Healthcare focused PE firm Quadria Capital closes $595m second fund

A man holds medicinal pills in his hand. Photo: Volodymyr Hryshchenko/unsplash

Healthcare focused private equity firm Quadria Capital has closed its second fund, Quadria Capital Fund II at $595 million, according to a press statement from the company.

The amount raised exceeded Quadria Capital’s previous $400 million target. The investors involved in the second fund include global asset managers, pension funds, sovereign wealth funds, insurance, healthcare corporates and development finance institutions from the US, as well as Europe and Asian countries.

Quadria Capital had launched its second fundraise in Q3 of 2018, as reported by DealStreetAsia. The firm received a $150 million commitment from Overseas Private Investment Corporation (OPIC), the development finance arm of the US government in September 2018.

Meanwhile, in August 2019, International Finance Corporation (IFC), a member of the World Bank Group was said to commit $25 million into Quadria Capital Fund II, according to a disclosure. This commitment was then followed by the global financial institution ING, which announced $65 million of three-year revolving facility for Quadria Capital Fund II in September 2019. The interest rate will be pegged to the sustainability performance of the fund, according to ING’s statement.

Prior to this second fund, Quadria Capital raised $300 million for its Fund I in 2015.

Despite its recent final close, Quadria Capital Fund II has already made two investments into leading global healthcare businesses. The investments include India’s contract development and manufacturing organization (CDMO) company AKUMS Drugs & Pharmaceuticals as well as the Asian Institute of Gastroenterology, the world’s largest gastric sciences hospital, in partnership with the Mayo Clinic Network.

Quadria Capital intends to partner with high quality and market-leading healthcare businesses. This will be supported by Asia’s healthcare market, which is expected to reach $4.2 trillion in next five years. “It will continue to grow at 12 per cent annually, compared to 5 per cent growth globally,” according to Abrar Mir, the Managing Partner of Quadria Capital.

Quadria Capital currently manages more than $1 billion total active capital and it has made more than 20 investments across Asian countries. The firm’s portfolios have cumulatively treated over 17.5 million patients, managed 2,500 hospital beds, funded 2,600 doctors and clinical staff and created over 11,000 jobs.

Some of Quadria Capital’s portfolios include those located in India, namely the hospital chain Medica Synergie, the immunosuppressant and oncology pharmaceutical company Concord Biotech, the oncology pathology and bioinformatics company Strand Life Sciences, and the home care network Healthcare at Home.

The firm’s investments in other countries include  Indonesia’s pharmaceutical company Soho Global Health, Vietnam’s tertiary care hospital FV Hospital, Southeast Asia’s doctor network company Medical Specialists Asia and Malaysia’s hospital laboratory business Lablink.

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.

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.