Healthcare PE Quadria Capital gets $150m commitment from OPIC for latest fund

Dr Amit Varma, managing partner, Quadria

By Mars W. Mosqueda Jr.

September 18, 2018

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.

Also Read:

Healthcare PE Quadria Capital targets up to $700m investment capacity for new fund

US govt agency OPIC offers $10m financing to Myanmar’s Early Dawn Microfinance

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

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Following vacancies can be applied for (only in Singapore).   

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  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.
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