Quadria Capital Closes Oversubscribed US$1 Billion Fund III to Advance Healthcare Transformation Across Asia

May 27, 2025 at 00:00 AM EDT

Fund close exceeds initial target despite a challenging fundraising environment, reflecting strong investor confidence in India and Southeast Asia healthcare
Existing investors increased commitment amount by an average of 80%
New capital raised from blue-chip global institutions, alongside a significant rise in Asian investor participation

Quadria Capital, Asia’s premier healthcare-focused private equity firm, today announced the final close of its Fund III with US$1.07 billion in total commitments, significantly exceeding its original $800 million target.

The oversubscribed fundraise comprises over US$954 million in primary commitments and US$114 million in committed co-investment capital. An additional US$300 million co-investment capacity is anticipated over the course of the investment phase, bringing total committed capital to approximately US$1.3 billion upon full deployment.

This latest fundraise is around 60% larger than the firm’s previous $600m fund raised in 2020, cementing Quadria’s position as the largest dedicated healthcare private equity fund in South and Southeast Asia.

“Fund III’s close, amid one of the most demanding fundraising climates in recent memory, is a powerful validation of our strategy and our mission,” said Abrar Mir, Co-Founder and Managing Partner, Quadria Capital. “It reflects deep global investor conviction in the transformational opportunity in Asian Healthcare, where social impact and financial performance go hand in hand."

Global Institutional Backing Across Continents

At a time when global capital is cautious, Quadria’s ability to consistently attract top-tier global investors underscores the strong conviction in its investment strategy and the undeniable opportunities in the Asian healthcare market.

Quadria Capital’s largest existing backers include prominent North American and European sovereign wealth funds, asset managers, and strategic corporates. The Fund also secured new commitments from globally recognized institutional investors. Most notably, there was strong backing from leading institutions across the GCC, including Saudi Arabia, the UAE, and Bahrain. The fundraise further attracted interest from India, with fresh capital from major banks, insurance companies, and family offices. Additionally, the Fund received robust re-up commitments from impact investors - underscoring Quadria’s continued dedication to scalable, high-impact healthcare businesses that deliver lifesaving care to underserved populations across Asia.

Positioned for Structural Growth in Asia’s $5 Trillion Healthcare Market

“With Asia expected to drive 40% of global healthcare growth by 2030¹, Fund III positions Quadria to lead a new era of private capital-driven healthcare transformation across the region,” Abrar Mir added.

“Asia’s healthcare sector is at a pivotal moment, and it will remain in the limelight in 2025, especially with investment interest in India in areas like single-specialty hospitals, diagnostic chains, medical devices, and pharmaceutical manufacturing, which includes APIs and CDMOs. This sector will see growth because of higher healthcare consumption, cost-efficiency initiatives, and deepening technology integration. We are entering a golden decade of healthcare transformation,” said Dr Amit Varma, Co-Founder and Managing Partner, Quadria Capital.

Fund III will build a diversified portfolio of approximately 10 market-leading companies, taking both significant minority and majority stakes, and further scaling impact through targeted co-investments from Limited Partners (LPs).

Already nearly 40% deployed - including closed and signed investments - the fund has invested in Aragen Life Sciences (a global CRDMO serving over 400 pharma clients), NephroPlus (Asia’s largest dialysis chain), and Maxivision (India’s leading eye care chain). Two new investments in Southeast Asia are expected soon. Fund III builds on Quadria Capital’s track record of successful exits from Funds I and II, underscoring the strength of its investment strategy, operational expertise and ability to distribute capital back to investors.

About Quadria:

Founded in 2012, Quadria Capital is Asia’s premier healthcare investor managing over US$4 billion in assets across 27 investments in South and Southeast Asia including India, Vietnam, Indonesia, Malaysia and Singapore. Quadria Capital aims to create significant and sustainable shareholder value by partnering with exceptional healthcare businesses to enhance their impact and scale, while generating superior returns for investors.

For more information, please visit www.quadriacapital.com

¹ https://www.bcg.com/publications/2025/india-the-unmissable-asia-healthcare-opportunity