Quadria Capital Closes Oversubscribed US$1 Billion Fund III to Advance Healthcare Transformation Across Asia
Fund close exceeds initial target despite a challenging fundraising environment, reflecting strong investor confidence in India and Southeast Asia healthcare
Existing investors increased commitment amount by an average of 80%
New capital raised from blue-chip global institutions, alongside a significant rise in Asian investor participation
SINGAPORE, May 27, 2025--(BUSINESS WIRE)--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.
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 $600m fund raised in 2020, cementing Quadria's position as the largest dedicated healthcare private equity fund in South and Southeast Asia.
"Fund III's close, amid one of the most demanding fundraising climates in recent memory, is a powerful validation of our strategy and our mission," said Abrar Mir, Co-Founder and Managing Partner, Quadria Capital. "It reflects deep global investor conviction in the transformational opportunity in Asian Healthcare, where social impact and financial performance go hand in hand."
Global Institutional Backing Across Continents
At a time when global capital is cautious, Quadria's ability to consistently attract top-tier global investors underscores the strong conviction in its investment strategy and the undeniable opportunities in the Asian healthcare market.
Quadria Capital's largest existing backers include prominent North American and European sovereign wealth funds, asset managers, and strategic corporates. The Fund also secured new commitments from globally recognized institutional investors. Most notably, there was strong backing from leading institutions across the GCC, including Saudi Arabia, the UAE, and Bahrain. The fundraise further attracted interest from India, with fresh capital from major banks, insurance companies, and family offices. Additionally, the Fund received robust re-up commitments from impact investors - underscoring Quadria's continued dedication to scalable, high-impact healthcare businesses that deliver lifesaving care to underserved populations across Asia.
Positioned for Structural Growth in Asia's $5 Trillion Healthcare Market
"With Asia expected to drive 40% of global healthcare growth by 20301, Fund III positions Quadria to lead a new era of private capital-driven healthcare transformation across the region," Abrar Mir added.
"Asia's healthcare sector is at a pivotal moment, and it will remain in the limelight in 2025, especially with investment interest in India in areas like single-specialty hospitals, diagnostic chains, medical devices, and pharmaceutical manufacturing, which includes APIs and CDMOs. This sector will see growth because of higher healthcare consumption, cost-efficiency initiatives, and deepening technology integration. We are entering a golden decade of healthcare transformation," said Dr Amit Varma, Co-Founder and Managing Partner, Quadria Capital.
Fund III will build a diversified portfolio of approximately 10 market-leading companies, taking both significant minority and majority stakes, and further scaling impact through targeted co-investments from Limited Partners (LPs).
Already nearly 40% deployed - including closed and signed investments - the fund has invested in Aragen Life Sciences (a global CRDMO serving over 400 pharma clients), NephroPlus (Asia's largest dialysis chain), and Maxivision (India's leading eye care chain). Two new investments in Southeast Asia are expected soon. Fund III builds on Quadria Capital's track record of successful exits from Funds I and II, underscoring the strength of its investment strategy, operational expertise and ability to distribute capital back to investors.
About Quadria:
Founded in 2012, Quadria Capital is Asia's premier healthcare investor managing over US$4 billion in assets across 27 investments in South and Southeast Asia including India, Vietnam, Indonesia, Malaysia and Singapore. Quadria Capital aims to create significant and sustainable shareholder value by partnering with exceptional healthcare businesses to enhance their impact and scale, while generating superior returns for investors.
