Singapore-based Quadria Capital is aiming to raise up to USD 1 billion for its third and biggest fund as the Asian healthcare-focused private equity firm seeks to tap into the fast-growing sector in south and southeast Asia, According to media reports.
The firm has raised about USD 500 million so far and likely to close the fund by the second quarter of 2024, founders and managing partners Abrar Mir and Amit Varma told Reuters.
In tandem with the market demand in Asia, investors have been actively looking to invest into region’s potential for growth in the healthcare sector.
In 2022, private equity investments in healthcare in the Asia-Pacific region reached over USD 19 billion, which is more than the previous year’s record of USD 17.8 billion, according to a report by Bain & Company, a consultancy based in the United States.
Bain expects investor interest in Asia-Pacific healthcare private equity to stay strong, with India and Southeast Asia as markets to watch as investors bet on large unmet healthcare needs supporting hospital sectors in both regions.
VC firm’s latest fund will continue to focus on South Asia and Southeast Asia market, where it had in July sealed the region’s largest transaction since 2020 with the sale of Vietnam’s FV Hospital to Singapore’s Thomson Medical Group THOS.SI for USD 381.4 million.
According to it wensite, since it inception in 2022, Quadria has assets under management of over USD 3.4 billion. It completed the exit of Concord Biotech following an initial public offering of the Indian biopharmaceutical company in August.
In 2020, Quadria closed its second fund at $600 million, exceeding its initial $400 million target.