BUILDING BUSINESSES FOR LONG TERM SUCCESS

RESILIENCE
CONSISTENCY
TRANSFORMATION
IMPACT
QUADRIA CAPITAL
ANNUAL REVIEW 2019 / 2020
VOLUME VI
 MISSION
STATEMENT

To help build great companies by being a

preferred strategic partner and specialised
capital provider across Asia

To become the investor of choice in Asian

healthcare private equity by generating
superior returns

To create value while benefiting the greater

good of regional development
2 QUADRIA CAPITAL
ANNUAL REVIEW 2019 / 2020
QUADRIA CAPITAL
ANNUAL REVIEW 2019 / 2020 3

COVID-19
QUADRIA PORTFOLIO

# OF COVID # OF COVID # OF COVID RELATED STAFF

HOSPITAL BEDS PATIENTS TREATED TRAINING HOURS

GLOBAL # OF CASES

32
FATALITY %

APPROXIMATELY 515 15,000 14,500

MILLION
AS AT SEPTEMBER 2020 GLOBAL FATALITY

1,000,000
3% # OF TELEHEALTH/VIRTUAL
HEALTH SESSION PROVIDED
# OF COVID TESTS RAN

APPROXIMATELY
# HOME HEALTHCARE
VISITS

7,200 165,000 242,000

>200
UNITED NATIONS’ ESTIMATED
AS AT SEPTEMBER 2020
GLOBAL FINANCIAL IMPACT

NUMBER OF COUNTRIES &

TERRITORIES IMPACTED
US$1
TRILLION
PORTFOLIO COMMENTARY

Lablink – Leading centre for COVID testing Medica – Dedicated one hospital AIG – Dedicated 235 beds to COVID
in Malaysia, with capacity to run ~2,500 exclusively for COVID patients and ~200 patients and has successfully treated
tests a day. Conducted over 100,000 COVID beds in other units. Treated over 2,000 1,740 COVID patients to date.
tests to date. COVID patients to date.
Occupancy rose to 140% vs. pre-COVID
Recorded 70% year on year EBITDA growth Reached 90% of pre-COVID patient volume level.
in 1H20 by June 2020.
 Jaipongan, Indonesia
A popular traditional dance of
Sundanese people of West Java,
Indonesia. The dance was created
by Gugum Gumbira based on the
traditional Sundanese Ketuk Tilu
music and Pencak Silat movements.

01
Building
Resilience
Quadria’s strategic investment and cultivation
of best-in-class healthcare assets with strong
fundamentals underpin stable, steady and
sustainable returns.
6 QUADRIA CAPITAL
ANNUAL REVIEW 2019 / 2020
QUADRIA CAPITAL
ANNUAL REVIEW 2019 / 2020 7

CASE STUDY PARTNERING FOR RESILIENCE

Quadria Capital has partnered with Akums to establish it
as a pharmaceutical leader and unlock further value for all
AKUMS DRUGS AND PHARMACEUTICALS stakeholders. The two partners are steering the business
into a new direction, through three pillars of engagement and
interventions: creating scaled-up sustainable revenue sources,
enhancing quality of business, and strengthening internal
processes and controls.

Creating sustainable revenue sources

Akums has built a scalable business model with a large
manufacturing capacity for producing 100 billion tablets per
year and serves over 350 clients, including 27 of the top 30
players in the Indian Branded Formulation market. This is shown
through their long-standing relationships with MNCs such as
Sun, Lupin and Abbott.

Quadria Capital’s key focus is to ensure long-term sustainability proactive improvement initiatives include revamping Akums’
for all of Akums’ businesses. Business strategy is focused on procurement strategy and introducing digital initiatives to Akums’
driving economies of scale and scope, entering attractive markets group businesses to help drive business growth.
at a progressive pace, continually exploring opportunities to
expand the manufacturing base and leverage its core competitive In addition to growing its exports and building partnerships with
advantage, diversifying product portfolio, and driving down costs India’s healthcare institutions, Akums is also fostering strong
while maintaining high quality and standards. alliances for licensing and collaborative research through its
regional connectivity within India, Southeast Asia and Europe.
For its flagship CDMO business, Akums is expanding into
technologically complex products and therapies by strengthening Bolstering internal processes and controls
its R&D and manufacturing capability. The company is also Since its investment, Quadria Capital is also working closely
backward integrating into active pharmaceutical ingredients with Akums Promoters to improve the corporate governance
(APIs), acquiring additional API manufacturers to reduce and strengthen its organisational structure. Akums has hired a
dependency on external parties for its key APIs. The company CFO and CPO and is in the process of hiring other key strategic
BUILDING RESILIENCE THE INVESTMENT
plans to achieve this through both organic and inorganic routes. heads for its core businesses.
Akums Drugs and Pharmaceuticals Ltd (“Akums”), India’s
Akums is in the final stage of acquiring an API company which
Quadria Capital partnered with Akums to largest contract development and manufacturing organization
focuses on both domestic and international markets, which will Akums is placing focus on leveraging technology to increase the
(“CDMO”), has a diverse portfolio of clients including Abbott,
establish it as a pharmaceutical leader help Akums strengthen its sourcing channel as well as increase efficiency of internal functions and become operationally resilient,
Sun Pharmaceutical and Cipla. Akums manufactures over
its share of wallet in existing customers procurement. through seamless integration and process automation initiatives,
and unlock further value for all stakeholders. 10% of pharmaceutical products sold in India and enjoys a
while ensuring appropriate training and upskilling to drive
global presence in over 40 international markets. The company
For its International Business, Akums aspires to achieve leadership business adoption.
The two partners are steering the business manufactures more than 12,000 different types of SKUs annually.
position for selected therapies in target markets by using a cluster-
into a new direction, through three pillars based approach and building long-term partnerships. THE COVID-19 CHAPTER: FINDING SOLUTIONS THAT MATTER
Quadria Capital’s strategic investment in Akums in November
COVID-19 has presented a unique situation where these
of engagement and interventions: creating 2019 was driven by the burgeoning demand for pharmaceutical
Akums is also strengthening its presence in the domestic branded interventions were brought to test. Despite India entering
products in India. Quadria Capital strongly believes that the
scaled-up sustainable revenue enhancing formulation by realigning its product portfolio by launching niche lockdown due to COVID-19, Akums ensured manufacturing
pharmaceutical industry in India has the potential to grow,
products via in-licensing and partnerships, as well as enhancing operations continued, relentlessly working with its partners to
the quality of business, and strengthening especially at a time when the Indian government is turning a
sales & marketing. Akums is focused on increasing its distribution ensure no supply chain disruption and facilitating working capital
corner in healthcare accessibility by making pharmaceutical
coverage by expanding geographical coverage and is gradually support where required. Aiming to ensure employee well-being
internal processes and controls. products affordable to its 1.3 billion population. Quadria Capital
shifting its focus to high value customers. and minimize manufacturing interruptions, Akums introduced
capitalised the opportunity presented in Akums with its CDMO
several safety measures - providing PPEs, sanitisers and vitamin
model, allowing production of affordable, quality pharmaceuticals
In addition, Quadria Capital also continues to build Akums’ growth supplements to employees and their family. In addition to strictly
trusted by leading global pharma companies. Akums has 13
trajectory through inorganic revenue streams. enforcing social distancing measures, Akums also arranged
WHO-GMP state-of-the-art manufacturing facilities in India and
transport for their employees to reduce the risk of contracting
has injected US$50 million over the last 5 years to build and
Enhancing quality of business COVID-19.
upgrade these facilities. This capex positions the company well for
Quadria Capital is actively working to ensure Akums takes a
increased scale and improved efficiencies. Within 15 years, Akums
capital efficient approach by considering the “return on capital Ultimately, Quadria Capital aims to help Akums build a future-
has indisputably grown and achieved an impressive top line
employed” to strengthen their cost-leadership and improve proof pharmaceutical stronghold that is ready for long-term
growth of over US$350 million.
margins. Akums is closely observing all business sectors growth through a well-determined business strategy and sharp
to identify and execute improvement opportunities such as execution focus.
salesforce productivity and quality of products. Quadria Capital’s
 Water Puppet (Mua Roi Nuoc), Vietnam
Vietnamese Water Puppet originated from the Red
River Delta of Vietnam in the tenth century. Some
of the earliest troupes are in Nguyên Xá commune,
Đông Hưng district, Thai Binh province.

02
Consistent
Strategy
Experience and expertise in diverse
healthcare sub-sectors allow us to effectively
improve and innovate the operational
capabilities of our healthcare assets.
10 QUADRIA CAPITAL
ANNUAL REVIEW 2019 / 2020
QUADRIA CAPITAL
ANNUAL REVIEW 2019 / 2020 11

CASE STUDY SOHO Global Health has built strong brand equity across the
region, with a portfolio of well-known market-leading brands in
Value Creation
Over the years, Quadria Capital has built strong relationships
Indonesia across multiple therapeutic categories. SOHO captured with global and regional healthcare companies and research
SOHO GLOBAL HEALTH the top spot in multivitamins - with a market share of 13% and
37% across adult and children categories, respectively. SOHO’s
institutions among other key stakeholders in the healthcare sector.
Quadria Capital’s in-house healthcare ecosystem has facilitated
top-selling pharmaceutical product in Indonesia, Imboost, numerous commercial and business development opportunities,
achieved record sales in the first half of 2020 amidst the including SOHO’s partnerships with over 30 global and regional
COVID-19 pandemic. pharma companies.

Quadria Capital also helped to establish a compliance monitoring Quadria Capital takes a hands-on approach in driving value
framework for SOHO, ensuring that the company is fully creation, sitting on key-decision making bodies including the
compliant with international standards, with a dedicated team Board and Executive Committees to support the overall business
for implementing and monitoring compliance processes. SOHO’s plan execution to realise growth potential. Additionally, Quadria
THE INVESTMENT standards have received recognition on par with global peers and Capital helped steer SOHO’s business development activities
In 2015, Quadria Capital invested in SOHO Global Health, a leading SOHO is one of the few fully compliant domestic pharmaceutical including in-licensing of differentiated, high margin ethical
integrated pharmaceutical and healthcare distribution company in companies in Indonesia. drugs for Indonesia.
Indonesia. SOHO has demonstrated strong financial performance
since Quadria Capital’s investment with double-digit top-line INVESTMENT STRATEGY Quadria Capital acknowledges that it has a responsibility for
and bottom-line growth. Additionally, Quadria Capital supported Value creation for all stakeholders is a central pillar of Quadria positive social impact and adhering to well-defined ESG policies
SOHO’s new in-licensing business which has today secured over Capital’s investment strategy and all management decisions while unlocking the value proposition of its investment decisions.
35 innovative, high-value in-licensed drugs across six therapeutic during origination, screening, execution and exit, are driven Demonstrating a similar commitment to corporate social
areas, many of which are on an exclusive basis. by this. Through different stages of identifying an opportunity, responsibility, Quadria Capital’s surveillance of SOHO’s ESG
unlocking its growth potential and eventually monetising its frameworks and policies secured SOHO a Bronze medal with
SOHO is an integrated healthcare and pharmaceutical business stake, Quadria’s strategy has consistently delivered top quartile an overall score improvement for the GIIRS Impact Ratings.
with a nationwide distribution network covering 50,000 investment returns.
pharmacies, drugstores and outlets, accounting for 95% of Maximising Value at Exit
pharmacies and hospitals nationwide. The company, which started Deep Understanding of Healthcare To maximise shareholder value at exit and mitigate overall risk,
its journey as an injectable-products focused pharma company, Quadria Capital exclusively focuses on investments in the Asian while aligning the interests of Quadria Capital and SOHO, Quadria
is today an end-to-end pharmaceutical company serving both healthcare sector. As one of the largest investment teams in Capital has facilitated discussions with SOHO’s promoters in the
local and international customers. Additionally, SOHO has strong Asia with combined experience of over 270 years in healthcare, initial stages of the investment process to arrive at an alignment
innovation and growth capabilities, with a systematic product their in-depth knowledge of Asia’s healthcare markets paired on the timing and preferred exit mechanisms.
development process to consistently deliver innovative products with operational expertise from its Operating Partners enables
to the market. Quadria Capital to execute an efficient investment process with Over the past 5 years, Quadria Capital has worked alongside
an insights-backed approach to identify leadership potential in SOHO to execute the business plan laid out for SOHO with success
healthcare businesses. SOHO’s strong presence in the Indonesian as SOHO has achieved its growth and financial objectives. To
market with sustained growth over the past few years is a key realise maximum value upon SOHO’s exit, Quadria Capital has
success indicator of Quadria Capital’s investment choice and actively supported the positioning of the business as a well-
Quadria’s continued value-creation initiatives. diversified healthcare company by facilitating organic growth and
inorganic value drivers. Coupled with the strengthening of the
Focusing on Extraordinary Leaders company’s governance and systems, SOHO was well-positioned
Quadria Capital focuses on investing in healthcare industry leaders for an exit that delivers both certainty and value.
for top quartile returns on investments. Market leaders with the
CONSISTENT STRATEGY
best healthcare standards have competitive advantages allowing
Value creation for all stakeholders is a them to grow, profit and sustain their businesses during cyclical
economic downturns. SOHO is one such healthcare industry leader
central pillar of Quadria Capital’s investment with transformational value creation potential, with market-
strategy and all management decisions during leading brands across pharma and consumer categories, a robust
financial profile, and technology and R&D capabilities to drive
origination, screening, execution and exit, are innovation in the pharmaceutical sector.

