French development finance institution Proparco has made an equity investment of $35 million in healthcare-focused private equity firm Quadria Capital, according to a press statement. 

Proparco, an existing limited partner for Quadria Capital, is seeking to leverage the track record of the PE firm in creating a social impact with a focus on four key healthcare areas: accessibility, affordability, prevention and quality.

The French private investment financier claimed that its previous investments in Quadria have enhanced healthcare access by establishing beds and facilities in districts that lack adequate resources. It has also supported the rollout of affordable products and services as cost-efficient alternatives.

“Universal access to health is a long-standing priority of France’s development policy. We need both the public and private sector to mobilize. That is why France is proud to support, via Proparco, a responsible, affordable and high-quality healthcare sector in South and Southeast Asia,” said Diane Jegam, regional director for South Asia at Proparco.

“Quadria Capital is committed to investing in transformational businesses across medical devices, pharma, and health services that contribute to the affordability, accessibility, and quality of healthcare, particularly among underserved communities,” said Sunil Thakur, partner at Quadria Capital. 

India alone has a great need which requires approximately over $200 billion in investments to enhance and expand healthcare infrastructure. Quardia is looking to provide high-impact investments that drive sustainable and equitable social outcomes in partnership with Proparco, Thakur added.

Quadria, which focuses on mid-cap healthcare companies across South and Southeast Asia, told DealStreetAsia in February that it is looking to close $800 million for its third fund, with a target to hit the first close in the first half of 2023.