Quadria Capital, an Asia-focused healthcare private equity firm, has closed its third fund with $1.07bn in total commitments, exceeding its $800m target. The raise includes $954m in primary commitments and $114m in co-investment capital, with an additional $300m in co-investment capacity expected during the investment period.
The final close marks a significant step up from Quadria’s previous fund, which raised $600m in 2020, making Fund III one of the region’s largest healthcare-focused PE vehicles.
GCC investors played a major role in the fundraise, reflecting rising interest in cross-border healthcare partnerships between the Gulf and Asia. The GCC healthcare market is undergoing structural change, driven by demographics, increasing disease burden, and government-backed reforms aimed at boosting private sector involvement.
The market is projected to grow from $110bn in 2024 to $159bn by 2029, at an annual growth rate of around 8%.
Fund III aims to capitalise on this momentum, targeting a portfolio of roughly 10 high-growth healthcare companies across Asia. The strategy includes both control and significant minority positions, with co-investment opportunities available for Gulf-based LPs seeking direct exposure to the region.
The fund is already nearly 40% deployed, with investments including Aragen Life Sciences (a global CRDMO), NephroPlus (Asia’s largest dialysis provider), and Maxivision (a leading Indian eye care network). Two additional transactions in Southeast Asia are expected in the near term, with co-investment options open to participating LPs.
Quadria’s previous funds have delivered exits across pharma, diagnostics, and hospital platforms, with capital returned to institutional investors and impact delivered in underserved markets. Fund III builds on this strategy, with a focus on scalable platforms and healthcare delivery across Asia’s fast-growing markets.
