Singapore-based healthcare-focused private equity firm Quadria Capital has received a $150-million commitment from the Overseas Private Investment Corporation (OPIC), the development finance arm of the US government, for its latest fund, Quadria Capital Fund II.
Quadria Capital II LP is an investment fund providing growth capital to middle-market healthcare companies in South and Southeast Asia.
The fund, which aims to raise up to $700 million, will invest in all aspects of the healthcare value chain in Asia, including hospitals and other treatment facilities, medical laboratories, and manufacturers of medical devices and equipment, OPIC said.
The $150-million commitment is dubbed by OPIC as part of its efforts to improving healthcare in Asia. Aside from its Asia commitment, the US government’s development finance institution has approved nearly $900 million to development projects in Africa and Latin America.
“At a time when the world’s emerging markets are in great need of development finance, OPIC’s support for these projects will mobilize private investment through a model that is financially sustainable, promotes American best standards and protects local communities and workers,” said Ray W. Washburne, OPIC President and CEO, said in a statement.
Quadria had raised $300 million for its Fund I in 2015. The fund had a total investment capacity of $425 million after it accumulated an additional $125 million in co-investments. To capture the potential of the healthcare sector at an early stage, the two promoters of Quadria floated Healthquad which closed at $12 million last year.
The latest fund is expected to see most of Fund I LPs return to inject capital, managing partner Amit Varma earlier told DEALSTREETASIA.
Quadria was founded in 2010 by Varma and Abrar Mir, both former senior executives at India’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.
Currently, Quadria has over $1.5 billion worth of assets under management and 18 investments across Asia. It is also managing over 70 hospitals across the region.