<article>New Delhi-based early-stage venture capital firm HealthQuad is mulling to raise a $100-million vehicle in 2019, this portal has learnt.</article>

New Delhi-based early-stage venture capital firm HealthQuad is mulling to raise a $100-million vehicle in 2019, this portal has learnt.
HealthQuad was founded in 2016 by the co-founders of Singapore-based healthcare-focused private equity firm Quadria Capital, Amit Varma and Abrar Mir, as its venture capital arm to capture opportunities in the healthcare sector at an early stage.
This portal had reported in June 2017, that HealthQuad had hit the final close of its first vehicle at <a href="https://www.dealstreetasia.com/stories/vc-fund-healthquad-reaches-final-close-of-12m-75187/">$12 million.</a> It had raised Rs 75 crore under its first round of fundraising in June 2016, targeting largely five key healthcare sub-sectors including healthcare delivery services, life-sciences, medical devices &amp; technology, healthcare IT and associated healthcare services.
The VC firm is also looking to close its final deal from the current fund by the end of the month. Thus far, HealthQuad has raised some $25 million where about $50 million worth of investments have been made through co-investments, a person familiar with the matter said.
However, the fundraising plans for the $100-million vehicle are at an early stage and the fund size could be changed closer to the launch. Both HealthQuad and Quadria Capital declined to comment.
Typically, HealthQuad has been cutting $1 million to $3 million check sizes so far, but the industry source told DEALSTREETASIA that moving forward, the early-stage India-focused VC firm will look to make investments between $3 million and $10 million.
According to its website, HealthQuad currently has six companies under its portfolio &#8211; Strand Life Sciences, Technology Healthcare Big Data Analytics (THB), Asian Institute of Nephroloy and Urology, Hi Impact Consultants, Neurosynaptic Communications and Regency Healthcare Group.
Other healthcare-focused vehicles in India include India Life Sciences Fund II, Asian Healthcare Fund and Somerset Indus Capital Partners. There are also several sector-agnostic funds such as Lighthouse Funds and Investus Capital which have set up India-focused vehicles to invest in the market, including healthcare companies.
According to a report by global research firm Mercom Capital Group, VC funding into healthcare startups in the first quarter of 2018 was worth about $2.5 billion across 187 deals, including 12 Indian startups.
Although both firms are healthcare-focused, PE firm Quadria Capital concentrates on growth stage companies in the sector across South Asia and Southeast Asia. It is looking to <a href="https://www.dealstreetasia.com/stories/quadria-capital-fourth-fund-104279/">raise up to $700 million</a>, including a $100-$200 million co-investment pool, for its fourth vehicle and increasing its check sizes to about $75 million, besides looking at at least one exit by the end of 2018.
Quadria, which manages more than $1.5 billion in assets, will look at HealthQuad&#8217;s second vehicle only after fundraising for the PE vehicle is complete. &#8220;Even with a large second fund, HealthQuad will only look at India. Quadria Capital and HealthQuad do not have any common LPs,&#8221; the executive quoted above added.
Both Quadria and HealthQuad say that the differentiating factor for both firms is its expertise-led team. They are headed by former healthcare experts including Varma and Mir, former senior executives at India&#8217;s Religare Group. Varma is a physician with over two decades of clinical experience and has previously led the international expansion initiatives at India-based Fortis Healthcare. Law graduate Mir has spent an equal amount of time in the PE, investment banking and healthcare spaces.
Also Read:
<a style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/quadria-capital-fourth-fund-104279/">Healthcare PE Quadria Capital targets up to $700m investment capacity for new fund</a>
<a style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/quadria-capital-interview-75875/">Exclusive: Quadria Capital to fully deploy PE, early-stage funds by Dec</a>

HealthQuad is also looking to close its final deal from the current fund by end of the month.

India: Quadria-backed HealthQuad mulls raising $100m second fund in 2019

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief

India: Quadria-backed HealthQuad mulls raising $100m second fund in 2019

Start your deal-making journey now!

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief