Quadria Capital, one of Asia’s leading healthcare-focused private equity firms, has appointed Rahul Agarwal as partner at HealthQuad, its India-based healthcare growth venture capital platform.
Agarwal joins HealthQuad following a 13-year tenure at Quadria Capital, where he most recently served as managing director. As part of Quadria since its inception, he played a key role in driving investments, scaling portfolio companies, leading fundraising, and executing successful exits.
In his new role, Agarwal will be responsible for shaping and executing HealthQuad’s future fund strategy. He will also lead the investment team and committee–many of whom were instrumental in the success of HealthQuad 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.
His appointment comes on the heels of HealthQuad announcing the launch of its third fund, HealthQuad Fund III, targeting up to $300 million in capital, including a greenshoe option of $100 million. The new fund follows the firm’s recent split from Belgian impact investor KOIS Invest.
Commenting on the third fund, Agarwal said: “With Fund III, we have a unique opportunity to institutionalize early-stage healthcare investing in India and build category-defining companies.”
In the coming months, Quadria is expected to announce additional senior appointments to further strengthen its investment and operational capabilities.
Founded in 2016, HealthQuad is one of India’s largest healthcare innovation-focused VC funds, with assets under management worth over $300 million. Through Fund I and Fund II, it has backed and scaled multiple healthcare companies in India.
Agarwal’s appointment comes at a time when HealthQuad is expanding its strategic focus across high-growth sectors like healthtech, medtech, biopharma, and digitally enabled care delivery.
Quadria Capital, founded in 2012, manages over $4 billion in assets across 27 investments in South and Southeast Asia, including India, Vietnam, Indonesia, Malaysia and Singapore. The firm recently marked the final close of its third fund at $1.07 billion (around Rs 9,127 crore), exceeding its $800-million target.
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