Healthcare investor Quadria raises $1.1 billion for Fund III, exceeds target
Quadria Capital, a private equity firm focused on healthcare in Asia, has closed its third fund with $1.07 billion in total commitments, exceeding its original $800 million target, the firm said.
For the first time, it has raised around 10% of the fund from Indian investors, including family offices, insurance companies, and corporates, Amit Varma, co-founder and managing partner of Quadria Capital, told Mint in an interview.
Also Read | Quadria to invest half its India capital in climate-related healthcare solutions
Quadria Capital's largest existing backers include prominent North American and European sovereign wealth funds, asset managers and strategic corporates. The Fund also secured new commitments from institutions across the Gulf Cooperation Council (GCC), including Saudi Arabia, the UAE, and Bahrain, it said.
The oversubscribed fundraise comprises over $954 million in primary commitments and $114 million in committed co-investment capital. The firm said an additional $300 million in co-investment capacity is anticipated over the course of the investment phase, bringing total committed capital to approximately $1.3 billion upon full deployment.
Also Read | Quadria Cap-backed Maxivision plans to expand, eyes IPO by 2027
'About 60% of the fund is likely to flow into India," Varma told Mint, adding that almost 48% of the fund has already been deployed. 'We are likely to fully deploy this fund III by 2027."
The latest fundraising effort is approximately 60% larger than the firm's previous $600 million fundraising effort in 2020.
Through this new fund in India, the firm has backed companies such as NephroPlus and Maxivision Eye Hospitals, Medibuddy and Encube Ethicals. It has also successfully exited from companies such as Akums Drugs and Pharmaceuticals, Concord Biotech, Healthcare at Home and AIG.
Also Read | Quadria Capital to complete returning Fund 1 by year end
Talking about its performance in the second fund, Varma said that the fund, which began investing in 2021, is marked at over 2x the principal capital. It has reported a DPI (distributed paid-in, which is a measure of capital already returned to Limited Partners or LPs) at 1.1x. 'We should be completely exited by 2027 with a DPI of almost 1.1x," Varma said.
Varma said that through Fund III, the firm will seek to write larger cheques in approximately 10 market-leading companies, taking significant minority and majority stakes.
'We are looking at opportunities in med tech and diagnostics, because of who we are in our success in hospitals. I think the other area where we are beginning to see smaller ticket sizes is digital health opportunities, where people are looking at end point (near the customer), point of care, testing. And lastly, adjacencies, especially in planetary health and services," he said.
Planetary health refers to the changing disease profiles due to climate change.
Founded in 2012, Quadria Capital manages over $4 billion in assets across 27 investments in South and Southeast Asia, including India, Vietnam, Indonesia, Malaysia and Singapore.
The target corpus of Quadria Capital's first fund was $300 million, although it eventually invested $450 million, including co-investments from its LPs. It raised $600 million in 2016 towards its second fund, and eventually deployed $750 million, including limited partner co-investments.
Varma said that 40% of the new fund will go to other Asian countries and the GCC, adding that the India-GCC corridor is becoming increasingly important.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
an hour ago
- Time of India
India-Canada diplomatic reset boosts student confidence
Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Popular in NRI 1. Harvard and Trump administration resume talks to resolve ongoing feud Reset in diplomatic relations between India and Canada has restored confidence among Indian students and parents, with most study-abroad platforms expecting a 20-30% increase in admissions in Canadian colleges this latest improvement in bilateral ties comes as a huge relief for students who had to stall their Canada study plans for more than a year. It also marks a blessing for those who had shortlisted the US as their only overseas study option but were forced to consider other destinations due to stricter visa and immigration rules adopted by the Donald Trump administration earlier this Sharma, a Delhi-based student, who had deferred her Fall 2024 offer from the University of Toronto due to visa uncertainty is now busy packing her bags. 'Following the improved bilateral climate, she reactivated her application and is now headed to study Computer Science this Fall,' said Adarsh Khandelwal, co-founder, Collegify, a study-abroad platform that helped with the admission.'Since the easing of tensions, we have observed a 31% increase in active Canadian applications for the Fall 2025 intake,' said permit approvals for Canada from India plunged 42% to 131,000 in 2023 from 226,000 in the year before, according to IRCC/Immigration, Refugees And Citizenship Canada/ data. Approvals fell a further 31% in Q1 2025 to 30,640 permits but experts predict a recovery in the coming Group, a study-abroad consulting firm, saw a 10-12% drop in Indian students' interest in Canadian academic institutions due to the diplomatic standoff, said founder Sanjay Laul.'There's a growing sense that it's getting harder to navigate the visa process for the US. Even students with strong academic profiles are facing unpredictability,' said Laul, adding that the current scenario is turning Canada a more attractive destination for Indian visa policies introduced by Canada and tighter measures taken by the Trump government especially on limiting foreign student enrolment had cast a cloud of doubt and uncertainty, according to Atul Verma, co-founder, Masterclass Space.'The signal of improving diplomatic ties between India and Canada comes as a welcome whiff of fresh air,' he current trends are all positive as there is an increase in student confidence and positive sentiment, noted Piyush Kumar, regional director, South Asia, IDP Education.'Canada has consistently remained a preferred destination, and this renewed engagement will contribute positively to students' plans for future intake,' said said IDP continues to see strong interest from Indian students in traditional English-speaking countries like Canada, the US, the UK and Australia.
