Quadria Capital, Asia’s premier healthcare-focused private equity firm, has announced the final close of its third fund at $1.07 billion, surpassing its original target of $800 million. The oversubscribed fundraise includes over $954 million in primary commitments and $114 million in committed co-investment capital, with an additional $300 million co-investment capacity anticipated during the investment phase. Upon full deployment, the total committed capital will be nearly $1.3 billion, making this the largest dedicated healthcare private equity fund in South and Southeast Asia.

Quadria’s successful fundraising is particularly noteworthy given the current global private equity environment, which has seen fundraising volumes hit a seven-year low in Southeast Asia. Many funds have struggled to meet their targets amid tighter investor scrutiny and delayed exits. In contrast, Quadria’s Fund III exceeded its target and attracted strong global investor backing, including sovereign wealth funds, asset managers, and strategic corporates from North America, Europe, and the Gulf Cooperation Council (GCC).

Notably, significant participation came from Saudi Arabia, UAE, and Bahrain, as well as, for the first time, domestic capital from Indian banks, insurance companies, and family offices. Existing investors demonstrated their confidence by increasing their commitments by an average of 80%.

A significant portion of Fund III, approximately 60%, is earmarked for deployment in India, underscoring the country’s central role in Quadria’s investment strategy. The fund will focus on high-growth areas such as single-speciality hospitals, diagnostic chains, medical devices, and pharmaceutical manufacturing, particularly in APIs and CDMOs. These sectors are poised for substantial growth due to rising healthcare consumption, cost-efficiency initiatives, and deepening technology integration.

The firm is already nearly 40% deployed, with investments in Aragen Life Sciences (a global contract research and development manufacturing organisation), NephroPlus (Asia’s largest dialysis chain), and Maxivision Eye Hospitals (India’s leading eye care chain). Two additional Southeast Asian investments are expected to close soon.

Founders with deep expertise

Founded in 2012 by Abrar Mir and Dr. Amit Varma, Quadria Capital benefits from the founders’ extensive experience in healthcare and finance. Abrar Mir previously led Global Healthcare Investment Banking at Religare Capital Markets. Dr. Amit Varma is a critical care physician and former Chief Operating Officer and Director of Medical Operations at Fortis Healthcare.

Their leadership has guided Quadria to manage over $4 billion in assets across 27 investments throughout South and Southeast Asia, with a strong track record of delivering robust returns and successful exits.

Addresses healthcare challenges

Quadria Capital adopts a value-driven, impact-focused investment approach centred on transforming healthcare systems across Asia. The firm targets scalable healthcare businesses with strong growth potential across four core areas: healthcare delivery, life sciences, medical technology, and healthcare services. Quadria partners closely with management teams to enhance operational performance, expand access to quality care, and drive innovation. 

ESG integration is embedded in its strategy, with a proprietary impact measurement framework assessing access, affordability, quality, and awareness outcomes. This framework enables Quadria to measure and report on the social impact of its investments, aligning with the growing demand from global investors for measurable outcomes. Quadria seeks to generate superior financial returns through this approach while delivering meaningful, measurable health outcomes for underserved populations across South and Southeast Asia.

Indonesia in focus: A strategic healthcare growth market

Poised to become the world’s 7th largest economy by 2030, Indonesia is witnessing a rapid transformation in its healthcare sector, with spending growing at a double-digit compound annual growth rate (CAGR). This surge is fueled by increasing demand, rising incomes, and a robust public and private investment mix. As the nation shifts from basic healthcare access to prioritising quality and innovation, Quadria Capital is strengthening its regional presence. The firm has opened a new office in Jakarta and appointed Raymond Rudianto as Managing Director and Head of Indonesia to lead its strategic expansion efforts.

ESG integration is embedded in its strategy, with a proprietary impact measurement framework assessing access, affordability, quality, and awareness outcomes. This framework enables Quadria to measure and report on the social impact of its investments, aligning with the growing demand from global investors for measurable outcomes. Quadria seeks to generate superior financial returns through this approach while delivering meaningful, measurable health outcomes for underserved populations across South and Southeast Asia.

Diverse and impactful portfolio

Quadria Capital’s portfolio includes various companies across South and Southeast Asia. These include: 

• NephroPlus: Asia’s largest dialysis network with over 450 centres.
• Maxivision Eye Hospitals: One of India’s fastest-growing eye care chains.
• Straits Orthopaedics: Leading orthopaedic-focused contract development and manufacturing organisation in Malaysia.
• MediBuddy: India’s leading digital enterprise health management platform.
• Encube Ethicals: Leading global player in the manufacturing and marketing of topical drugs.
• Nobel Hygiene: India’s leading player in the personal hygiene market.
• Con Cung: Vietnam’s largest mother-and-baby retail and wellness platform.
• Aragen Life Sciences: A global contract research and development manufacturing organisation serving over 400 pharmaceutical clients.
• Hermina Hospital: Indonesia’s largest BPJS-focused hospital group.

Quadria’s impact credentials are further validated by backing from major development finance institutions, including the US International Development Finance Corporation ($75 million), Asian Development Bank ($25 million), and International Finance Corporation ($40 million, with additional co-investment capacity). These partnerships reinforce Quadria’s commitment to sustainable and inclusive healthcare development.

Future outlook

With the successful close of Fund III, Quadria Capital is well-positioned to continue its mission of transforming healthcare across Asia. The firm’s strategic investments aim to enhance healthcare delivery, promote innovation, and improve access to quality care for underserved populations. Asia’s healthcare sector is expected to reach approximately $5 trillion by 2030, driving 40% of global sector growth, yet it currently accounts for only 22% of global healthcare spending, highlighting the region’s vast untapped potential.

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

“Our investment in Hermina underscores our belief that the power of scale and operational excellence can deliver affordable and quality healthcare outcomes across Indonesia,” added Ewan Davis. This builds on Quadria’s successful track record in the market, including its prior investment and exit from SOHO Global Health, one of Indonesia’s largest integrated pharmaceutical companies.

With its robust investor base, proven leadership, and impact-driven strategy, Quadria Capital is set to play a pivotal role in the next decade of healthcare transformation across Asia.