driven by this. Through different stages of

identifying an opportunity, unlocking its growth
potential and eventually monetising its stake,
Quadria’s strategy has consistently delivered
top quartile investment returns.
 Holi, India
Holi celebrates the arrival of spring, the end
of winter, the blossoming of love, and for
many it’s a festive day to meet others, play
and laugh, forget and forgive, and repair
broken relationships.

03
Shaping
Transformation
We remain focused on evaluating untapped
opportunities to empower healthcare
companies with potential to revolutionise
healthcare in fast-growing markets.
14 QUADRIA CAPITAL
ANNUAL REVIEW 2019 / 2020
QUADRIA CAPITAL
ANNUAL REVIEW 2019 / 2020 15

CASE STUDY Lablink’s management also worked closely with Malaysia’s

Ministry of Health to gauge incoming demand for testing. By
REAPING THE BENEFITS
Results of this business transformation are tangible and distinct,
efficiently reallocating available capital expenditure and resources, with Quadria Capital playing an active role in Lablink’s successful
LABLINK Lablink was able to ramp up operational testing capacity and the
machinery required. Lablink’s direct relationship with principal
change in corporate governance and culture, increase in business
growth and profitability, operational efficiency and widening of
medical device equipment manufacturers and distributors helped partnership networks.
to speed up the capacity building required for COVID-19 testing.
Within 3 weeks, PCR testing equipment for COVID-19 testing was Since the investment, Lablink recorded top-line revenue and
ready and the first specific extraction was completed. EBITDA growth CAGRs of 12% and 20% respectively from FY17
to FY19 with an uplift of nearly 800 bps in EBITDA margin as
As COVID-19 cases increased, Lablink’s management introduced of H1 2020. Test volumes continue to grow, with 19.2 million
further automation and specialised technology to increase the tests conducted in FY19 compared to 17.0 million in FY18, while
capacity. Within a span of two months, Lablink was able to scale external third-party revenue grew from 6% of total group wide
up testing capacity from 15 tests per week to 2,600 tests per day. revenue in FY17 to 16% as of H1 2020.

In addition, Lablink introduced operational changes to capture Lablink’s ESG measures have also shown fruition. With its strong
the increased volume. From March onwards, Lablink introduced focus on female empowerment, as of June 2020, approximately
round-the-clock shift management, and within a month, staff were 68% of all Lablink staff are female. To support the Malaysia
carefully reallocated to better manage increased workload and government in the fight against COVID-19, Lablink has invested
upskilled for leveraging automation. nearly 1,000 hours of COVID-related training to upskill its staff.
In 2019, Lablink also received a Silver for GIIRS Impact Rating,
In YTD 2020, Lablink has conducted over 100,000 COVID-19 reflecting its commitment to positive social and environmental
tests, while lowering the cost of these tests by 33% relative to impact. As part of its journey to become a responsible regional
market norm. leader in diagnostic services, Lablink is relentlessly pursuing
the best ESG practices.
DIVERSIFYING REVENUE
To reduce concentration risk for Lablink, Quadria Capital placed
focus on increasing external third-party revenue from sources
other than KPJ hospitals, with a focus on the B2B outsourcing
segment from other hospitals and laboratories. As of H1 2020,
the external revenue business contributed 16% to total group
revenues, as compared to 6% in FY17.

Quadria has worked closely with Lablink’s management to shift

THE INVESTMENT With a focus to improve corporate governance and culture, Quadria the focus of its product offerings. Product offerings have pivoted
In 2018, Quadria Capital invested in Lablink, Malaysia’s first Capital has supported the executive committee in its push towards from routine testing to specialised tests (including molecular and
private medical laboratory equipped with Biosafety Level 3 (BSL-3) data-driven decision-making and imbibing a culture of “zero error” autoimmune disease tests), which helped to transition revenues
facilities. Headquartered in Kuala Lumpur, Lablink was established aspiration. Additionally, Lablink introduced independent appraisal from a lower margin and volume-driven business to higher margin
in 1989 as a wholly owned subsidiary of KPJ Healthcare Berhad management for its employees, which incentivises superior revenue streams. The percentage of specialised testing has
to provide pathology laboratory services for the KPJ Group of performance with a differentiated reward system. continually increased from 20% in 2017 to 26% in H1 2020.
Hospitals. KPJ Group acquired Lablink in 1991 to manage its
hospital laboratories. Lablink provides a comprehensive suite of To provide strategic oversight, Quadria joined the board of Additionally, Lablink has developed a new doctor engagement
pathology and health screening services. Since the investment, directors and continues to work closely with the executive model for marketing and promoting greater awareness of its
Lablink has achieved an uplift of nearly 800 bps in EBITDA margin committee to drive positive changes across the organisation.
SHAPING TRANSFORMATION
capabilities, as well as opportunistically evaluated vendor-led
as of H1 2020 by shifting to higher margin specialised tests and Various transformational initiatives are in-flight, such co-marketing for specific test segments. Results of this business transformation are
inculcating greater discipline on operating expenditure. Lablink’s as decentralisation of business units by geography and
growth as a leading diagnostics provider is proven with its improvements in reporting protocols, thus aiding in nimble Apart from accelerating growth through organic business tangible and distinct, with Quadria Capital
consistent increases in both top-line revenue and EBITDA, decision-making. development, Quadria Capital is taking the lead in exploring playing an active role in Lablink’s successful
with recorded growth CAGRs of 12% and 20% respectively external strategic partnerships and evaluating M&A opportunities
from FY17 to FY19. REDEFINING INFRASTRUCTURE together with Lablink across the region. This focus has made change in corporate governance and culture,
Given the COVID-19 situation in 2020, a rapid scaling up was significant progress: Lablink recently executed a Letter of Intent
RETHINKING THE ORGANIZATION required for meeting the increased demand for testing. Lablink’s increase in business growth and profitability,
with a leading Indonesian hospitals group to explore a potential
Quadria Capital has been heavily involved in reinvigorating the BSL-3 laboratory facilities are well equipped to test for highly pathology carve-out from the group. operational efficiency and widening of
organisation and leadership team. Notably, Quadria helped to infectious pathogens, given high standards of operational and
recruit Lablink’s CEO, a senior executive with years of experience safety programmes in place. partnership networks.
running hospital, pharmaceutical and diagnostic businesses.
 Khon Dance, Thailand
The traditional Thai masked dance
drama, based on the classic Hindu
Ramayana epics, is a traditional Thai
dance drama with elaborately made
costumes and masks.

04
Positive
Impact
Through Quadria’s investments, we are
realising a deep commitment to give a wider
population better access to high-quality
healthcare solutions.
18 QUADRIA CAPITAL
ANNUAL REVIEW 2019 / 2020
QUADRIA CAPITAL
ANNUAL REVIEW 2019 / 2020 19

CASE STUDY DRIVING IMPACTFUL CHANGE

Quadria Capital understands the potential of positive impact that
its investment decisions can have and worked closely with AIG
ASIAN INSTITUTE OF GASTROENTEROLOGY to generate sustainable impact through its business operations.
In addition to receiving a Silver Rating for the 2019 GIIRS Impact
Business Model Ratings, AIG successfully underwent a stringent
accreditation by National Accreditation Board for Hospitals &
Healthcare Providers (NABH), the principal accreditation body
for hospitals in India.

POSITIVE IMPACT THE INVESTMENT Notably, AIG has created immense social impact. With its leading
Asian Institute of Gastroenterology (AIG) is a referral centre for clinical expertise, over 50% of its patients are referral patients.
With its twin-engine business model focused on gastric health and is amongst the 20 centres globally recognized As many of these patients are unable to afford medical care, AIG
as a Centre of Excellence by the World Gastroenterology ensures that medical needs are met by offering free treatment
generating high volumes and driving process and hospital stays for over 1000 patients. Patient cross-subsidy
Organisation. AIG’s R&D centre is also recognized as a leading
efficiencies, AIG drives bottom-line growth private research facility in India. In addition to its R&D capabilities, is carefully implemented to ensure accessibility to all income However, given its long-standing relationship with suppliers,
due to its clinical leadership in gastric sciences, it is the only single classes, ensuring prices are kept 20% to 30% lower than other AIG’s procurement team was able to obtain required supplies
while creating social impact. Coupled with specialty hospital worldwide to partner with Mayo Clinic. hospitals in the region. In addition to ensuring affordability, to ensure services and operations continued as per normal.
AIG also provides free gastroenterology services to rural areas Subsequent easing of India’s lockdown restrictions coupled with
superior clinical skills, AIG streamlines medical
Quadria Capital invested in AIG in 2015, with a follow-on round through a well-equipped ambulance service. rise in COVID-19 cases eventually led to an increase in occupancy
procedures without compromising patient in 2019. Quadria Capital worked closely with AIG to build and rates to 140% of pre-COVID capacities.
operationalise a new 780-bed hospital in Hyderabad, the world’s AIG contributes heavily to gastric science research, with its
care, accelerating recovery time for patients largest single location gastric sciences hospital, in July 2018. numerous publications and research pieces contributing Fight against COVID-19
AIG has established itself as a renowned referral centre, receiving to reducing procedural complications and treatment cost. During this crisis, AIG provided strong staff support and
at affordable costs.
patients from within India as well as from across Asia. Over the years, AIG has furthered the cause of education and engagement. Staff numbers were maintained to cope with
training, having trained over 750 doctors from Southeast Asia. increased COVID-19 related workload. AIG optimised staff
With its twin-engine business model focused on generating high These trained doctors have further extended AIG’s mission of management to increase efficiency and reduce operational costs
volumes and driving process efficiencies, AIG drives bottom-line providing accessible quality care in the region, with over 50% by implementing an alternate shift system with longer shifts,
growth while creating social impact. Coupled with superior of gastroenterology doctors in Indonesia and close to 100% of to ensure round-the-clock service for its patients. Following
clinical skills, AIG streamlines medical procedures without Myanmar gastroenterology doctors trained at AIG. Finally, AIG government guidelines and advisories, AIG also instituted health
compromising patient care, accelerating recovery time for recognises the importance of providing equal opportunities to safety measures within its facilities, with a dedicated wing for
patients at affordable costs. women and minorities and has ensured representation of its COVID-19 patients, and reserved isolation wards for staff
women and minorities in management, seen in the increasing who displayed any COVID-like symptoms. AIG introduced flexible
percentage of women in management positions every year. practices where possible and reserved rooms for hospital staff
Through its proactive social impact creation initiatives, AIG is who chose not to return home and place family members at
well on its way to achieving three of the social development risk. With strategic space optimisation of its facilities, staffing
goals (SDGs) laid out by the UNDP (Good Health and Well-being, was reduced in selected areas, thereby lowering electricity and
Quality Education and Gender Equality). utilities usage, providing cost optimisation and reducing overall
operational costs.
Additionally, AIG places strong focus on minimising environmental
impact, with established waste management procedures and Within 2 weeks of onset of COVID-19 in India, AIG implemented
is also licensed for biomedical, radioactive and hazardous these operational and workflow changes with the utmost
waste disposal. Quadria Capital ensures AIG operates under a consideration for patient and staff safety.
robust governance structure that focuses on transparency and
accountability and has also bolstered its corporate management CATALYST FOR A POSITIVE IMPACT
with an experienced team of professionals. AIG also ensures that AIG is well-recognized for its quality and affordable medical
a robust worker grievance redressal mechanism is implemented services in gastroenterology. The viral pandemic has not deterred
and schedules regular meetings of staff with heads of respective AIG’s focus from maintaining highest levels of medical care
departments. towards its patients. Further, AIG remains committed to be an
environmentally and socially responsible corporate, providing
ADDRESSING THE COVID-19 THREAT skill and social development activities for surrounding
With over half of AIG’s patients from Asia and the rest of India, communities as well as leveraging its R&D capabilities to
India’s lockdown in March caused patient occupancy levels to drop improve clinical outcomes.
sharply. With supply chain disruptions, PPEs were also in shortage.
 QUADRIA CAPITAL
ANNUAL REVIEW 2019 / 2020 21

