Quadria Capital, a healthcare-focused private equity firm, announced the final close of its Fund III with $1.07 billion in total commitments, significantly exceeding its original $800 million target.
The oversubscribed fundraise comprises over $954 million in primary commitments and $114 million in committed co-investment capital. An additional $300 million co-investment capacity is anticipated over the course of the investment phase, bringing total committed capital to approximately $1.3 billion upon full deployment.
This latest fundraise is around 60 per cent larger than the firm’s previous $600 million fund raised in 2020.
“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.”
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 recognised institutional investors. Most notably, there was strong backing from leading institutions across the GCC, including Saudi Arabia, the UAE, and Bahrain. The fundraising 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 per cent of global healthcare growth by 2030 (1), 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. Our investment philosophy centres on forging deep partnerships with India’s healthcare visionaries as the “partner of choice”,
providing strategic guidance and operational support to help them scale their businesses and achieve market leadership.” said Dr Amit Varma, Co-Founder and Managing Partner, Quadria Capital.
India as a core market for healthcare innovation and investment
Quadria Capital’s investment thesis is especially relevant in India, where healthcare transformation is both a national imperative and a private capital opportunity.
- India is emerging as a strategic manufacturing hub as global pharmaceutical and MedTech supply chains shift towards the country
- Per capita healthcare spend in India stands at just $74, significantly below regional peers like Thailand ($364) and Malaysia ($487), with nearly 50 per cent of all healthcare costs paid out-of-pocket
The new fundraise can fuel Indian healthcare innovation by strategically deploying capital in high-growth sectors like specialised care and pharma manufacturing, with a focus on building scalable, affordable solutions for over a billion people.
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 per cent deployed – including closed and signed investments – the fund has invested in Aragen Life Sciences (a global CRDMO serving over 400 pharma clients), NephroPlus (dialysis chain), and Maxivision (eye care chain). Two new investments in Southeast Asia are expected soon.
References:
- https://www.bcg.com/publications/2025/india-the-unmissable-asia-healthcare-opportunity