital’s track record of successful exits from Funds I and II, underscoring the strength of its investment strategy, operational expertise and ability to distribute capital back to investors.

KEY QUOTES:

“With Asia expected to drive 40% of global healthcare growth by 20301, Fund III positions Quadria to lead a new era of private capital-driven healthcare transformation across the region.”

Abrar Mir

“Asia’s healthcare sector is at a pivotal moment, and it will remain in the limelight in 2025, especially with investment interest in India in areas like single-specialty hospitals, diagnostic chains, medical devices, and pharmaceutical manufacturing, which includes APIs and CDMOs. This sector will see growth because of higher healthcare consumption, cost-efficiency initiatives, and deepening technology integration. We are entering a golden decade of healthcare transformation.” 

Dr. Amit Varma, Co-Founder and Managing Partner, Quadria Capital