CONTENTS

21 22 24 28 AT A
AT A
GLANCE
OVERVIEW SOCIAL IMPACT MANAGING
PARTNERS’
STATEMENT
GLANCE
33 36 78 84
TRIBUTE KNOWING REINVENTING HEALTHCARE

Q
TO A OUR MARKETS, TOMORROW’S OUTLOOK uadria Capital is an independent healthcare-
LEGEND INSIDE OUT HEALTHCARE focused private equity firm, with assets under
CHAMPION, TODAY. management exceeding US$2.4 billion spanning
22 companies across Asia. With one of the largest
dedicated healthcare private equity teams in Asia, the
firm’s 21 investment and operations professionals

88 96 100 104
bring together over 270 years of healthcare
experience.

The firm has to date returned over US$1 billion to

IMPACT GROWING IN QUADRIA QUADRIA
its investors and continues to generate superior
CIRCLE KNOWLEDGE, TEAM EXECUTIVE
returns by applying its healthcare expertise to
STRENGTHENING PARTNERS
OUR CORE drive transformational change through its unique
value-add platform, focus on market leaders with
exceptional growth opportunities and alignment
with management teams to ensure a clear pathway
to value maximization.

106 107 Quadria Capital adheres to the philosophy of profit

with purpose by delivering strong, consistent
QUADRIA OUR financial returns and constructive social impact.
GOVERNANCE STAKEHOLDERS The firm incorporates both Environmental, Social
and Governance (ESG) and social impact factors into
decision-making and ownership practices. The firm is
consistently ranked amongst the top funds globally for
its ESG and social impact performance by the Global
Impact Investing Ratings Systems (GIIRS).
22 QUADRIA CAPITAL
ANNUAL REVIEW 2019 / 2020
QUADRIA CAPITAL
ANNUAL REVIEW 2019 / 2020 23

OVERVIEW
KEY PERFORMANCE HIGHLIGHTS

AKUMS
FOCUS ON MARKET LEADERS
WITH EXCEPTIONAL GROWTH LARGEST
US$2.4 AND IMPACT OPPORTUNITIES PHARMA CONTRACT
DEVELOPMENT AND

BILLION MANUFACTURING COMPANY IN INDIA

AUM ACROSS 22 COMPANIES

5,400 DOCTORS &
CLINICAL STAFF Medica Synergie

LARGEST
SOHO Global Health AIG

LARGEST
HOSPITAL GROUP #1 SELLING PHARMA
PRODUCTS IN SINGLE SITE GASTRIC

US$1
INDONESIA SCIENCES HOSPITAL
IN EASTERN INDIA
IN THE WORLD

BILLION
CAPITAL RETURNED TO INVESTORS
21 PROFESSIONALS
ACROSS REGIONAL OFFICES 270+
YEARS
Concord Biotech

#1
IN IMMUNOSUPPRESSANT
AND ONCOLOGY APIS
GLOBALLY
Healthcare at Home

LARGEST
INTEGRATED HOME CARE
Medical Specialists Asia

LEADING
SPECIALITY CARE GROUP

20
NETWORK IN INDIA IN SOUTHEAST ASIA
COMBINED
EXPERIENCE

2,100
FV Hospital Strand Life Sciences Lablink

MILLION HOSPITAL
BEDS MANAGED FIRST JCI GLOBALLY LARGEST
PATIENTS SERVED ACCREDITED TERTIARY
HOSPITAL IN SOUTH VIETNAM
RECOGNIZED PRIVATE HOSPITAL

LEADER
LABORATORY GROUP
IN MALAYSIA

IN BIOINFORMATICS
24 QUADRIA CAPITAL
ANNUAL REVIEW 2019 / 2020
QUADRIA CAPITAL
ANNUAL REVIEW 2019 / 2020 25

FUND OVERVIEW
QUADRIA’S INVESTMENT PORTFOLIO COMPRISED:
ENVIRONMENTAL
AND SOCIAL
PORTFOLIO
COMPANIES’
IMPACT 2019 GIIRS
RECOGNITION RATINGS

15%
TOTAL
INVESTED CAPITAL Quadria Capital is part of the GIIRS network and
COMPANY IBM RATING

US$525
REVENUE GROWTH FOR undergoes annual GIIRS assessment at both the
EXISTING PORTFOLIO Fund and portfolio levels to assess the impact of
the Fund’s policies and practices and identify key STRAND Gold
gap areas to be addressed in the following year.

32%
AIG Silver
MILLION EBITDA GROWTH FOR
EXISTING PORTFOLIO CONCORD BIOTECH Silver
ACROSS 11 COMPANIES
DIVERSIFIED ACROSS
HEALTHCARE DELIVERY, LIFE FV HOSPITAL Silver
SCIENCES AND ASSOCIATED
HEALTHCARE SERVICES,
HEALTHCARE ATHOME Silver
REFLECTING THE ASIA
HEALTHCARE PROFIT POOL

US$850 LABLINK Silver

MILLION MEDICA SYNERGIE Silver

TOTAL OF DRY POWDER MEDICAL SPECIALISTS ASIA Silver

CO-INVESTMENTS

US$146
SOHO GLOBAL HEALTH Bronze

MILLION
US$150
MILLION
EQUIVALENT TO 39% OF CAPITAL
OF QUADRIA CAPITAL FUND II
DEPLOYED FROM THE FUNDS
ALREADY DEPLOYED (INCLUDING
CO-INVESTMENT)
26 QUADRIA CAPITAL
ANNUAL REVIEW 2019 / 2020
QUADRIA CAPITAL
ANNUAL REVIEW 2019 / 2020 27

20.0
SERVING A CATCHMENT Over

22,000
POPULATION OF

SOCIAL MILLION
PATIENTS TREATED TO DATE,
2.1 EMPLOYEES

IMPACT INCLUDING
BILLION
860,000
PEOPLE

Focusing on social good, Quadria’s

WHO ARE UNDERPRIVILEGED

MORE THAN
50%
FEMALE EMPLOYEES

2.2
portfolio companies exhibit strong
financial performance while also
creating positive social impact

25%
on the communities they serve.
OVER
Through Quadria’s investments,
MILLION
our portfolio companies further
our shared vision of increasing
affordability and access to high-
26,000 PATIENTS SERVED ANNUALLY
BELOW PEER PRICING

ROAD ACCIDENT VICTIMS

quality healthcare services and
RESCUED FREE OF CHARGE
products for those who need

US$3.0
it most.

2,100
OVER MILLION HOSPITAL BEDS MANAGED
UNDER QUADRIA’S NETWORK

20,000
SPENT ON CORPORATE SOCIAL
RESPONSIBILITY (CSR)

HEALTH CAMPS

18
CONDUCTED

MILLION
5,400
DOCTORS AND CLINCAL STAFF

DIAGNOSTIC TESTS
RUN ANNUALLY
28 QUADRIA CAPITAL
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ANNUAL REVIEW 2019 / 2020 29

MANAGING PARTNER’S Against these unprecedented market circumstances, we are heartened to be able to make

STATEMENT notable progress over the past year. At Fund I, our portfolio companies continue to record
strong and steady financial performance throughout the pandemic. We also marked our
first exit in Fund I through the sale of SOHO Global Health that has achieved top-quartile
returns for our investors.

W
e are facing one of the greatest health crises of our We are actively working alongside our portfolio companies to
generation, one that has shaken the global economy and ensure the continuation of essential healthcare services and
disrupted millions of lives and livelihoods. Above all, this products, which is even more critical in this time of crisis. Since
is a humanitarian emergency that calls for unity and requires each the wake of the outbreak, we have proactively worked with our
one of us to take responsibility and to play our part. portfolio companies to understand the real-time impact, employ
mitigant measures, implement operational protocols, and most
At Quadria Capital, as the leading investor in healthcare in Asia, importantly ensure the safety of our front-line workers, employees
we feel a special responsibility at this time. We are committed to and patients. Business continuity is top-of-mind for us while
supporting our healthcare companies and our front-line workers ensuring our companies are well-capitalised to weather
as we fight this pandemic . market challenges.

Our portfolio companies are carrying out major efforts in this We are proud to share that many of our portfolio companies have
battle that continues to ravage through lives, communities, and the been at the forefront in the fight against the novel coronavirus.
economy. We will only realize in the coming months the full social For example, Lablink, our diagnostic business in Malaysia, has
and economic consequences of the pandemic. conducted more than 100,000 COVID tests so far with 12,000
more tests conducted each month. In India, Healthcare At Home
Against these unprecedented market circumstances, we are has led the efforts in the COVID response in local communities by
heartened to be able to make notable progress over the past year. launching new services including home isolation services, COVID
At Fund I, our portfolio companies continue to record strong and screening tests and a 24-hour COVID helpline. To date, it has
steady financial performance throughout the pandemic. We also treated over 15,000 patients for home isolation services.
marked our first exit in Fund I through the sale of SOHO Global
Health that has achieved top-quartile returns for our investors. We would like to take this opportunity to thank the real heroes,
The firm also successfully raised Quadria Capital Fund II at our frontline healthcare workers and employees, for their
US$600mn - far exceeding our initial target. Within 6 months of valiant efforts and sacrifice.
fund closing, Fund II has made three investments into leading
healthcare businesses. RECONFIGURING BUSINESSES FOR THE NEW NORMAL
In a very competitive and complex business environment, we
As the rest of 2020 looks set to be full of uncertainties, we are are pleased to share that our funds continue to deliver strong
focused – as always – on being careful stewards of our investors’ operating and financial results. At Fund I, our portfolio has shown
capital and making decisions that enable our companies to tremendous resilience, being value at 1.7x over invested capital.
emerge stronger. Several businesses are also experiencing a swift rebound and are
now operating at above pre-COVID levels, including:
NAVIGATING UNCHARTED TERRITORY
The COVID-19 pandemic is sweeping the globe leaving almost no • Lablink: expanded testing capacity to cater for COVID test and
ABRAR MIR DR. AMIT VARMA community untouched. In Asia, the first epicentre of the pandemic, recorded a 70% year on year EBITDA growth in 1H20;
Managing Partner Managing Partner the situation remains markedly complex. While many countries
are taking concrete steps towards recovery with strict lock-down
measures, the threat of subsequent outbreaks persists.
30 QUADRIA CAPITAL
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Managing Partner’S Statement

