OPIC commits up to $100M in Quadria Capital’s healthcare fund

Singapore-headquartered Asian healthcare-focused private equity firm Quadria Capital has got a commitment of $100 million more from Overseas Private Investment Corporation (OPIC), a development financial institution run by the US government.

OPIC provides financial resources to companies directly besides backing other private investment funds as a limited partner or LP.

“OPIC has approved for commitment of up to $100 million to Quadria Capital Fund, to invest in improving healthcare access and quality throughout South and Southeast Asia, where demand for healthcare far exceeds supply,” it said on Friday.

The development comes as Quadria is looking to raise capital for its new fund. It announced a first close of $107 million last September. It is targeting a final close at $300 million by end of this year.

Quadria Capital was founded by Amit Varma and Abrar Mir in 2012 and invests in healthcare delivery, life sciences, medical technology and associated healthcare services space.

Varma earlier played a key role in Milestone Religare, a 50:50 JV between financial services major Religare Enterprises and Mumbai-based Milestone Capital Advisors. In 2013, Quadria acquired this firm and brought into its fold Rs 434 core India Build-Out Fund I, which is focused on healthcare and education sectors and has invested in companies like oncology chain HealthCare Global Enterprises, multispecialty hospital chain KIMS and test preparation firm IMS Learning, among others.

Earlier this year, Quadria made its first healthcare investment from its second PE fund and its maiden healthcare fund when it acquired stake in Kolkata-headquartered hospital chain Medica Synergie Pvt Ltd. The firm made an investment of Rs 250 crore along with DEG and Swedfund.

(Edited by Joby Puthuparampil Johnson)

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