The Asian Development Bank on Tuesday announced a $25 million (Rs 204.4 crore) equity investment in Quadria Capital Fund III LP, in a bid support better quality, accessible and affordable healthcare in Southeast Asia and South Asia.
The Quadria Capital-managed fund is the private equity firm’s third fund and has a target size of about $800 million (about (Rs 6,541 crore). The PE firm will largely invest in established firms operating in industries including health care services, pharmaceuticals and life sciences, medical devices and consumables, health technology, as well as consumer health care distribution and retail segments. While its ticket sizes may lie in the $70-$200 million range, it may also fund in some select early-stage healthcare entities.
This fund is being raised after Quadria Capital secured about $595 million for its second fund, which it closed in 2020. Its limited partners included global asset managers, pension funds, sovereign wealth funds, insurance, healthcare corporates, and development finance institutions across the US, Europe, and Asia.
“Through its investment, ADB will help Quadria III implement a gender impact tool to identify health care investments that address gender inequalities, promote women as a source of innovation, and support women’s empowerment,” said ADB Private Sector Investment Funds and Special Initiatives Division director, Janette Hall.
This will be ADB’s first investment in a healthcare fund managed by Quadria Capital.
The healthcare-focused PE firm was founded in 2012, and counts Abrar Mir and Amit Varma as its founders. Quadria Capital has assets under management valued over $ 1.6 billion and investments in 18 companies across the Asia-Pacific region.
“We are quite focused on companies engaged in preventive healthcare, wellness, health financing, and diagnostics. These are the big themes we play. For us it is either the big consumption driven models or where we see a supply side strength, Quadria Capital’s managing partner Sunil Thakur said in an earlier interaction.
The PE firm paused its investments after the Covid-19 pandemic hit in 2020, however, it resumed investments in early 2021.