Quadria Capital calls itself Asia's leading healthcare private equity firm, and it is one of the few investors in the world that does nothing but healthcare. Founded in 2012 by Abrar Mir and Dr Amit Varma, the Singapore-headquartered firm invests growth capital in small-cap and middle-market healthcare companies across South and Southeast Asia — including India, Vietnam, Indonesia, Malaysia and Singapore — with its investment advisory team based in New Delhi.
The thesis: large-growth healthcare businesses with market differentiation
Quadria's official philosophy is to invest in large-growth, scalable healthcare companies with clear market differentiation, strong management teams and the potential to emerge as market leaders. As a strategic investor, it takes what it calls an industrial approach to partnership — unlocking value through deep domain expertise, operational experience and an industry network. The firm says it aims to create significant and sustainable shareholder value while making meaningful, positive impact by increasing access to affordable, high-quality healthcare for underserved populations.
Fund firepower: over $4 billion in assets
Quadria manages over US$4 billion in assets across 27 investments in South and Southeast Asia. Its first investment vehicle closed with a corpus of US$304 million in 2015, and the firm went on to close its third fund — an oversubscribed US$1 billion Fund III — to advance healthcare transformation across Asia. Fund III targets a diversified portfolio of around ten market-leading companies, taking significant minority and majority stakes, with targeted co-investments from its limited partners.
Portfolio: the plumbing of Asian healthcare
The portfolio spans the full healthcare ecosystem. In India it includes NephroPlus, Asia's largest dialysis network with over 435 centres across four countries; Maxivision, one of India's fastest-growing eye-care chains; and Aragen Life Sciences, a global contract research, development and manufacturing organisation serving over 400 pharma clients. It has also invested in Straits Orthopaedics in Malaysia, Hermina in Indonesia and Con Cung in Vietnam, and previously exited SOHO Global Health, one of Indonesia's largest integrated pharmaceutical companies.
Why it matters for founders
If you are building a healthcare business in Asia — hospitals, diagnostics, pharma services, medtech or healthtech — Quadria is arguably the most specialised partner you can find. It brings one of the largest dedicated healthcare investment and operational teams on the continent, a track record of scaling companies to regional leadership, and a genuine impact mandate that aligns with founders who want to expand access to affordable care. It invests at growth stage, so come with revenue, differentiation and ambition.