• SOHO Global Health: increased demand for health products led • AIG: the world’s leading gastric sciences hospital which we DOING WELL BY DOING GOOD We are also honoured to be consistently ranked amongst the
to EBITDA growth of more than [200%] in 1H20 compared the initially invested in through Fund I in 2015. AIG recently became The pandemic has had a profound impact globally, particularly in top investment firms for ESG performance by the Global Impact
same period last year; and the first specialty hospital in Asia to join the Mayo Clinic developing Asia where 70% of the population live in rural areas Investing Ratings System (GIIRS). In 2020, the fund is awarded
Network; and with very limited access to healthcare and an estimated 1 billion the highest, Platinum, rating for Governance and Workers impact
• AIG: occupancy has increased to 140% of pre-COVID levels, with people in the region have never seen a doctor in their lifetimes. business model by GIIRS. This recognition is another testimony
close to half of the volume constituted by • Project Horizon: leading mother and children hospital group for our commitment to drive positive social change.
COVID patients. in Southeast Asia which we are in the process of completing If the current crisis has taught us anything, it is the understanding
the investment. of what the healthcare industry must deliver today - namely, high LOOKING AHEAD
While the full economic consequences of the outbreak are yet to quality, affordable healthcare for all. Healthcare must be available, The world will not emerge from the COVID-19 crisis the same
be seen, we firmly believe that our portfolio companies are staying CAPTURING OPPORTUNITIES EMERGING FROM THE CRISIS accessible and affordable for all. We must build sustainable as it entered. Yet, as we start to look beyond the crisis, we firmly
on course to not only survive the pandemic, but also to thrive in Despite the repercussions arising from the pandemic, the Asian businesses that can stand the test of time. believe that Asian healthcare stands at a pivotal point for growth.
the new normal. This outcome is a result of staying consistent in healthcare sector remains remarkably resilient and has shown With our track record as a strategic capital provider and close to
our strategy, one that is built around 4 key principles - resilience, a strong rebound in the last few months with many economies It is aligned with Quadria Capital’s purpose: invest in quality US$1bn of deployable capital, Quadria Capital is well positioned to
consistency, transformation, and impact - enabling our portfolio gradually resuming business and social activities. At the same healthcare businesses that enhance the quality of life and capture the opportunities ahead.
to overcome short-term turbulence while focusing on long-term time, the crisis has exacerbated vital gaps in the public healthcare contribute to a healthier future.
value realisation. system stemming from decades of underinvestment, bringing Building on the success of SOHO exit, we are focused on exit
demand for private healthcare to an inflection point. These Across our portfolio, we operate over 2,100 beds and have treated planning for several other earlier investments and believe that
Testament to the quality of our portfolio is the recent exit of our dynamics once again underline a compelling impetus for over 20 million patients with over a million more patients treated we can continue to achieve optimal returns upon exit for our
Indonesian pharmaceutical business, SOHO Global Health. In private capital participation. each year. We continue to play an active role in enhancing access investors.
the five years of our investment in SOHO, we have been able to affordable healthcare by investing for scale. For instance,
to execute our plan alongside a talented management team to The crisis has also led to a paradigm shift in healthcare at Medica Synergie, we have doubled the number of beds to What gives us reassurance to be able to realise this target is the
improve cost structure and expand into new products and markets landscape such as a renewed focus on healthcare infrastructure, over 900 beds, building the largest private hospital chain in the strengthening of our greatest asset – our people. In 2019/2020,
including the in-licensing of over 35 innovative pharma products. consolidation to create companies of scale, diversification of highly undeserved region of Eastern India with over 500 million our team has continued to grow with 6 new hires, bringing the
SOHO’s flagship franchise, Imboost, is also today the top selling supply chain avenues as well as the accelerated integration of population. team to a total of 22 professionals with collectively over 270 years
pharmaceutical product in Indonesia. Equally important, we are technology, point-of-care testing, telemedicine, and artificial of experience. Our new hires, 50% of them are women, hail from
encouraged by the access to affordable medicines we were able intelligence within healthcare ecosystem. These narratives will Equally important, we are focused on improving the quality of 4 countries and bring with them diverse backgrounds, skillsets,
to facilitate through our investment in SOHO, with our products reshape the healthcare landscape in profound ways and give rise healthcare provided in the region to ensure patient safety and and perspectives.
being made available in in over 20,000 locations across Indonesia. to new opportunities in the sector. improve patient outcomes. For example, through our investment
As a result of this hard work, we were able to deliver top-quartile in AIG, we were able to build the world’s largest single-site When we founded Quadria Capital a decade ago, we never
returns for our investors from this divestment. Against this backdrop, we firmly believe Quadria Capital is poised gastric sciences hospital in Hyderabad and set up the first-ever imagined the firm would achieve the size and scale that it has
to capture the immense opportunity ahead. With a superior track partnership in Asia with the Mayo Clinic, all while keeping patients today. All this is only made possible by our investors’ unwaning
At the start of 2020, the firm achieved yet another milestone with record of investing and cultivating best-in-class Asian healthcare costs at a fraction of global prices. support over the years. We believe brighter days are still ahead
an oversubscribed fundraise for our successor fund, Quadria businesses, coupled with one of the largest healthcare-focused for the firm, and look forward to working with our investors,
Capital Fund II, at an increased hard cap of US$600 million, far teams in Asia, we are uniquely positioned to source and execute We are also thankful that our impact work has been recognized portfolio companies, and stakeholders to create Asian healthcare
exceeding our initial US$400 million target. Within the first six opportunities emerging from the crisis. and rewarded by our partners. Along with ING bank, we have put champions for tomorrow.
months of fund close, Quadria Capital Fund II has already deployed together the world’s first sustainability improvement subscription
US$150 million (including co-investments) in three leading Leveraging our competitive advantage, we have built a mature financing facility with interest rates tied to our ESG performance. As always, thank you for your continued support.
healthcare businesses: pipeline of high-quality companies that are or have the potential to We believe that this partnership not only reduces the costs of
become leaders in Asian healthcare. Many of these opportunities financing for our investors but also allows us to further our impact ABRAR MIR DR. AMIT VARMA
• AKUMS: the largest contract manufacturer in India which are actionable in the near-term with considerable co-investment mission in the region with more cost-effective, flexible financing. Managing Partner Managing Partner
produces more than 10% of all drugs consumed in India; potential and we remain confident in our progress to deploy most
of our capital within the next few years.

The firm also successfully raised Quadria Capital Fund II at US$600mn - far exceeding As the rest of 2020 looks set to be full of uncertainties, we are focused – as always – on
our initial target. Within 6 months of fund closing, Fund II has made three investments into being careful stewards of our investors’ capital and making decisions that enable our
leading healthcare businesses. companies to emerge stronger.
32 QUADRIA CAPITAL
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QUADRIA CAPITAL
ANNUAL REVIEW 2019 / 2020 33

TRIBUTE TO
A LEGEND
Remembering Bill for his significant contributions
to Quadria Capital.

His leadership and influence will be sorely missed,

but his legacy, integrity and passion will continue to
guide us for a long time to come.
34 QUADRIA CAPITAL
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ANNUAL REVIEW 2019 / 2020 35

As we welcome bright individuals to our fold, we also take time to Over an extensive career as a healthcare investment banker and
remember the giants that have stood before us. investor, Bill was active and influential in leading a broad range
of healthcare transactions that shaped the business landscape of
We would like to pay tribute to William (Bill) Costello, a former today. He possessed a quality in healthcare investment banking
Operating Partner and member of our Investment Committee, that made him stand out. His legendary market judgement,
who recently passed away. Bill was a colleague and a friend. integrity and the impact and clarity of advice will be missed.

Bill was a dedicated leader with a tireless passion to make the Bill certainly had an impressive and successful career, but those
world a better place. He was uncompromising in his commitment you knew him best understood that he was always much prouder
not only to healthcare and sustainable development, but above of being a good dad and husband.
all to people.

I feel privileged to have known Bill Bill was not just our advisor but From the moment I first met Bill, he
personally and to have worked someone who believed firmly in the left a very lasting impression on me.
alongside him. He was my mentor over need to democratize healthcare. He He was highly insightful and always
several decades and a close friend. saw the promise in what we were caring and charming. I remember
Bill will always be remembered for his building before the spreadsheets vividly how he took the time to give me
intellect, kindness, sense of humour would prove it. He was extremely advice despite being a junior analyst.
and joy for life. Bill was always a smart, insightful, open, forthright, I was grateful then, and still am today,
trailblazer inspiring people with his and above all else always for his unwavering encouragement.
infectious enthusiasm to expand their charmingly humorous. He will truly be missed.
boundaries and ideas of the possible.

Abrar Mir, Managing Partner Amit Varma, Managing Partner Mervin Teo, Vice President

Bill’s personality and humanity left a deep

impression on all of us at Quadria Capital and will
survive in our culture and his memories.
KNOWING
OUR MARKETS,
INSIDE OUT.

A
sia is a complex region comprising
exceptionally diverse markets, many of which
are highly regulated. At Quadria, we believe
that the key to understanding Asian healthcare lies
in having a firsthand appreciation of country-specific
market drivers and being deeply acquainted with
on-the-ground challenges and opportunities. Our
established networks and business relationships,
coupled with fundamentals-based strategies that
foster sustainable value creation and long-term
profitability are the hallmarks of our success.
38 QUADRIA CAPITAL
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ANNUAL REVIEW 2019 / 2020 39

MEDICA SYNERGIE

M
edica Synergie (Medica) offers affordable and quality healthcare services in the highly
underserved region of Eastern India with a catchment population of 500 million for which just
one-ninth of required beds as per WHO norms are supplied. Medica is the largest private hospital
chain in Eastern India, operating five hospitals with 907 beds.

Medica provides comprehensive tertiary and secondary care Kolkata-based Medica’s network spans across four cities which
hospital services with state-of-the-art facilities in cardiology, are state capitals and key commercial hubs. The company aims
cardiac surgery, neurology and neurosurgery, orthopedics to further penetrate into the region by adding ~400 beds over
(focusing on the spine and joints), gastroenterology, ENT, renal the next 2 years and continues to focus on providing access to
diseases including nephrology, breast diseases and urology. affordable healthcare to low- and middle-income patients by
pricing the services at ~10-15% discount vis-à-vis its peers.
Under Quadria-Medica partnership, the bed capacity has been
doubled, helping achieve a 20% CAGR in patient volume.

