Healthcare-focused private equity firm Quadria Capital is accelerating its exits from its $1.1 billion third fund, aiming to return nearly 1.5 times distributed paid-in capital (DPI) to investors by early next year. According to co-founder and managing partner Amit Varma, the fund has already generated DPI and is ahead of its investment cycle. As reported by Mint, the firm expects at least two more portfolio companies to list by early 2027, with public listings for Maxivision Eye Hospitals and Aragen Life Sciences next in line. The exit strategy leverages India's deepening capital markets, which have emerged as a powerful liquidity route for the firm, contrasting with Southeast Asia where exits continue to rely on strategic sales.
The exit strategy leverages India's deepening capital markets, which have emerged as a powerful liquidity route for the firm. According to Varma, public markets now represent a great source of exits for Quadria, contrasting with Southeast Asia where exits continue to rely on strategic sales. The firm's second fund reported a DPI of 1.1x and aimed for nearly 3x returns, with DPI measuring the cash a private equity fund has returned to investors relative to capital contributed. India's capital markets are helping Quadria buck the challenging climate for new fundraising and exits.
The exit push is unfolding alongside rapid deployment from Quadria's latest fund, which closed in October 2025 and is already 50-60% deployed. With LP co-investments, total deployment is expected to cross $1.5 billion. As reported by Mint, the firm expects deployment to cross 75% by the end of 2026, with another 2-3 investments planned in the next six months. The fund has already backed companies including NephroPlus, Maxivision Eye Hospitals, and Aragen Life Sciences.
Founded in 2012, Quadria Capital manages more than $4.3 billion of assets across 29 investments in South and Southeast Asia. The firm's next deployment will span healthcare delivery, medical technology, and pharmaceuticals, with 50-55% of the corpus planned for India, 30-35% for ASEAN, and 10-15% opportunistically to the Gulf Cooperation Council. According to Varma, the firm remains focused on single-specialty healthcare platforms over multi-specialty assets, citing better scale, operating efficiencies, and patient differentiation.
According to global data provider Preqin's Performance Benchmark for India AIF, private equity funds launched in 2023 had returned very little capital by March 2025, with the median DPI for 29 funds in that cohort at just 0.1x. Quadria's Fund III is on track to reach roughly 1.5x DPI by early next year, putting it well ahead of most funds from its vintage at a similar stage. The firm's first fund has been completely exited, while Fund II is expected to be fully exited by 2028.
