Quadria Capital, one of Asia’s prominent healthcare-focused private equity firms, has appointed Rahul Agarwal as partner at HealthQuad, its India-based healthcare growth venture capital platform.
Agarwal joins HealthQuad after spending 13 years at Quadria Capital, where he most recently served as Managing Director. Since Quadria’s inception, Agarwal has played a pivotal role in driving investments, scaling portfolio companies, leading fundraising efforts, and successfully executing exits.
In his new capacity, Agarwal will shape and implement HealthQuad’s fund strategy, and lead its investment team and committee, which includes several members who were instrumental in the success of HealthQuad’s Fund I and Fund II.
With over 18 years of experience in healthcare investing and fund management, Agarwal has led transactions across healthcare delivery, pharmaceuticals, and digital health. During his tenure at Quadria, as well as at Religare Global Asset Management and Evolvence India Fund, he has managed investment and exit transactions exceeding $1.5 billion (approximately ₹12,900 crore) across India, Southeast Asia, and the United States.
Agarwal’s appointment coincides with HealthQuad’s expanded strategic focus on high-growth areas such as healthtech, medtech, biopharma, and digitally enabled care delivery. This development comes shortly after HealthQuad announced the launch of its third fund, HealthQuad Fund III, which is targeting up to $300 million in capital, including a $100 million greenshoe option. The new fund follows HealthQuad’s recent separation from Belgian impact investor KOIS Invest.
Quadria Capital, established in 2012, currently manages over $4 billion in assets across 27 investments in South and Southeast Asia, including India, Vietnam, Indonesia, Malaysia, and Singapore. The firm recently closed its third fund at $1.07 billion (approximately ₹9,127 crore), surpassing its $800 million target.
Commenting on the third fund, Agarwal stated, “With Fund III, we have a unique opportunity to institutionalize early-stage healthcare investing in India and build category-defining companies.”
Founded in 2016, HealthQuad has grown to become one of India’s largest healthcare innovation-focused venture capital funds, with assets under management exceeding $300 million. Through its first two funds, it has backed and scaled numerous healthcare companies across India.