Investment Date: Country:

December 2013 India
40 QUADRIA CAPITAL
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57%
MORE THAN MORE THAN

520,000 250+ BEDS

PATIENTS SERVED ANNUALLY FEMALE WORKFORCE DEDICATED FOR COVID PATIENTS

Significant Improvement in Profitability Since Quadria’s investment, the Company has successfully
Since its investment, Quadria has worked closely with Medica on implemented SEMS which covers the international standards and
cost rationalization and productivity improvement initiatives, as requirements relevant to environmental management, stakeholder
a result of which Medica achieved 16% EBITDA growth between engagement, occupational health & safety, and labor and employee
FY2019 and FY2020 despite the COVID disruptions. welfare. This also included the establishment of corresponding
Environmental and Social Screening procedures and process
Quadria’s Support to Medica together with the appointment of an Environmental and Social
i. Implement structural changes in procurement and fixed cost Officer who coordinates the management system’s performance
management, streamlining expenses. at each of the group’s facilities.
ii. Rationalize operations and close a few of loss-making hospitals
to improve the financial performance. The company has been at the forefront of community service,
creating meaningful impact by ensuring affirmative action and
Next Phase of Growth delivering patient quality. Medica served more than 520,000
Banking on Medica’s proven business model, it aims to replicate patients over last year with 20% of patients from East India’s
its success throughout East Asia. Leveraging Medica’s credentials underprivileged and poorer segments of society. The company also
as the leading regional player and focusing on an asset-light reserves over 300 lower priced beds for patients from low-income
model will be instrumental in the rollout of new units. Expansion strata. The allotted discounts and reduced rates accumulated to
KEY INITIATIVES AND PROGRESS In the last few months the company has been traversing tough
will focus on the states where Medica already has a presence between USD 2.3 and USD 2.7 million per year. Medica regularly
waters to navigate around the disruption due to COVID. During the
in and will roll out tertiary and secondary care facilities in high conducts health checkup camps in remote areas of Eastern India
Creating a Formidable Regional Hospital Network in Eastern India lockdown the revenue and occupancy dipped by 45-60% of usual
growth potential cities without incurring high capital expenditure. to provide doctors’ consultation and drive public health awareness
Under Quadria-Medica partnership the chain added three hospitals levels. However, since the opening up of lockdown, the occupancy
to the otherwise underserved members of
and doubled the bed capacity. is inching towards normal and the company is expected to operate
Quadria is in the process of exiting from Medica Synergies and had the community.
at 90% of usual level in Q2 FY21 and has been able to achieve
received non-binding offers from prospective investors last year.
The anchor hospital is the 400-bed Medica super-specialty positive EBITDA in June and July.
Our exit process was delayed due to advent of COVID, which Maintaining the world-class governance standards across
hospital in Kolkata that steers Medica’s growth engine. The Medica
prompted the interested bidders to put the discussion on hold for the group is core to Medica’s operations. The company ensures
network has presence in West Bengal, Bihar and Jharkhand. The company also used this opportunity to take few strategic steps
the near term amidst the prevailing economic uncertainty and a robust level of corporate governance through establishing
such as closing a couple of loss-making hospitals and rationalise
temporary dip in performance of the hospitals. Now, with the a strong board, conducting quarterly board meetings coupled
the cost structure for other hospitals.
improvement in Medica’s performance, the exit process has with executive committee meetings, and implementing ESG
resumed and we expect to complete the exit in FY March’21. Management principles and an anti-corruption management
system.
ESG UPDATE
Quadria has been working closely with Medica to implement the Medica continues to emphasize on its ESG commitment in 2020
Environmental and Social Action Plan (ESAP) at all the units of and ensures all the existing and new facilities comply with
the company. Quadria’s ESG guidelines.
42 QUADRIA CAPITAL
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ANNUAL REVIEW 2019 / 2020 43

SOHO GLOBAL HEALTH

Q
uadria Capital has partnered with SOHO Global Health (SOHO) since 2015. This marked Quadria’s
first investment in Indonesia’s burgeoning pharmaceutical sector. Over the investment period,
Quadria Capital helped create access to innovative, differentiated drugs through in-licensing
from developed markets, acquire strategic assets and support the growth of its strategic businesses.
Leveraging Quadria’s global network of relationships, SOHO has successfully expanded its portfolio of
products and unlocked new growth opportunities for the business.

Over the course of its 70-year operating history, SOHO has built its As of 2019, SOHO has 35 high value in-licensed drugs, many of
reputation as an established leader of high-quality medicines in which are on an exclusive basis. It is also the largest healthcare
Indonesia. Today SOHO is Indonesia’s fastest growing healthcare distribution company in Indonesia.
company with an EBITDA CAGR of over 60% in the last three years
driven by strong topline growth and margin expansion. During SOHO’s sales force of over 1,000 covers 90% of the targeted
the pandemic, SOHO has experienced positive momentum with 29,000 doctors across Indonesia. The company also delivers its
EBITDA more than doubling during the first half of FY2020 – pharmaceutical and healthcare products to over 95% of hospitals
testament to the resilience of the business. and pharmacies (over 40,000 outlets) nationwide across Indonesia.

SOHO is an undisputed market leader across multiple categories. The macro outlook of the Indonesian healthcare market remains
Today, it has the number one selling pharmaceutical product highly favourable. As the largest economy in Southeast Asia,
in the country through its Imboost franchise that has grown Indonesia is set to become the fifth largest world economy by
at a remarkable CAGR of 24% between 2013 to 2019. SOHO 2030. The Indonesian pharmaceutical market in particular is
also captured the top spot in multivitamins and children’s poised for robust growth and projected to be worth over
multivitamins with a market share of 13% and 37% respectively. US$11 billion by 2023.

Investment Date: Country:

March 2015 Indonesia
44 QUADRIA CAPITAL
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KEY INITIATIVES AND PROGRESS

Positive and Sharply Increasing Profitability

Market Leadership in Key Segments
SOHO has secured pole position in the total vitamin category
based on national market share, as reported by Nielsen. This is
60%+
In 2019, SOHO continued its strong financial performance led by Imboost — a supplement that supports the immune system, EBITDA CAGR
recording a sustained double-digit top-line growth. Group EBITDA which is now the top body defense brand in Indonesia. This
grew by 50% — marking three consecutive years of growth in strong market leading position is driven by an effective consumer OVER THE LAST THREE YEARS
excess of 50%. communications campaign. Supporting the success of its Imboost
franchise is SOHO’s leadership in the children’s multivitamins
Significant Manufacturing Efficiencies and Operating Cost space which the Company has retained for many years.
Improvements
By focusing on structural cost rationalisation specifically in Solid Portfolio of Market-Leading Products DISTRIBUTES TO OVER

95%
manufacturing, procurement and administrative services, SOHO SOHO has built a portfolio comprising eight brands with sales
has been able to make significant strides. “One Procurement” in excess of IDR 30 billion per annum. Topping the league table
was launched to source group-wide goods and services. As a is Imboost, one of the fastest growing brands in the Indonesian
result of this streamlined and centralised procurement engine, healthcare market, which grew at an exceptional 150% in Q1 2020.
the Group has enjoyed sustainable improvements in cost ratios Curcuma Plus and Diapet make the top three household brands,
and expedited the decision-making process. In 2018, HR, Legal delivering nutrition and wellness to the community. Leveraging the HOSPITALS AND PHARMACIES
& Compliance were integrated under one function; while IT and thriving product portfolio and the deep pipeline of new products, ACROSS INDONESIA
Finance were similarly integrated. This flatter, “fit for purpose” SOHO is well-positioned for sustainable growth in the future.
re-organisation is a vital step towards the goal of sustained
top-line and bottom-line growth. ESG UPDATE

#1
Demonstrating SOHO’s commitment to making a positive impact
World Class Compliance and Governance Standards on society, the environment and to best-in-class governance
Soho stands apart as a fully compliant company with a standards, it was awarded the Bronze Medal for Consumer
professional management team and an institutionalised Impact Business Model (IBM) under the GIIRS Impact Ratings
governance framework in place through independent committees, in consecutive years 2018 and 2019. BRAND
robust internal controls and monitoring systems.
IN INDONESIA FOR PHARMA
PRODUCTS, MULTIVITAMINS AND
KIDS MULTIVITAMINS
46 QUADRIA CAPITAL
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ASIAN INSTITUTE OF
GASTROENTEROLOGY
T
he Asian Institute of Gastroenterology (AIG) is one of South Asia’s leading referral centers for gastric
sciences. Located in Hyderabad, India, it is among 20 centers recognised globally as a Center of
Excellence by the World Gastroenterology Organization. The hospital serves over 250,000 patients
annually and holds two world records— performing the first robotic endoscopy; and doing the most
endoscopic retrograde cholangio-pancreatography (ERCP) procedures (combining upper gastrointestinal
endoscopy and X-rays to treat problems of the bile and pancreatic ducts) annually.

KEY INITIATIVES AND PROGRESS

Expansion of service offerings

AIG has made significant progress in expanding its service
offerings and diversifying away from gastro procedures. As of
May’20, nearly 40% of the revenue is contributed by non-gastro
specialties, a significant improvement as compared to ~0%
contribution at the time of Quadria’s investment in 2015. The
progress was facilitated by management’s efforts and Quadria’s
support in establishing the departments and teams for key non-
gastro specialties including Cardiac Sciences, Liver transplant,
Kidney transplant, Nephrology, Vascular Surgery and Oncology.
AIG was able to attract superior talent from renowned institutes
like Stanford and Harvard, due to its established position as a
world class referral center.

The hospital is renowned for research and education, having The company has been successful in managing the disruption
an affiliation with reputed global institutes like Imperial College caused by the advent of COVID in India by creating strong protocols
of London, England, John Hopkins Hospital, USA and National and continuous staff training and engagement. Currently, 50% of
University Hospital of Singapore, and consistently contributes the volume is constituted by COVID patients. AIG has dedicated
publications in leading global medical journals. Each year, AIG 235 beds to COVID patients and has successfully treated and
trains gastroenterology specialists from US, Singapore, Indonesia, discharged 1,740 COVID patients till date.
Australia, Chile, South Africa, Netherlands and the Philippines, and
has trained over 750 doctors from some of the leading healthcare
chains across the globe.

Investment Date: Country:

November 2015 India
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ESG UPDATE
AIG is constantly striving to make significant impact on the
communities it serves by increasing the affordability of healthcare
services, furthering the cause of education and training, and
ensuring environmental sustainability.

AIG serves more than 250,000 patients each year, with key
procedures priced at 20-30% lower as compared to the
competition. It operates an inclusive and efficient business
model that reaches low-income patients through cross-
subsidisation and reserving a dedicated share of bed capacity for
underserved patients. AIG’s highly trained and dedicated team
of approximately 3,000 employees helps achieving these results.
AIG actively contributes in professional development and growth
of its employees through continuous training and sponsoring
educational programs.

AIG recognises that being a responsible corporate citizen requires

a firm commitment to best environmental practices and has
established specific objectives and targets to continually reduce
the environmental impact where possible. For example, AIG has
implemented tools to actively reduce water and electricity usage,
CO2 emissions, and waste generation.

provide access to insurance patients and tie-ups with corporates AIG is focused on promoting best practices amongst all
and Public Sector units for treating their employees. stakeholders through thoughtful engagement. AIG is led by a team
of professionals who come with years of expertise of operating
Ensuring Superior Quality of Services under a robust governance structure that enshrines transparency
Delivering the best quality patient care has always been a top and accountability.
priority at AIG and it has strived to achieve this objective by
ensuring best quality of infrastructure, medical protocols, and
offering latest treatments. AIG has been continuously pursuing
local and global accreditation and it received the National
Accreditation Board for Hospitals & Healthcare Providers (NABH)
accreditation during the last year, which is a public recognition
of the hospital’s standards conferred by an independent
external peer assessment of its performance against
prescribed benchmarks.

In order to manage the data generated in various functions,

the company has successfully implemented SAP software for
Ramping up Volume in the new 780-bed facility - World’s managing the data in Human Resources, finance and material
Largest Single-Site Hospital for Gastric Sciences management departments of both the old and new facilities.
Quadria has worked closely with AIG for operationalization of AIG also implemented hospital Information system and Picture

~1,000
its new 780-bed hospital in record time of two-and-a-half years. Archiving and Communication Systems (PACS) to facilitate RECEIVED WORLD’S

NABH LARGEST
The company has been successful in rapidly increasing the complete automation of information sharing.
occupancy during last year to 60% (excluding day care beds)
and also achieved industry leading EBITDA margins of ~32%. The superior quality of AIG’s operation is also validated by the
Patient volume is expected to grow further, driven by initiatives partnership it has forged with Mayo Clinic, US, becoming the first
implemented at AIG during last year, including establishment of a
25-member marketing team to increase AIG’s visibility in domestic
Indian hospital to join the global Mayo Clinic Network as well as
the only single-specialty hospital in the network. As a member of
Accreditation BEDS
SINGLE SITE GASTRIC
and international regions, and empanelment with GIPSA, a group the global Mayo Clinic Network, AIG will get access to a range of SCIENCES HOSPITAL
of four public-sector general insurance companies, which will medical practices, e-consults (free of cost for patients), Tumour FOR NEW FACILITY
Boards, the latest innovation, research and education.
50 QUADRIA CAPITAL
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CONCORD BIOTECH
C
oncord Biotech (Concord) is one of India’s largest vertically integrated biopharma companies,
focusing on development and manufacturing of advanced life-saving drugs across niche, high
growth therapies such as Immunosuppressant, Hematology and Oncology. Concord has grown
rapidly from a single product company in 2000 to a broad-spectrum solution provider, offering more than
30 products spreading across diversified therapeutic segments. It is among the world’s largest suppliers
of immunosuppressants Active Pharmaceutical Ingredients (APIs) and holds global leadership for some
key products.

