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Quadria Group, one of Asia’s most prominent healthcare-focused private equity firms, has unveiled the third edition of its HealthQuad fund, targeting a raise of up to $300 million, comprising a $200 million target corpus and a $100 million greenshoe option.
HealthQuad Fund III builds upon the success of its predecessors, Funds I and II, which backed more than 18 tech-enabled healthcare ventures across diagnostics, mental health, e-pharmacy, and data analytics. Qure.ai, Medikabazaar, Ekincare, Wysa, and Redcliffe Labs are some of its portfolio companies.
Launched in 2016 as a specialized vehicle distinct from Quadria’s flagship fund, HealthQuad has focused on identifying early-growth opportunities that improve access, affordability, and outcomes in India’s fragmented healthcare landscape. The new fund, according to the firm, will continue to back ventures across South Asia, Southeast Asia, and the GCC, with a focus on scaling impact across the primary, diagnostic, and chronic care spectrum.
In a significant structural move, Quadria’s co-founders Dr. Amit Varma, Abrar Mir, and Sunil Thakur will now assume full ownership and operational control of HealthQuad following its separation from KOIS.
A major portion of the existing investment and committee members will remain involved in managing current portfolio investments. The team is also set to expand, with additional hires expected across investing, operations, and clinical domains.
“India presents one of the world’s most compelling healthcare investment opportunities—driven by growing demand, digital acceleration, and underserved segments across primary, diagnostic, and chronic care,” said Dr Amit Varma, Co-founder and Investment Committee Member, HealthQuad. “With expanded leadership, we are better positioned than ever to deliver cross-regional value across South Asia, Southeast Asia, and the GCC.”
HealthQuad’s next phase comes on the heels of Quadria’s recent closure of its flagship Quadria Capital Fund III at $1.07 billion. The firm currently manages more than $4 billion in assets across 27 portfolio companies, with exposure in India, Vietnam, Indonesia, Malaysia, and Singapore.
“HealthQuad is not just a fund—it’s Quadria’s conviction in motion,” said Abrar Mir, Co-founder and Investment Committee Member. “We’ve built a unique platform supporting diverse healthcare models, accelerating their growth with our powerful ecosystem.”
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