For more information, please visit www.quadriacapital.com
1 https://www.bcg.com/publications/2025/india-the-unmissable-asia-healthcare-opportunity
View source version on businesswire.com: https://www.businesswire.com/news/home/20250526268210/en/
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TOKYO--(BUSINESS WIRE)--3D Investment Partners Pte. Ltd. ('3D' or 'we'), an independent investment management firm providing discretionary investment services to a fund that is the largest minority shareholder of NS Solutions Corporation ('NSSOL' or the 'Company,' TSE Code: 2327.T), is committed to Japan-focused value investing with an investment philosophy centered on mid- to long-term value creation through compound capital growth. Today, we have sent an open letter to NSSOL, and we would like to share an overview of its contents. In the open letter, we disclosed the results of a survey of market participants (the 'Survey') conducted by an independent third-party research firm. 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We would also be grateful if shareholders would refer to the materials provided as they consider how to exercise their voting rights at the upcoming Annual General Meeting, and as they engage in future dialogue with NSSOL. We remain firmly committed to pursuing constructive engagement with NSSOL to enhance corporate value—grounded in the candid perspectives of shareholders. 【Letter to the Board of Directors】 June 2, 2025 〒105-6417 Toranomon Hills Business Tower 1-17-1 Toranomon, Minato-ku, Tokyo 105-6417, Japan NS Solutions Corporation To: Representative Director Kazuhiko Tamaoki Board of Directors 1 Temasek Avenue #20-02A, Millenia Tower, Singapore 3D Investment Partners Pte. Ltd. Dear Members of the Board, We commissioned an independent third-party research firm to conduct a perception survey (the 'Survey') of market participants regarding NS Solutions Corporation ('NSSOL' or the 'Company') between April and May 2025. 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However, the results of the Survey indicate that a significant majority of market participants believe that the outside directors are not fulfilling their role of representing and advocating for minority shareholders. This clearly demonstrates that simply establishing a formal majority of outside directors is insufficient to assure market participants that the Board has developed a robust supervisory function over management. In light of the concerns identified through the Survey, we hereby reiterate our request that NSSOL establish a special committee composed solely of independent outside directors to conduct a comprehensive review aimed at maximizing corporate value, including a reassessment of the Company's relationship with Nippon Steel. If this review is led by independent outside directors, it would ensure independence from the Nippon Steel and enable a fundamental review of the relationship with the parent company. This, in turn, would allow for a resolution of the current situation in which NSSOL's value is being impaired and the interests of minority shareholders undermined. In addition, conducting the review with objectivity and transparency, under the oversight of independent outside directors, would allow NSSOL to restore confidence in market participants of the Board's independence. To achieve the intended outcomes, the special committee must meet the following criteria: It must be a committee under the direct authority of the Board, composed exclusively of independent outside directors, to ensure independence from Nippon Steel. The scope of the review must include at minimum: (i) Quantitative assessment of the value erosion resulting from the current relationship with Nippon Steel and consideration of concrete remedies. (ii) Quantitative assessment of the growth potential currently constrained by the relationship with Nippon Steel and consideration of how to realize that potential. 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We respectfully ask that you inform us by June 30, 2025, whether you are willing to establish such a special committee. [Appendix 1] Survey Results 1. On the relationship with Nippon Steel 64% of respondents answered 'Yes' to the question: 'Do you believe that NSSOL's corporate value and the interests of its minority shareholders are being impaired by its parent company, Nippon Steel?' 62% of respondents answered 'Yes' to the question: 'Do you believe that Nippon Steel's influence and control hinder NSSOL's management from maximizing corporate and shareholder value?' 100% of respondents answered 'No' to the question: 'Do you believe NSSOL provides adequate explanations to shareholders regarding transactions with Nippon Steel that may impair corporate value or minority shareholder interests?' 2. On Outside Directors 84% of respondents answered 'No' to the question: 'Do you believe NSSOL's outside directors engage in sufficient dialogue and interaction with shareholders?' 67% of respondents answered 'No' to the question: 'Do you believe NSSOL's outside directors appropriately supervise conflicts of interest between Nippon Steel and minority shareholders?' 100% of respondents answered 'No' to the question: 'Do you believe NSSOL's outside directors adequately fulfill their role in representing and advocating for shareholders?' 3. On the Board of Directors 90% of respondents answered 'No' to the question: 'Do you believe that NSSOL's current Board of Directors maintains sufficient independence from Nippon Steel?' 