Private equity powerhouse Quadria Capital has marked a major milestone in its journey by closing its third healthcare-focused fund at a staggering $1.07 billion, far surpassing its initial target of $800 million. This significant capital raise cements Quadria’s position as a dominant player in Asia’s rapidly evolving healthcare landscape and showcases its ability to attract deep-pocketed investors from across the globe—including, for the first time, a sizable cohort from India.
A Regional Powerhouse with Global Backing
Founded in 2012, Quadria Capital has grown into a regional juggernaut managing over $4 billion in assets, with 27 investments spread across India, Vietnam, Indonesia, Malaysia, and Singapore. Its third fund is nearly 60% larger than its previous $600 million fund raised in 2020, signaling growing investor confidence in Quadria’s thesis and track record.
Approximately 60% of the new fund is earmarked for India, with the rest targeting other Asian markets and the Gulf Cooperation Council (GCC) countries. This fund has already deployed nearly half of its corpus and is projected to be fully invested by 2027. The firm plans to invest in around 10 companies, primarily through significant minority or majority stakes.
Indian Investors Join the Fold
Breaking new ground, Quadria has tapped into the Indian investor base, raising around 10% of the total commitments from domestic family offices, corporates, and insurers. This is a first for the firm and reflects increasing interest among Indian institutions in backing healthcare-driven private equity strategies.
The fund also secured strong participation from its loyal base of North American and European sovereign wealth funds, asset managers, and strategic corporates. It broadened its investor mix by drawing new commitments from institutions across the GCC, including from Saudi Arabia, the UAE, and Bahrain.
Backing Visionaries in Indian Healthcare
Quadria’s latest fund is already making waves with key investments in Indian healthcare. Notably, it has backed NephroPlus, Maxivision Eye Hospitals, Medibuddy, and Encube Ethicals. At the same time, it has executed successful exits from companies such as Akums Drugs, Concord Biotech, Healthcare at Home, and AIG—underscoring its ability to drive returns across investment cycles.
The firm’s second fund, which began investing in 2021, is currently marked at over 2x the principal capital and has a DPI (distributed paid-in) of 1.1x. Expectations are high, with projections of achieving a 3x DPI by 2027.
Themed Investment Strategy: Medtech, Diagnostics, and Planetary Health
Quadria’s Fund III is not just larger—it’s also more focused. The firm is eyeing high-impact segments such as medical technology, diagnostics, and digital health, with a special interest in point-of-care solutions and patient-centric innovation. It’s also exploring opportunities in “planetary health”—a forward-looking concept that links climate change to shifting disease patterns, indicating Quadria’s intent to stay ahead of emerging global health risks.
Maxivision: Spearheading Organised Eye Care with a National Vision
One of Quadria’s most visible investments, Maxivision Super Specialty Eye Hospitals, exemplifies its vision of backing focused, high-growth healthcare brands. After securing ₹1,300 crore in funding from Quadria in 2023, Maxivision is on an aggressive expansion spree, eyeing an IPO by 2027.
With a stronghold in South India, Maxivision has now expanded into Maharashtra through a strategic acquisition of the Ojas Group of Eye Hospitals in Mumbai. Backed by a ₹500 crore expansion budget, the company plans to establish 10 centres in Maharashtra over the next year—five in Mumbai and five beyond.
Earlier in Gujarat, it committed ₹200 crore to set up 25 hospitals using a partnership model that leverages the expertise and reputation of local ophthalmologists. This strategy aligns with its vision of fostering doctor-entrepreneurs and offering compliant, tech-enabled, and organised care even in tier 2 and tier 3 cities.
The Rise of Organised Eye Care
Maxivision’s story is a chapter in a larger narrative: the transformation of India’s eye care sector. Once fragmented and dominated by individual practitioners, the industry is now consolidating rapidly. Organised players—backed by private equity—are creating structured, scalable, and compliant models that offer better reach and patient experience.
Competitors such as Dr Agarwal’s Health Care, Centre for Sight, ASG Eye Hospital, and Sharp Sight Eye Hospitals have all drawn sizable investments, reinforcing the attractiveness of this vertical.
Maxivision, growing at a CAGR of 25% over the past five years, is targeting ₹800 crore in revenue by next fiscal—up from ₹600-650 crore expected this year. Its future lies in combining its hub-and-spoke expansion with the strength of partnerships, regulatory compliance, and patient trust.
Outlook
Quadria Capital’s bold new fund is more than a financial milestone—it’s a bet on Asia’s healthcare future. With a focus on high-quality care, patient access, and forward-looking technologies, the firm is well-positioned to shape the next decade of healthcare delivery across the region. As companies like Maxivision redefine organised care, and as new opportunities arise in climate-linked health challenges and digital care, Quadria stands at the vanguard of a healthier, more equitable future for Asia.