Concord is working with leading pharmaceutical companies KEY INITIATIVES AND PROGRESS
globally and has presence in more than 50 countries worldwide Quadria and Concord partnered with a vision of establishing
with state-of-the-art distribution network & business the latter as a unique vertically-integrated biopharmaceutical
infrastructure in markets such as North America, Europe, Japan, company, focused on high-growth niche therapies. Together, we
India, Central & Latin America, Africa, Australia, New Zealand, Asia identified three approaches to attain the growth targets. First,
– Pacific, CIS and MENA countries. by diversifying its therapeutic focus. Second, by launching new
products. Third, through incubation of business development
Concord has one of the largest, cutting-edge fermentation possibilities for a strong pipeline of new products. Concord has
facilities, operating more than 22 biotech blocks featuring over filed over 125 product registrations to date, cementing its
500 cubic meters of fermentation capacity, which has been strength in R&D and high-tech product innovation.
approved by the top drug accreditation bodies worldwide including
the USFDA and EU GMP. It is in process of ramping up its API
Investment Date: Country:
production capacity three-fold to produce 1,500 plus cubic meters,
July 2016 India
making a mark as a global biotechnological leader.
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The Company has been successful in ramping up its US business

and has achieved a quarterly run rate of INR 35 Mn within 1 year
of operations. Concord is continuously working on strengthening
the product pipeline for US business and has filed 4 ANDAs so
far, of which it has received an approval for 3 and is expecting
approval of 1 critical ANDAs in Q2 FY21, which will further
strengthen the US business. The Company is also actively working
on its emerging market business and has submitted 140 dossiers
so far, cleared 8 audits and has received 4 approvals. It has also
identified partners in many of these emerging countries.

Within the domestic business, the Company is witnessing a strong

pipeline of customers in the P2P business and is focusing on
growing branded formulation business by targeting the specialist
and large hospital channels.

ESG UPDATE
Concord is committed to sustainable development, evident in their competitive exams. This year, Concord started college scholarship
holistic approach to ESG that is designed to engage meaningfully program by offering full scholarships to 2 students from
with the environment, the people and the wider community. underprivileged background.

Concord is a zero-liquid discharge facility and undertook several The company is also aggressively supporting the community in
initiatives such as rainwater harvesting and reducing water usage its fight against COVID, by way of setting up of COVID facility, and
Strengthening Leadership in the API segment Concord’s API business was impacted due to COVID and
to achieve this milestone. distribution of masks and ration kits to the needy.
Since Quadria’s investment, Concord has solidified its position subsequent lockdown during the Q2 2020 as the facility was
by strengthening its presence in existing therapies, launch of operating below optimal levels due to shortage of manpower and
As a part of the company’s social outreach program, it ensures Concord has also been able to maintain a diverse Board that
new products in additional therapies and expansion into new supply chain disruptions. With the lifting of lockdown, the company
that all the employees are subjected to a medical examination enables efficient functioning through differences in perspective
markets. Concord has increased its market share in existing is now back to near optimal capacity and is witnessing a surge in
to ensure that medical safety and health of all employees is and skill. The Board had 4 meetings last year, while the ExCo
therapies using a two-pronged approach – increasing share of demand from formulators, resulting in increase in prices.
maintained. had monthly discussions. Concord underwent its first GIIRS
wallet in existing customers and adding new customers. The API
certification process and received a Silver rating for the Impact
business is witnessing a strong demand in both, domestic and Formulations
During the year, several EHS training workshops were held to business model.
regulated markets. Concord continues to expand its products One of the key investment thesis at the time of Quadria’s
augment the ERT’s efficiency to ensure swift response during
and customers portfolio to increase its market share globally. investment was for Concord to forward integrate into
any emergency. Concord established a medical mobile program Quadria believes that Concord remains poised to create long-term
During 2019-20, the company filed for 80 new products and formulations. Since Quadria’s investment, the company has
where it provides primary healthcare for the poor, weak and impact in the region, while adhering to the highest levels of ESG
added 35 new customers. The Company is receiving favorable successfully operationalised its formulation facility and launched
needy in the surrounding communities, over last year ~15,000 standards. Numerous initiatives have been implemented as part
response for the immunosuppressant portfolio with the revenue the formulation business in the domestic market. Quadria worked
people benefitted from this program. The company expanded the of its ESAP which will be continuously monitored and maintained.
from Japan growing at 15% CAGR in the last three years. To closely with the company on the launch and ramp-up of the
education programs to 8 new schools through which it supports
amplify the sales effort in Japan, the company has established formulation business.
students across various age groups on their school tuition fee and
presence in the market. Impressed by Concord’s track record
and advanced manufacturing capabilities, innovators too have Over the last one year, Concord focused on improving the sales
started outsourcing critical captive small molecules to Concord. productivity, strengthening the product portfolio and widening
The company is confident to make further headway to onboard geographic presence in the domestic formulation business. The
multiple innovator in coming years. company launched one new division during the year. In Q2 2020,
Concord’s business was impacted by nation wide lockdown
The company continues to have strong order book, which has imposed due to COVID, but the business has started picking up
grown three-fold since Quadria’s investment. In order to serve again and the Company is focussing on increasing the use of
the growing demand from patients, the Company is in process of digital means to reach the key stakeholders.

40% 158
setting up a state-of-the-art API facility that will more than triple MORE THAN

40%
its existing capacity. Completion of the facility has been delayed by
3-5 months on account of COVID and country-wide lockdown, and
is now expected to be operationalised by end of 2020.
EBITDA NEW FILINGS
GLOBAL MARKET SHARE IN IN THE LAST 2 YEARS
MARGIN
TACROLIMUS
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HEALTHCARE AT HOME
H
ealthCare at HOME (HCAH) is India’s second largest home health player, and the largest provider of
integrated pharma services to specialty pharma companies in India. The company aims to serve
patients throughout their disease journey, starting with creating disease awareness, diagnosis,
intervention, post discharge care and rehabilitation. HCAH serves over 1.2 million patients across more
than 75 cities annually and manages over 31 high-end drug infusion and administration projects across
specialised therapies. HCAH’s competitive edge lies in its focus on high-skill services such as ICU at home
and outcome-driven pharmaceutical services that yield quantifiable returns to pharmaceutical companies.

KEY INITIATIVES AND PROGRESS HCAH has started utilizing digital programs to improve the service
Since its investment in HCAH, Quadria and the HCAH management offerings and quality of services for patients including chronic
team have focused on achieving the vision set at the time of condition management, tele-consultation etc.
partnership – to establish HCAH into India’s largest and most
specialised integrated home healthcare platform. Together, they In view of COVID, the company has also introduced new services
have made significant progress by increasing the offerings in and programs to meet the specific needs of COVID patients
the Clinical Services business and consolidating the company’s including:
position in Integrated pharma services.
• Home isolation for COVID patients: The company created a
Growth in Clinical Services Business 17-day Home Isolation Program for COVID patients in
Since Quadria’s investment, the clinical services business has association with a large hospital group. Currently, 14 hospitals
strengthened its service offerings and has witnessed a sharp have tied up with HCAH and 11,500 patients have been treated
ascent in its flagship product – ICU at Home. The number of new under this program
patients served for ‘ICU at home’ service on a monthly basis has
catapulted by over five times with the revenues spiralling over • COVID-screening tests – HCAH is partnering with diagnostic
seven times as compared to when Quadria made its investment. labs to provide the facility of COVID screening at home. Nearly
HCAH has also seen a steady growth in other clinical services. 1,000 tests has been conducted so far.
Over the last year, they have made significant progress in
improving the profitability of the Clinical Services business and • Home-isolation management for provincial governments –
has achieved positive EBITDA at pre-HO cost level. HCAH is providing home isolation facilities through provincial
governments of Delhi and Karnataka

Investment Date: Country:

March 2017 India
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1.2
• 24 hours COVID helpline – HCAH has partnered with Lupin to has achieved positive EBITDA at pre-Ho level. The company has Strengthening Integrated Pharma Services
provide 24*7 COVID helpline facility to municipal corporations also started to demonstrate operating profitability in majority Integrated pharma services business of HCAH has been focusing
of 3 cities including Mumbai, Pune and Indore. The Company is of the regions, three out of the five active regions have been on enhancing its offerings including integration of digital platforms
also tied-up with 4 corporates to provide this service for their profitable for last 3 month. HACH expects to become overall in its current programs and strengthening its customer pipeline.
employees. EBITDA positive in the next fiscal. HCAH added eight new projects in its pharma services business MILLION
and has strong pipeline of 80 projects. The company is focusing on
• Helping the corporates restart production – HCAH has Maintaining Superior Quality of Services building itself as an integrated platform, servicing all steps across
PATIENTS SERVED
introduced a service to help corporates restart and manage HCAH continued its focus on improving the quality of care it patient engagement process to become a one-stop solution for
the operations in their factories by formulating and auditing delivers to the patients by ensuring that all its SOPs & processes pharma companies.
their SOPs, providing COVID related training to their employees, (74+ clinical policies) are at par with CQC standards (Care Quality
managing medical room at the sites and execution and Commission is the regulator who monitors and inspects all The pharmaceutical fulfilment business was able to realign the
supervision of medical screening. The company is providing organisations providing care) and regular training is provided model towards a completely direct-to-patient service. HCAH plans ACROSS MORE THAN

75
this service to 8 corporates. to the entire staff. HCAH also became the first homecare to continue to add new products and services as part of its growth
company in India to be fully compliant with the QAI (Quality and strategy. By capitalising on the customer-facing experience that
Insurance companies have now started covering home healthcare Accreditation Institute) standards, clearing multiple audits by the company is gaining in its day-to-day business, it plans to
services for COVID-19 and other patients. HCAH has partnered pharma multinationals including Novartis, insurance companies increase its specialised offerings and analytics to pharmaceutical
with three insurance players - ICICI Lombard, Religare Health & other regulatory bodies. The company also regularly publishes companies.
Insurance and Reliance General Insurance to provide cashless papers across various journals and has a total of 18 publications
healthcare facilities at home. This is expected to drive the volumes in national and international journals. The company is also focusing on acquiring new clients and
of clinical services business rapidly. deepening the working relationships with existing clients.
CITIES
HCAH gives utmost importance to customer satisfaction and Plans are also underway to add new products to its specialty
HCAH continued its focus on achieving profitability and has has been maintaining a NPS score of more than 65% and has pharmaceutical business.
undertaken various cost optimization initiatives. From a negative made NPS as a KPI for all its employee. The Company also has
gross margin at the time of Quadria’s investment, the company a dedicated feedback and customer support team. ESG UPDATE
HCAH is committed to operate in a socially responsible way. It
conducts the business fairly and honestly and recognizes that the
long-term health of the organization is directly connected to the
health of the environment and local communities. HCAH follows
the best practices in medical care and maintains international
protocols and standards.

HCAH is committed to increasing access to specialised healthcare

services to the underserved population of India which is unable
to visit the hospital by taking such services to patients’ home.
The Company is also making high end ICU care, nursing services
and drug infusion services accessible to patients at a price points
much lower compared to private hospitals. The Company has been
contributing actively in serving the COVID patients and has treated
more than ~11,500 such patients through its home isolation
programs.

