Quadria Capital has raised $1.07bn for its third healthcare private equity fund, despite what co-founder Abrar Mir branded ‘the most dire environment I’ve ever witnessed’.

The Singapore-based boutique topped its $800m target, with $954m in primary commitments and $114m in committed co-investment capital. The firm expects to have a further $300m co-investment capital, lifting the total amount raised to around $1.3bn, more than double the $600m fundraise for its second strategy in 2000.

The cash was invested by a mix of sovereign wealth funds, private banks and pension funds, with around 10% from family offices. The firm reported a notable uptick in interest from Middle East investors.