CHENNAI: Asia’s leading healthcare-focused private equity firm today announced the final close of its Fund III, securing $1.07 billion in total commitments—significantly surpassing its original $800 million target.
The oversubscribed fundraise includes over $954 million in primary commitments and an additional $114 million in committed co-investment capital. An extra $300 million in co-investment capacity is also anticipated during the investment phase, bringing the total potential capital deployment to approximately $1.3 billion.
According to the company, the latest fund is roughly 60% larger than the firm’s previous $600 million fund raised in 2020, reinforcing the firm's position as the largest dedicated healthcare private equity fund in South and Southeast Asia.
With Asia projected to drive 40% of global healthcare growth by 2030, oversubscription of a healthcare fund, according to industry experts, clearly indicates investors' confidence in this projection, which can truly transform the region's healthcare industry.
“It reflects the strong global investor confidence in the transformational opportunity within Asian healthcare, where social impact and financial performance go hand in hand,” confirms Abrar Mir, co-founder and managing partner at Quadria Capital.
Quadria Capital said in a statement on Tuesday that Fund III drew support from prominent sovereign wealth funds, asset managers, and strategic corporates across North America and Europe. It also secured new commitments from globally recognised institutional investors, with notable participation from leading institutions in the GCC—including Saudi Arabia, the UAE, and Bahrain.
In India, the Fund attracted new capital from major banks, insurance companies, and family offices. Additionally, robust re-up commitments from impact investors reaffirm Quadria’s dedication to building scalable, high-impact healthcare businesses that deliver lifesaving care to underserved populations across Asia.
Asian Healthcare Scenario
Currently Asia's healthcare market is estimated to be $5 trillion, and the healthcare industry is reportedly at a pivotal inflection point and will remain a focal area into 2025.
"In India, particularly, we’re seeing significant investment interest in single-specialty hospitals, diagnostics, medical devices, and pharmaceutical manufacturing—including active pharma ingredients (APIs) and contract (drug) development and manufacturing (CDM). These segments are poised for growth due to increasing healthcare consumption, cost-efficiency initiatives, and deeper technology integration," says Dr Amit Verma, co-founder and managing partner, Quadria Capital.
Healthcare growth funds like Quadria's typically provide the industry with strategic guidance and operational support to help scale their businesses and achieve market leadership.
Quadria claims that nearly 40% of Fund III is already deployed. Its current investments include Aragen Life Sciences (a global CRDMO serving 400+ pharmaceutical clients), NephroPlus (Asia’s largest dialysis chain), and Maxivision (India’s leading eye care chain). Two new investments in Southeast Asia are expected shortly, it says.
India Impact
India is rapidly emerging as a strategic hub for global pharmaceutical and MedTech manufacturing as supply chains diversify, especially with the China plus strategy.
While the per capita healthcare spending in India remains low at just $74—far below regional peers like Thailand (US$364) and Malaysia (US$487)—with nearly 50% of healthcare costs still paid out-of-pocket, the healthcare focused funds can catalyse Indian healthcare innovation by strategically investing in high-growth areas such as specialised care and pharmaceutical manufacturing, aiming to create scalable, affordable healthcare solutions for over a billion people.