In addition to creating a positive impact for its customers,

HCAH continues to strengthen its positive impact through
progressive workplace policies. The company continuously invests
in training and upskilling workforce. In 2019, HCAH introduced
upskilling courses for nurses and physiotherapists in association
with Fortis Memorial Research Institute. Additionally, they have
institutionalised a formal training academy that puts together
a series of programs to bridge the skill gap where necessary
and to help build new skills across levels. In the 2019 GIIRS
certification process, HCAH achieved a Silver rating for its
Impact Business Model.
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MEDICAL SPECIALISTS ASIA

M
edical Specialists Asia (MSA) continues to Together with Quadria Capital, MSA has taken concrete steps to
expand its specialty offerings and to invest in cutting-edge medical
focus on integrating the latest advances equipment. The Group offers a wide range of specialist practices
in medicine for the prevention, early in cardiology, gastroenterology, internal medicine, ophthalmology,
diagnosis and treatment of medical conditions. orthopedics, otolaryngology, radiology, urology and aesthetics. At
present, the Group has two multi-specialty medical centers, three
The Group adopts a unique “One Day, One Stop, medical aesthetics centers, and two diagnostic imaging centers,
One Centre” approach to be the region’s top tier spread across two prime locations in
healthcare provider of choice for patients. This Paragon and Royal Square Novena.

patient-centric approach ensures that patients The comprehensive suite of services tailored to patients’
can complete various associated procedures such convenience makes it the destination of choice for quality,
next-generation diagnostic and therapeutic medical care in
as laboratory tests, diagnostic imaging scans and
Singapore and the Southeast Asia region.
outpatient procedures, all within the same location,
on the same day following their consultation with KEY INITIATIVES AND PROGRESS
MSA’s doctors. Asia Reference Centre by Siemens Healthineers
In 2018, MSA partnered Siemens Healthineers (Siemens), a trusted
global medical technology leader, to launch the region’s first Asia
Reference Centre (the Centre) in the newly-launched MSA Medical
Centre. This partnership is a testament to the long and close
working relationship between the Group and Siemens. Since the
partnership, the Centre has been offering advanced diagnostic
Investment Date: Country:
imaging, laboratory diagnostics and molecular medicine and
July 2017 Singapore
serves as a hub for clinical training, education and best practices.
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Addition of world class Swiss Ziemer Z8 Lasik Technology

enhances the ophthalmology specialty

The newly-opened centre in Royal Square houses the region’s first

3T Magnetom Vida Magnetic Resonance Imagine (MRI) machine
which incorporates artificial intelligence with its BioMatrix
Technology. The 3T MRI machine conducts faster examinations
and produces results with higher resolution for better image
quality and superior diagnostic accuracy. This technology can
be customized to the specific needs of each patient to deliver
consistent, high quality and personalised examination results
that minimize unwarranted variations in imaging results. Hence, Expansion Strategy
MSA is able to achieve superior medical precision and deliver Quadria and MSA have been driving the inorganic growth plan
better patient care. for the Group. There are currently two acquisition targets under
evaluation, with the goal of completing at least one acquisition by
This strategic union dovetails seamlessly with Singapore’s “Smart 2020 that would be immediately accretive to the Group. Experienced core of 9 specialist
Nation” drive, cementing the nation’s reputation as the region’s
healthcare hub. The partnership takes an important step towards
doctors supported by cohort of
Operational Improvements
digitalising the healthcare experience for both patient and medical As the current cohort of full-time doctors continues to ramp up over 100 associate doctors
caregiver by improving the speed and efficacy of patient care. patient volumes, MSA has recruited several associate doctors to
Doctors and patients alike can access their medical data remotely expand its scope of medical specialties on a fee-sharing model.
via the MSA app, and patients will now be able to participate in In addition, MSA has set up a dedicated sales force to promote
tele-collaboration with medical experts around the world together the differentiated imaging services featuring the region’s most
with their consulting doctor, reducing the need to leave the advanced equipment, software and techniques offered exclusively
comfort of home. at its new Royal Square Centre, in partnership with Siemens.
Additionally, MSA also looks to implement key value accretive
MSA has adopted innovative methods of connecting with its initiatives to further enrich MSA’s leading patient centric care.
patients amidst the pandemic by utilizing telemedicine and
organizing health management webinars. ESG UPDATE
A comprehensive Environmental & Social Action Plan (ESAP)
Growing Specialties Platform and Expanding Diagnostics has been jointly developed between MSA and Quadria as
Capacity part of Quadria’s investments. It includes the appointment of
MSA has focused on strengthening its service platform through MSA’s Operations Manager as the dedicated point person to
the targeted hiring of leading medical specialists to cater to the closely monitor the Group’s compliance with the ESAP policies,
diverse medical needs of patients seeking convenient, time- procedures, and requirements. This commitment to ESG paid off
saving care under one roof. The Group has also invested in more when MSA was awarded a Silver rating for its Impact Business
cutting-edge equipment to provide superior patient care and faster Model for consecutive years in 2018 and 2019 by the Global
turnaround times. The latest addition at the end of 2019 includes Impact Investing Ratings System (GIIRS).
the world class Swiss Ziemer Z8 Lasik Technology to enhance the
ophthalmology specialty.
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FV HOSPITAL
T
hroughout the COVID crisis, FV Hospital (FVH) has demonstrated exceptional stability while staying
on course to deliver its mission of bringing world class healthcare to Vietnam. Under the leadership
of its founder CEO Dr. Jean-Marcel Guillon, and in partnership with Quadria, FVH has significantly
enhanced its suite of clinical offerings and achieved significant milestones in its journey to transform
into the leading tertiary healthcare provider in Vietnam. In 2019, FVH served more than 320,000 patients
across 30-plus surgical and medical specialties from its hub hospital in District 7 of Ho Chi Minh City and
its outpatient clinic in the central District 1 of Ho Chi Minh City. The group employs over 1,000 full-time
staff, including approximately 130 local and expatriate doctors supported by 400 paramedical employees.

KEY INITIATIVES AND PROGRESS for sample collection: patients can collect test samples either
at FV Hospital or at the safety and convenience of their homes.
Battling the Pandemic To date, the hospital has conducted over 1,000 tests for the
Since the onset of COVID-19, the hospital has established a community.
COVID taskforce comprising of hospital executives to monitor
the situation and take prompt action in ensuring business In addition, FVH launched its own telemedicine service in July
continuity while protecting staff and patients. Safety measures 2020. FVH’s telemedicine service is designed to support patients
for patients and all of FV’s employees such as patient screening who face time or location constraints in accessing the hospital,
and segregation, setting up of a negative pressure room, regular and patients who suffer from chronic conditions such as high
temperature checking, routine hospital facility clean-up, provision blood pressure, diabetes, cardiology, or chronic pain, that need
of hand sanitizers and masks were implemented from the very to be monitored frequently. Within a phone call, patients can
onset of the outbreak. seek consultation from FVH’s doctor and access services such
as vital sign checking, blood test, and medication delivery. More
Understanding the need to step up and assist the public system importantly, the hospital is providing these services at the same
in limiting the spread of COVID, FVH has launched a COVID testing price as face-to-face consultation.
service using RT-PCR technology. The service offers two options

Investment Date: Country:

July 2017 Vietnam
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Centre of Excellence Computerized Tomography (CT) scans and interventions to

Quadria’s partnership with FV Hospital has brought about the heart, brain, and the body’s whole blood vessel system.
significant progress in enhancing the hospital’s clinical offerings in To ramp-up Cath-Lab activities, the FVH and Quadria teams has
the key specialties such as oncology and cardiology. conducted a comprehensive review of the existing incentive
structure for key doctors in the department. A FVH cardiology
Hy Vong Cancer Center, since its upgrade in 2018, has become one patient club and partnerships with external referral doctors have
of the most advanced cancer centres in South East Asia. Through also been set up to ensure continuous ramping-up of patient
Quadria’s investment, Hy Vong Centre is equipped with a state-of volumes for the Cath-Lab.
the-art Linear Accelerator, the latest CT simulation, and latest
generation of spectrophotometer systems, unlocking access to the Since the starting of the Quadria partnership, the hospital has
most advanced treatment plans. To support the center’s upgrade, invested over US$20m to upgrade its infrastructure, open new
Quadria facilitated a strategic partnership between FV Hospital facilities, and enhance its clinical offerings. The success of the
and HealthCare Global Enterprises Ltd. (HCG), the largest oncology oncology and cardiology Center of Excellences is testament to how
provider in India with over 27 hospitals. With its extensive Quadria’s unique portfolio ecosystem unlocks meaningful clinical
experience, HCG has been continuously supporting FV Hospital partnerships and offers tangible value to portfolio companies. In
with business development, sharing clinical and operational addition to oncology and cardiology, the FV and Quadria teams
know-how while facilitating training of FVH’s clinical technicians, are also in regular discussion to bring together resources for
paramedical staff, and doctors. On the clinical side, the FVH team the upgrading of other specialties such as gastroenterology,
is participating in HCG’s weekly clinical review of complicated orthopaedics (with a focus on joint & knee surgery), neurosurgery,
cases as part of an ongoing knowledge exchange initiative. HCG ophthalmology, paediatrics, and OB & GYN.
also brought in a team of paramedics to Vietnam for 2 months to
train FV’s paramedic. In business development, HCG assigned an Expansion Strategy Governance and Operational Enhancements
experienced Business Leader to be based in FV Hospital to build Quadria team continues to actively source potential acquisition Given the shortage of clinical and management talent, as well
and manage a business plan and coordinate the overall FVH-HCG targets and work with the FV Hospital management team to as the increasingly competitive hospital sector in Vietnam, the
collaboration. Under the partnership, Hy Vong Centre has provided identify and facilitate appropriate opportunities that fit the group’s Board has formally set up the Remuneration Committee to advise
treatment to over 10,000 patients and achieved exceptional expansion strategy. Currently, the team is in discussion with on matters relating to talent incentivization and retention. An
revenue growth of over 70% p.a. in the past 2 years. several potential acquisition targets across Vietnam spanning incentive structure has been approved by the committee to attract
regional hospital chains to primary care clinic chains. Inorganic and retain the best clinical and healthcare management talent as

1st
To complete the Cardiology Center of Excellence, Quadria worked growth is a key performance target in 2020 as it will be an FV Hospital continues to grow. This incentive structure ensures
closely with the FVH team to launch a new multi-disciplinary important step in helping FVH achieve scale and capture further commitment from key management and heads of department to
catheterization laboratory (“Cath-Lab”) in Q2 2018. The Cath-lab is market share in the Vietnam healthcare delivery market outside implement the Business Plan and optimize exit pathway.
equipped with a state-of-the-art Philips DSA system to implement of Ho Chi Minh City.
ESG UPDATE
As a testament of the positive ESG impact that the company brings
JCI-Accredited
to the local community, FV Group continue to retain the Silver
rating by GIIRS for the third time. Based on the Environmental TERTIARY HOSPITAL IN
and Social action plan implemented since Quadria’s investment, SOUTH VIETNAM
the FVH team continues to focus on implementing the various
policies at the operational level to ensure that ESG considerations
are consistently and systematically incorporated in the day-to-day
running of the Group.

Gender equality has always been at the forefront of FVH’s

impact thesis. FY 2019 figures reveal that a remarkable 72% of
FVH employees are female. FVH understands that people are its
>320,000
most valuable assets and have dedicated substantial resources
PATIENT VISITS IN 2019
to training and continuous education, having invested in close to
37 health camps for staff in FY 2019 alone. In 2020, as the COVID
pandemic escalated, FV Hospital has provided over 1,200 staff

30+
training hours to ensure that its clinical and non-clinical staff
are well trained to protect themselves, the patients, and
the community.

