Quadria Capital GP will raise around $25 million from International Finance Corporation for its proposed $300 million fund. Quadria is sponsored by Religare Global Asset Management (RGAM), part of Religare Enterprises Ltd and the fund is targetted at the growing healthcare sector in South and Southeast Asia. Quadria expects to have its first close in 2013.
According to the IFC, Quadria is targetting $300 million in total commitments by its final close and the Corporation is proposing a limited partnership investment of up to $25 million in the Fund. Quadria Capital GP is the general partner, Quadria Capital Investment Management is the investment manager, and Quadria Capital Investment Advisory is the investment advisor.
The fund is a single sector private equity fund and its focus will be healthcare sector in South and Southeast Asia. The fund aims to provide equity to growth stage healthcare companies, and will focus on strategic initiatives and operational improvements in its portfolio companies.
The Fund will make investments in companies focused on the provision of healthcare delivery, life sciences, medical technology, and associated healthcare services. The Fund will likely be registered in the Cayman Islands as an exempted limited partnership.
Quadria expects to have its first close in 2013.
Quadria Capital Investment Management, the investment manager, will be located in Singapore, and Quadria Capital Investment Advisory, the investment advisor, will be located in Delhi. The Fund plans to invest across a number of developing countries in both South Asia and Southeast Asia, with an approximately even distribution across the two regions. Its current deal pipeline includes potential projects in both South and Southeast Asia, according to IFC's project discolusre.
The disclosure further stated that provision of growth capital to small and medium sized healthcare providers, thus expanding healthcare infrastructure in emerging markets. This would increase access to quality healthcare provision and generate jobs in target markets. “An investment by IFC could be a demonstration of successful private equity investing in healthcare in emerging markets countries. This demonstration would build confidence amongst institutional investors to invest in emerging markets and the sector, and potentially encourage the development of domestic capital markets for investment in healthcare,” said the Corporation. IFC's involvement would play a catalytic role in mobilising other sources of capital, contributing to a successful first closing and Corporation's experience in the target regions and operations on the ground in many of the target countries may contribute to the Fund's success as it seeks to invest across regions and develop its network for deal sourcing and strategic exits.