New Delhi, June 17 -- Private equity firm Quadria Capital has taken control of venture capital firm HealthQuad after a split with Belgian impact investor KOIS Invest and unveiled its third healthcare-focused fund to raise as much as $300 million (Rs 2,587 crore).

The new vehicle, HealthQuad Fund III, has a target corpus of $200 million with a $100 million greenshoe option, the PE firm said on Tuesday. The third fund will succeed HealthQuad's first and second funds.

The development comes after HealthQuad's leadership split and KOIS, one of its general partners, went separate ways and floated another healthcare-focused VC fund of an equivalent size under the HealthKois banner.

HealthKoiS, led by Charles Janssen, Ajay Mahipal, and Pinak Shrikhande, said earlier this month it also aims to raise $300 million for its fund to invest in growth-stage healthcare startups.

Meanwhile, Quadria, led by Amit Varma, Abrar Mir and Sunil Thakur, will assume full ownership and control of HealthQuad following its separation from KOIS.

Quadria said it has retained a large part of existing investment and investment committee team members who will continue to be involved in the existing portfolio investments. The new fund, like its predecessors, will invest in early- to late-stage startups in the healthcare sector.

"With the full ownership of Fund III and expanded leadership, we are better positioned than ever to deliver cross-regional value for our portfolio companies, across South Asia, Southeast Asia, and the GCC, creating an unparalleled platform for health innovation," said Varma, who is also co-founder of HealthQuad.

HealthQuad manages over $200 million in assets across its two funds and has invested in companies such as Qure.ai, ekincare, Red.health, Redcliffe Lifesciences, Wysa, GoApptiv, CureSkin, ImpactGuru, BeatO, and HealthifyMe.

Its maiden fund invested in hospital chain Regency Health, biotech firm Strand Life Sciences, Asian Institute of Nephrology and Urology, medical supplies platform Medikabazaar, clinical data aggregation and intelligence platform THB, telemedicine services provider Neurosynaptic Communications, and healthcare staffing firm Hi-impact Consultants.

Besides the three HealthQuad funds, Quadria in May concluded the final close of its third PE fund with $1.07 billion in total commitments, exceeding the initial target of $800 million.

Published by HT Digital Content Services with permission from VC Circle.