RIYADH, Saudi Arabia & DUBAI, United Arab Emirates & SINGAPORE
Fund close exceeds initial target despite challenging fundraising environment, with significant participation from Gulf sovereign wealth funds and institutions
Leading GCC investors from Saudi Arabia, UAE, Bahrain, and Oman demonstrate strong confidence in Asia’s healthcare growth story
Fund to invest in GCC’s rapidly expanding healthcare sector
Strategic partnership with Gulf capital positions fund to capitalise on Asia’s US$5 trillion healthcare opportunity
Quadria Capital, Asia’s premier healthcare-focused private equity firm, today announced the final close of its Fund III with US$1.07 billion in total commitments, significantly exceeding its original $800 million target with strong backing from Gulf Cooperation Council (GCC) investors.
The oversubscribed fundraise comprises over US$954 million in primary commitments and US$114 million in committed co-investment capital. An additional US$300 million co-investment capacity is anticipated over the course of the investment phase, bringing total committed capital to approximately US$1.3 billion upon full deployment.
This latest fundraise is around 60% larger than the firm’s previous $600 million fund raised in 2020, cementing Quadria’s position as one of the largest dedicated healthcare private equity funds in Asia.
“Fund III’s close, amid one of the most demanding fundraising climates in recent memory, is a powerful validation of our strategy and reflects the deep conviction of our Gulf partners in the transformational healthcare opportunity across Asia,” said Abrar Mir, Co-Founder and Managing Partner, Quadria Capital. “The strong participation from leading GCC institutions underscores the natural synergy between Gulf capital and Asia’s high-growth healthcare markets, where social impact and financial performance go hand in hand.”
Quadria Bets Big on GCC’s Booming Healthcare Market
The GCC healthcare sector is undergoing rapid growth, fuelled by population expansion, rising chronic diseases, and bold government reforms. Valued at $110 billion in 2024, the market is forecasted to reach $159 billion by 2029, growing at a CAGR of c.8%. Governments are scaling up privatisation efforts and encouraging public-private partnerships to improve quality and accessibility.
“The GCC healthcare sector presents a unique convergence of rising demand, supportive government reforms, and a growing appetite for innovation — making it an ideal environment for strategic private equity investment, in a region in which Quadria is keen to deepen its commitment,” noted Sunil Thakur, Partner, Quadria Capital.
“With our track record and deep experience in healthcare investing in Asia, we will aim to not only deliver strong returns but also contribute to building a sustainable, high-quality healthcare ecosystem that addresses the region’s evolving needs through technology, talent, and patient-centered care.”
Capitalising on Asia’s Golden Decade of Healthcare Growth
With Asia expected to drive 40% of global healthcare growth by 2030, Fund III positions Quadria and its Gulf partners to lead a new era of private capital-driven healthcare transformation across the region.
“Asia’s healthcare sector is at a pivotal moment, and it will remain in the limelight in 2025 and beyond. This sector will see accelerated growth driven by higher healthcare consumption, cost-efficiency initiatives, and deepening technology integration. We are entering a golden decade of healthcare transformation that presents exceptional opportunities for our Gulf partners,” Sunil Thakur added.
The strategic participation of GCC investors positions the fund to leverage growing healthcare collaboration between the Gulf and Asian markets, including technology transfer and pharmaceutical supply chain partnerships.
Proven Track Record with Strong Returns to Gulf Investors
Fund III will build a diversified portfolio of approximately 10 market-leading companies, taking both significant minority and majority stakes, with targeted co-investment opportunities for Gulf Limited Partners seeking direct exposure to Asia’s highest-growth healthcare assets.
Already nearly 40% deployed—including closed and signed investments—the fund has invested in Aragen Life Sciences (a global CRDMO serving over 400 pharmaceutical clients), NephroPlus (Asia’s largest dialysis chain), and Maxivision (India’s leading eye care chain). Two new investments in Southeast Asia are expected soon, with Gulf investors positioned to participate in co-investment opportunities.
Fund III builds on Quadria Capital’s track record of successful exits from Funds I and II, which have delivered strong returns to Gulf institutional investors while advancing healthcare access across underserved Asian populations.
