Quadria Capital secures $1.07 billion for third Asia healthcare fund

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SINGAPORE (Reuters) -Asian healthcare-focused private equity firm Quadria Capital said on Tuesday it has secured total commitments of $1.07 billion for its third fund, surpassing an original target of $800 million.

Reuters reported in September 2023 that Quadria was looking to raise up to $1 billion for its third and biggest fund to tap into the fast-growing sector in South and Southeast Asia.

“Asia’s healthcare sector is at a pivotal moment, and it will remain in the limelight in 2025, especially with investment interest in India,” Amit Varma, co-founder and managing partner of Quadria, said in a statement.

Quadria said the fundraise is around 60% larger than its previous $600 million fund raised in 2020, making it the largest healthcare private equity fund in South and Southeast Asia.

It said the oversubscribed fundraise comprises over $954 million in primary commitments and $114 million in committed co-investment capital, with an additional $300 million co-investment anticipated over the course of the investment phase.

It added that its largest existing backers include North American and European sovereign wealth funds, asset managers and strategic corporates.

The company said it also secured new commitments from global institutional investors including strong backing across the Gulf Cooperation Council and interest from India as well as commitments from impact investors.

Quadria said the fund will build a diversified portfolio of around 10 market-leading companies, taking both significant minority and majority stakes.

It added that already nearly 40% of the fund was deployed, with investments made in Aragen Life Sciences, dialysis chain NephroPlus and eye care chain Maxivision.

Quadria said two new investments in Southeast Asia are expected soon.

(Reporting by Yantoultra Ngui; Editing by Rashmi Aich)