Quadria Capital, Asia’s leading healthcare-focused private equity firm, has closed its third and largest fund to date—raising $1.07 billion, well above its original $800 million target. With $954 million in primary commitments and $114 million in co-investment capital already secured, the fund also includes an expected $300 million in additional co-investment capacity. Once fully deployed, total capital will reach nearly $1.3 billion, making this the largest dedicated healthcare private equity fund in South and Southeast Asia.
Quadria’s achievement stands out amid a tough market. Fundraising across Southeast Asia recently dropped to a seven-year low, with many PE firms missing targets and struggling with exit delays. Yet Quadria not only beat expectations—it brought in a global pool of backers, including sovereign wealth funds, asset managers, and strategic corporates from North America, Europe, and the Gulf.
Support from the Middle East was especially strong, with major participation from Saudi Arabia, the UAE, and Bahrain. In a first, domestic Indian institutions—including banks, insurers, and family offices—also contributed. Meanwhile, existing investors showed strong loyalty, boosting their average commitments by 80%.
Fueling Healthcare Growth in India and Southeast Asia
Quadria plans to deploy 60% of Fund III in India, focusing on sectors poised for rapid growth. These include specialty hospitals, diagnostics, medical devices, and pharmaceutical manufacturing, especially APIs and CDMOs. As healthcare demand surges across India and Asia, these areas are ripe for innovation, affordability, and scale.
So far, nearly 40% of the fund has been deployed into companies like:
- Aragen Life Sciences: A global contract research and development firm.
- NephroPlus: Asia’s largest dialysis provider with 450+ centres.
- Maxivision Eye Hospitals: A fast-growing Indian eye care network.
Two additional deals in Southeast Asia are expected to close shortly.
Founded in 2012 by Abrar Mir and Dr. Amit Varma, Quadria draws on deep expertise. Mir, with a background in healthcare investment banking, and Dr. Varma, a critical care physician, have built Quadria into a regional powerhouse managing over $4 billion in assets and backing 27 companies to date.
Driving Impact Through Value-Based Investing
Quadria takes a value-driven, impact-first approach, targeting companies across healthcare delivery, life sciences, medtech, and digital health services. The firm partners closely with management teams to scale businesses, improve operations, and increase access to care—especially in underserved areas.
ESG and impact are central to its strategy. Quadria uses a proprietary measurement framework to track access, affordability, quality, and awareness. This not only satisfies growing LP demand for measurable impact—it ensures the firm’s investments deliver both financial returns and real health outcomes.
One example of Quadria’s growing regional presence is its recent expansion into Indonesia, a country undergoing a healthcare transformation. With spending rising at a double-digit CAGR, Indonesia is becoming a priority market. Quadria recently opened a Jakarta office and appointed Raymond Rudianto as Head of Indonesia to lead on-the-ground growth.
A Diverse Portfolio for Lasting Change
Quadria’s portfolio reflects its diverse, scalable, and socially focused strategy. Some of its standout investments include:
- MediBuddy: India’s top digital enterprise health platform.
- Encube Ethicals: A global leader in topical drugs.
- Nobel Hygiene: Dominating India’s personal hygiene market.
- Con Cung: Vietnam’s largest retail platform for mother-and-baby wellness.
- Straits Orthopaedics: Malaysia-based orthopaedic CDMO.
- Hermina Hospitals: Indonesia’s largest BPJS-focused hospital network.
Quadria’s credibility is further strengthened by support from global development finance institutions. These include a $75M investment from the US International Development Finance Corporation, $25M from the Asian Development Bank, and $40M from the IFC, with additional co-investment lined up.
These partners reinforce Quadria’s mission: to make quality healthcare accessible, scalable, and sustainable across Asia.
Asia’s healthcare market is expected to reach $5 trillion by 2030, driving 40% of global growth—yet today, it accounts for only 22% of global spending. That gap signals vast potential, especially in underserved markets where technology and scale can make a difference.
With Fund III, Quadria Capital is positioned to lead the charge. Its strategy blends impact, innovation, and global capital, all focused on transforming the way healthcare is delivered across the region.
“Closing Fund III in such a tough fundraising climate is a strong endorsement of our approach,” said Abrar Mir, Managing Partner at Quadria. “It proves that global investors are ready to back healthcare models that deliver both profit and purpose.”
With its track record, diverse LP base, and regional focus, Quadria is poised to shape the next decade of healthcare in Asia—where patient outcomes and financial performance go hand in hand.