Time of India
an hour ago
- Time of India
'Have supplies of several weeks': Puri assures fuel stability amid US-Iran strikes; India leans on Russian Crude
NEW DELHI: As military conflict escalates between Israel and Iran, Union minister Hardeep Singh Puri on Sunday assured citizens that India's fuel supplies remain secure despite growing volatility in the Middle East. 'We have diversified our supplies in the past few years, and a large volume of our energy no longer passes through the Strait of Hormuz,' Puri posted on X, adding that Oil Marketing Companies have 'supplies for several weeks' and continue to receive fuel from multiple routes. His comments come as India dramatically increased Russian oil imports in June, buying more crude from Moscow than from all Middle Eastern suppliers combined. According to preliminary data from Kpler, Indian refiners are set to import 2 to 2.2 million barrels per day (bpd) from Russia, up from 1.96 million bpd in May. In comparison, total imports from traditional Gulf partners like Iraq, Saudi Arabia, the UAE, and Kuwait are projected to be slightly lower at around 2 million bpd. US strikes add to region's instability The latest geopolitical instability stems from a direct US military intervention in Iran. Yesterday, American forces bombed three Iranian nuclear sites, joining Israel's June 13 attacks on Iran's nuclear infrastructure. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 5 Books Warren Buffett Wants You to Read In 2025 Blinkist: Warren Buffett's Reading List Undo Tehran has responded with strong warnings, including threats to close the Strait of Hormuz, a vital global chokepoint through which 40% of India's oil and 50% of its gas transits. Analysts believe a full closure is unlikely. 'Iran would risk hurting allies like China and Gulf neighbours, as well as provoke military retaliation,' said Sumit Ritolia of Kpler. 'At most, isolated disruptions could occur for 24–48 hours.' India's energy strategy pivots India's import strategy has shifted significantly since Russia's invasion of Ukraine in 2022. Russian oil now makes up about 40-44% of India's crude basket, compared to under 1% before the war. US oil imports have also jumped, from 280,000 bpd in May to 439,000 bpd in June. Ritolia says India is now better prepared for supply shocks. 'Russian barrels come via routes detached from Hormuz. India is also sourcing more from the US, West Africa, and Latin America,' he noted. In the event of disruption, India may dip into its strategic reserves, which can cover around 9–10 days of imports. For now, Puri reiterated the government's commitment: 'We will take all necessary steps to ensure the stability of fuel supplies for our citizens.' Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
an hour ago
- Time of India
DGCA puts in place special audit framework for '360-degree' evaluation of Indian aviation ecosystem
Regulator DGCA has put in place a special audit framework for a "360-degree" evaluation of the country's aviation ecosystem and transcend the current practice of siloed assessment. The move comes a week after the fatal crash of Air India's Ahmedabad-London Gatwick aircraft soon after takeoff that killed 241 people onboard as well as many others on the ground. In a detailed circular dated June 19, the Directorate General of Civil Aviation (DGCA) said a comprehensive special framework to assess aviation ecosystem and strengthen aviation safety architecture is being put in place. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Elegant New Scooters For Seniors In 2024: The Prices May Surprise You Mobility Scooter | Search Ads Learn More Undo "Traditionally, regulatory and safety oversight functions within Indian aviation have been conducted in silos, with different directorates performing inspections and audits specific to their respective domains," it said. Against this backdrop, DGCA emphasised that the comprehensive special audit is designed to transcend existing siloed assessments and will focus on examining the safety management systems (SMS), operational practices, and regulatory adherence across all aviation domains. Live Events "The goal is to generate a 360-degree evaluation of the aviation ecosystem, reflecting both its strengths and areas needing improvement," the watchdog said. The special audits will be applicable to scheduled, non-scheduled, and private air operators, Maintenance, Repair, and Overhaul (MRO) organisations, Approved Training Organisations (ATOs), Flying Training Organisations (FTOs), Air Navigation Service Provider (ANSP), Aerodrome Operators, and Ground Handling Agencies (GHAs). By adopting a risk-based and integrated approach, DGCA said these audits will proactively identify systemic vulnerabilities, enhance resilience, and ensure strict adherence to International Civil Aviation Organization (ICAO) Standards and Recommended Practices (SARPs) and the country's national aviation objectives. These audits will be in addition to the regulatory audits carried out as per the Annual Surveillance Programme. The audits will be carried out by multi-disciplinary teams led by senior DGCA official (DDG/Director) as the lead auditor. The official will be supported by specialists from Flight Standards, Air Safety, Airworthiness, Airspace & Air Navigation Services, Licensing, and Aerodrome Standards directorates. India is one of the world's fastest growing civil aviation markets.
