HealthQuad to raise $300 million third fund amidst reorganization
HealthQuad, the early to growth stage healthcare-focused investor backed by private equity firm Quadria Capital, is looking to raise its third fund of around $300 million. This new fund comes at a time when there is a split in the general partners (GPs) that manage HealthQuad, people with knowledge of the development said.
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'The firm has refiled its papers with the markets regulator to raise the third fund. The refile shows only Sunil Thakur, Amit Varma and Abrar Mir, the founders of Quadria as the GPs of the firm," one of the persons cited above said.
In 2015, when HealthQuad was set up to invest in early-stage healthcare opportunities in India, the three partners had roped in Charles-Antoine Janssen as the fourth founder and appointed him as chief investment officer.
'Now these three founders have taken back control. Janssen is parting ways to start his own fund—HealthKois," the person said. Two top executives at HealthQuad—Pinak Shrikhande and Ajay Mahipal—are also leaving with Janssen.
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HealthQuad and Janssen spokespersons did not respond to emailed queries seeking comments. Mahipal, too, did not respond to messages on LinkedIn. Shrikhande could not be reached for comment.
As per Janssen's LinkedIn profile, apart from being associated with HealthQuad, he cofounded KOIS s.a. with François de Borchgrave, a global impact investing firm (blended finance structuring and investment management) active in healthcare, education/skilling and living environments. He is a member of the investment committee of two other KOIS funds: Tara IV (India VC/PE healthcare and social entrepreneurship focus) and Impact Expansion (EU/PE Impact focus). Janssen is based in Belgium.
'The commercials of the first two funds will continue to remain the same. From the third fund onwards, the firm will have only three partners," the second person added. Janssen is likely to launch his firm, which will source deals in the early to growth stage in India. Though the exact strategy is not clear at this point in time.
HealthQuad raised its first fund of ₹75 crore in 2016. It has yet to exhaust its second fund, which has a corpus of $162 million. Some of its portfolio companies include the Asian Institute of Nephrology and Urology (AINU), HealthifyMe, Medikabazaar, Qure.ai, THB, Impact Guru, Ekincare and Stanplus.
The reorganization at HealthQuad comes as the parent company, Quadria Capital, announced the closing of its third fund with $1.07 billion in total commitments. The oversubscribed fundraise comprises over $954 million in primary commitments and $114 million in committed co-investment capital. An additional $300 million co-investment capacity is anticipated over the course of the investment phase, bringing total committed capital to approximately $1.3 billion upon full deployment, Mint reported earlier this week.
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