4. On the New Medium-Term Management Plan 72% of respondents answered 'No' to the question: 'Do you believe that NSSOL's new medium-term management plan sufficiently addresses exploitation by the parent company, Nippon Steel?' Note: The above percentages have been calculated by excluding responses marked 'No opinion' and rounding to the nearest whole number. About 3D Investment Partners Pte. Ltd. 3D Investment Partners Pte. Ltd. is an independent Singapore-based Japan focused value investing fund manager founded in 2015. 3D Investment Partners Pte. Ltd. focuses on partnering with managements who share its investment philosophy of medium- to long-term value creation through compound capital growth and a common objective of achieving long-term returns. Disclaimer This press release is provided for informational purposes only and does not constitute an offer to purchase or sell any security or investment product, nor does it constitute professional or investment advice. This press release should not be relied on by any person for any purpose and is not, and should not be construed as investment, financial, legal, tax or other advice. 3D Investment Partners Pte. Ltd. and its affiliates and their related persons ('3DIP') believe that current market price of NSSOL does not reflect its instinct value. 3DIP acquired beneficially and/or economic interest based on its own idea that NSSOL securities have been undervalued and provides attractive investment opportunity and may in the future beneficially own and/or have an economic interest in, NSSOL securities. 3DIP intends to review its investments in the NSSOL on a continuing basis and, depending upon various factors including, without limitation, the NSSOL's financial position and strategic direction, the outcome of any discussions with NSSOL, overall market conditions, other investment opportunities available to 3DIP, and the availability of NSSOL securities at prices that would make the purchase or sale of NSSOL securities desirable, 3DIP may, from time to time (in the open market or in private transactions), buy, sell, cover, hedge, or otherwise change the form or substance of any of its investments (including the investment in NSSOL securities) to any degree in any manner permitted by any applicable law, and expressly disclaims any obligation to notify others of any such changes. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness, or reliability of the information contained herein, nor is it intended to be a complete statement or summary of the securities, markets, or developments referred to herein. 3DIP expressly disclaims any responsibility or liability for any loss howsoever arising from any use of, or reliance on, this press release or its contents as a whole or in part by any person, or otherwise howsoever arising in connection with this press release. 3DIP hereby expressly disclaims any obligation to update or provide additional information regarding the contents of this press release or to correct any inaccuracies in the information contained in this press release. 3DIP disclaims any intention or agreement to be treated as a joint holder (kyodo hoyu sha) under the Financial Instruments and Exchange Act of Japan, a closely related party (missetsu kankei sha) under the Foreign Exchange and Foreign Trade Act with other shareholders, or receiving any power or permission to represent other shareholders in relation to the exercise of their voting rights, and has no intention to solicit, encourage, induce or require any person to represent such voting rights. 3DIP does not have the intention to make a proposal, directly or through other shareholders of NSSOL, to transfer or abolish the business or asset of NSSOL and/or NSSOL group companies at the general shareholders meeting of NSSOL. 3DIP does not have the intention and purpose to engage in any conduct which constricts the continuing and stable implementation of business of NSSOL and/or NSSOL group companies. This press release may include content or quotes from news coverage or other third party public sources ('Third Party Materials'). Permission to quote from Third Party Materials in this press release may neither have been sought nor obtained. The content of the Third Party Materials has not been independently verified by 3DIP and does not necessarily represent the views of 3DIP. The authors and/or publishers of the Third Party Materials are independent of, and may have different views to 3DIP. The quoting Third Party Materials on this press release does not imply that 3DIP endorses or concurs with any part of the content of the Third Party Materials or that any of the authors or publishers of the Third Party Materials endorses or concurs with any views which have been expressed by 3DIP on the relevant subject matter. The Third Party Materials may not be representative of all relevant news coverage or views expressed by other third parties on the stated issues. In respect of information that has been prepared by 3DIP (and not otherwise attributed to any other party) and which appear in the English language version of this press release, in the event of any inconsistency between the English language version and the Japanese language version of this press release, the meaning of the Japanese language version shall prevail unless otherwise expressly indicated. Expand 1 Percentages have been calculated by excluding respondents who answered 'No opinion,' and have been rounded to the nearest whole number.
