Asia’s Largest Healthcare PE Firm Quadria Capital Raises $1.07B

Singapore-based Quadria Capital, a healthcare-focused private equity firm in Asia, has announced the final close of its third fund with US$1.07 billion in total commitments, surpassing its original target of US$800 million. The fundraise comes amid a challenging global investment climate. 

Fund III includes US$954 million in primary commitments and an additional US$114 million in co-investment capital. Quadria expects to secure up to US$300 million more in co-investments during the investment phase, potentially bringing total deployable capital to around US$1.3 billion. The firm aims to use the fund to drive healthcare transformation across Asia.

Close to 40% of Fund III’s capital has already been invested, with deployments into Maxivision, NephroPlus, and Aragen Life Sciences. Additional investments across Southeast Asia are expected in the near term.

This milestone positions Quadria as the largest dedicated healthcare private equity firm in South and Southeast Asia. “Fund III’s close reflects deep investor belief in the potential of Asian healthcare, where financial returns align with social outcomes,” said co-founder Abrar Mir. 

The firm aims to lead the next chapter of healthcare transformation in the region, targeting approximately 10 market-leading companies and leveraging LP co-investments for broader impact.

The fund has garnered support from prominent institutional investors worldwide, including sovereign wealth funds and asset managers from the Gulf Cooperation Council (GCC), Europe, and North America. New participants from Bahrain, the UAE, and Saudi Arabia joined returning impact-driven limited partners. Contributions from Indian banks, insurers, and family offices further highlight strong confidence in Quadria’s mission to provide affordable, high-quality healthcare to underserved communities.

Indonesia has emerged as a key market for Quadria. The firm recently opened a Jakarta office and appointed Raymond Rudianto as Head of Indonesia. Its portfolio includes Hermina Hospital, the country’s largest BPJS-focused hospital group, serving nearly 10 million patients annually. This builds on its earlier success with SOHO Global Health, a leading pharmaceutical firm.

As Asia is expected to drive 40% of global healthcare growth by 2030, Quadria sees long-term opportunities across the region. “Healthcare consumption, cost-efficiency, and technology integration are transforming the sector,” said co-founder Dr. Amit Varma. With its third fund, Quadria is well-positioned to support companies delivering innovative care at scale.

Founded in 2012, Quadria Capital is one of Asia’s leading healthcare investors, managing over US$4 billion in assets. The firm has made 27 investments across key markets such as India, Vietnam, Indonesia, Malaysia, and Singapore. Quadria partners with high-potential healthcare businesses to help them scale impact, improve patient outcomes, and deliver strong financial returns to investors.