SPECIALTIES
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STRAND LIFESCIENCES
S
trand Life Sciences (Strand) is among India’s largest specialised diagnostic solutions provider,
offering a complete range of capabilities in precision medicine, proprietary analytics, clinical
research, genomic technologies, contract research services and assay development, and validation.
Strand has created a niche for itself as among the pioneers in the bioinformatics space developing
proprietary engines for genomic testing and a leader in genomic testing for cancer and inherited diseases
in India. It is among the few players globally offering capabilities for testing and interpreting all the Next
Generation Sequencing (NGS) tests in-house. Strand Center for Genomics and Personalised Medicine and
Strand’s laboratory in HCG’s Center of Excellence in Bangalore are accredited by the College of American
Pathologists (CAP)—the most stringent certification in India. The company offers a one-stop solution for
oncology diagnostics, biomarker and translational research, laboratory services and clinical research
services for several hospitals across India.

KEY INITIATIVES AND PROGRESS The company has also setup a backend team constituting of 5
Since Quadria’s investment in 2018, the partners have embarked members, to support the BD team in proposal writing and mining
on a journey to develop Strand into one of India’s largest of leads. This will support the BD process and help in rapid growth
integrated specialised diagnostic provider. Significant progress of customer pipeline.
has been achieved across both the clinical diagnostic and the
research informatics business segments. Quadria has built upon Strand has developed a strong pipeline to ride this business trend
Strand’s impressive credentials to achieve a 32% CAGR in two and has also been able to diversify the type of customers it serves.
years of investment. Strand has been able to operationalize new sites, strengthened
the operating team, streamlined back-end operations to improve
Strengthening the Research Informatics Business efficiency and begun a few projects in new therapy areas.
To effectively leverage Strand’s advanced capability in
bioinformatics business, the company has enhanced its focus on The company vigorously focusses on research and development
growing this division by strengthening its existing relationships and has embarked upon many milestones, adding more than
with key customers, while adding new ones. Recognising 3,000 citations in peer reviewed literature for its software tools
the significance of the US market, Strand is in the process of since 2018. Strands was also granted a new patent for reporting
establishing a business development team there to drive growth. combined effects of cancer markers from sequencing data in
2020.

Investment Date: Country:

February 2018 India
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1st 12
Consolidation in Clinical Diagnostic Business doctor coverage and geographical coverage by strengthen its sales OVER

420k
Strand continues to focus on building strength in high end team. Quadria will continue to work with Strand to reinforce its
specialised testing in oncology, rare diseases and infectious leadership in genomics and oncology testing, as well as cross-
diseases segment. The company is continuously working on pollinate Strand’s strengths and resources through the Quadria
adding more tests to its offerings through enhanced focus on network in South East Asia. CAP Accredited LABS
research and development and partnerships. With an aim to
scale its clinical diagnostic business, Strands plans to use a two- In its effort to improve the profitability of the business, the TESTS RUN ANNUALLY
LAB FOR NGS IN SOUTH ASIA HOSPITAL LAB MANAGEMENT
pronged strategy – Penetrate deeper in its existing network of company has been focusing on a few initiatives to optimize cost.
(HLMS) AND CLINICAL REFERENCE
hospitals and strengthen sales force to add to its existing clientele. During the year, Strand divested the Quest lab division, that it
LABORATORIES (CRLS)
has acquired in December 2018. Quest lab division constituted
As part of the strategy, the company revamped the sales strategy a significant share of the loss borne by the company, further
during the year which included optimising the sales org structure, amplified due to COVID.
launch initiatives to strengthen corporate brand as well as focus
on enhancing sales force productivity. Other areas of undivided focus include reduction in consumption
costs through realigning the procurement process and
Strand also continue to focus on increasing the test volumes partnerships, improving sales productivity and standardizing
from its exclusive partner – Healthcare Global Hospital, leading lab operations across the Group. These initiatives have led the
ESG UPDATE Strand is committed to minimising its impact on the environment
oncology chain in India, by increasing sales efforts and bridging company to earn positive EBITDA in Clinical Diagnostic business.
Strand has always been committed to upholding the highest through responsible business operations including making its
the gaps in its offerings. The company plans to deepen its network,
levels of ESG practices across all its laboratories and offices. The facilities more energy efficient through the use of energy-star
ESG strategy aims to develop a standardised approach, foster rated equipment and implementing policies for reduction of
continuous improvement and ensure a safe and efficient working waste generation.
environment that minimizes any adverse environmental impact.
To further strengthen the ESG practices, Quadria worked with the Ethics and compliance are deeply imbedded in Strand’s
company to formulate an Environmental and Social Action Plan functions and operations. The company cemented its governance
(ESAP) to strengthen and integrate the system. Quadria has been mechanism by institutionalising an Executive Committee,
working with the company to ensure complete implementation committee of the Board of Directors, which meets on a monthly
of ESAP. basis to discuss operational and compliance matters.

As one of the leading specialised diagnostics company in the In 2019, the company also underwent GIIRS certification process
country, Strand has been making it easier for its patients to and received a Gold rating for the Impact business model.
access critical diagnostic testing across the country. Strand
conducted over 1.1 million tests in 2019. In addition, the
company continued to reduce the prices for NGS testing
in India through R&D.
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LABLINK

L
ablink was established in 1989 as a wholly-owned subsidiary of Malaysia’s leading private
healthcare provider, KPJ Healthcare Berhad, to provide pathology laboratory services to the KPJ
group of hospitals. Subsequently, it was acquired by the KPJ Group in 1991 to manage the group’s
hospital laboratories. Over the years, Lablink also extended its diagnostic services to other healthcare
providers, as well as directly to customers in Malaysia.

Headquartered in Kuala Lumpur, Lablink’s comprehensive suite the testing of highly-infectious diseases in accordance with
of service offerings includes hematology, chemical pathology, World Health Organization (“WHO”) standards, four of the
immunology & serology, histology, biosafety & mycobacteriology, in-hospital laboratories under Lablink’s management have
cytology, medical microbiology, molecular diagnostics, and health received Joint Commission International (“JCI”) accreditation.
screening packages. In 2019, Lablink ran 19.2 million tests, up
from 17.0 million a year ago, representing a 13% year-on-year With its notable experience in managing hospital laboratories and
increase. strong operational track record, Lablink was identified by Quadria
Capital as the ideal platform to build upon in its aim to create one
With a team of over 450 clinical, operational and management of the leading pan-Southeast Asian diagnostic services providers.
staff, Lablink is committed to the efficient delivery of reliable This partnership has allowed Lablink to leverage Quadria’s
diagnostics services of the highest clinical quality. Besides experience in growing independent diagnostics providers and
establishing and managing Malaysia’s first private laboratory tap into its deep operating knowledge of building healthcare
certified with Biosafety Level 3 (“BSL3”) facilities, which enables businesses across the region.

Investment Date: Country:

March 2018 Malaysia
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ANNUAL REVIEW 2019 / 2020 73

Lablink operates in a market supported by strong tailwinds. through initiatives such as the Lab Managers’ Competency Operational Enhancement
Demand for diagnostic services, now noticeably exacerbated Assessment. Management is also committed to new In order to sustain its competitive edge, the Lablink team
by the recent COVID pandemic has been rising rapidly across strategic initiatives to grow share of wallet with existing conducted a comprehensive review of its existing operations and
Southeast Asia with growing health awareness and increase customers and to improve branding of the platform through identified specific areas for improvement, such as to leverage
in disposable income. At the same time, the proliferation of participating in conferences and increasing KOL coverage. insights from the implementation of a new holistic integrated
small- to mid-sized hospitals created demand for outsourcing Lablink also intends to partner clinicians and pharma IT system in decision making, improve business infrastructure
laboratory management to independent laboratory providers companies in disease management. like finance and LIS systems, as well as creating more efficient
so as to streamline and optimize cost and operations. Quadria’s regionally-led business units. This is now being implemented
partnership will help Lablink capture the organic growth of KPJ (II) Third-party business with the support of Quadria and is believed to able to bring about
Group hospitals, as well as support Lablink’s regional expansion Under the partnership with Quadria, Lablink’s external test further topline growth and margin enhancement.
plan through acquisitions and business partnerships to become volumes have increased significantly, locking in a 151%
the leader in diagnostics services across Southeast Asia. year-on-year revenue increase as at YTD 1H FY20. The ESG UPDATE
external revenue business contributed 16% to total group Lablink continued to uphold its Silver rating in the FY19 GIIRS
KEY INITIATIVES AND PROGRESS revenues YTD 1H FY20, up from 8% in the previous period. Impact Rating process. This is a fitting endorsement of the
Growth was driven by increased penetration of test referrals company’s continued positive impact and ongoing efforts in
Resilient and Soaring Performance
Lablink emerged even stronger amidst the COVID pandemic;
recording an overall 34% year-on-year increase in group-wide
from universities and third-party hospitals, as well as rising
demand for Auto-immune and Tuberculosis testing.
adhering to high ESG standards in its operations.

During the COVID-19 outbreak, Lablink served as an important 30

total revenues in YTD 1H 20 whilst in the same comparable period,
Group EBITDA grew by 69%. Group EBITDA margins continue
The team is focusing on growing outsourced specialised
tests from large / secondary care hospitals, led by
strategic partner to the Malaysian authorities as a leading test
center. Leveraging its long-term relationship with the medical LABS
to showcase marked improvements whereby YTD 1H 20 Group recruitment of specialist marketing staff with domain device principals, Lablink was able to respond quickly to scale
EBITDA margins increased 600 basis points year-on-year. knowledge in test segments such as Auto-immune and up its COVID-19 testing capacity to 2,600 tests per day in less ONE CENTRAL LAB + 29 IN-
Microbiology. Lablink will also continue opportunistic than two months. Given its scale and cost-efficient procurement, HOSPITAL LABS, MAKING IT
There are three strategic growth pillars for Lablink: evaluation of vendor-led co-marketing for tests like fibrosis. Lablink was also able to provide its COVID-19 tests at an THE LARGEST HOSPITAL LAB
approximate 33% discount, hence providing access to affordable OPERATOR IN MALAYSIA
• continuous growth of the existing KPJ business; (III) Inorganic growth through M&A and Strategic partnership testing services to the masses in Malaysia.
• capturing additional external third-party business; and Quadria continues to work closely with the Lablink team
• inorganic growth through M&A and strategic partnerships. to identify and develop M&A and strategic partnership Contributing to its success is the strong female workforce

19.2
opportunities both within Malaysia and across the region. participation at Lablink, which currently stands at 68%. The COO
(I) Existing KPJ business At the moment, the team is in discussion with several and dedicated personnel responsible for overseeing specific
Lablink’s existing KPJ hospital business continues to exhibit groups to explore and develop laboratory management and ESG areas will power ahead, with ongoing support and assistance
solid growth, as reflected in its YTD 1H FY20 results, with partnership deals. Advanced discussion is ongoing with a from the Quadria team.
revenue having grown 23% year-on-year. Between FY18 leading Indonesian hospitals group, with a Letter of Intent MILLION
and FY19, healthy double-digit growth rates were recorded recently executed to explore a potential pathology
across the Molecular (66% increase), Histopathology (17%), carve-out from the group. TESTS RAN IN 2019
Microbiology (14%), Blood Bank Services (18%) and General
Test segments (12%). Most notably, the auto-immune test
segment more than doubled between FY18 and FY19, and

2,600
has continued to grow during 1H 2020 despite the impact
of COVID-19. Whilst YTD 1H 20 performance of the other
above-mentioned test segments were temporary impacted
by COVID-19, COVID-19 test revenues have more than offset
such drop in regular revenues. Further upside is expected PCR COVID-19
as Lablink capitalizes on its established position as a
leading center for COVID-19 testing and continues to work TESTS RUN DAILY
closely with the Malaysian authorities to manage growing
test demands.

As it progresses into the future of healthcare, Lablink OVER

~450
intends to strengthen its specialised test segments, most
notably in Auto-Immune and Microbiology, to replicate the
BSL3 success. On the operational front, Lablink has taken
steps to formalize and implement its holistic integrated
IT strategy as well as reinvigorate its clinical organization
FULL-TIME EMPLOYEES
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AKUMS
A
kums is India’s largest Contract Development and Manufacturing Organization (CDMO) and
vertically-integrated pharmaceutical company, manufacturing and supplying c.10-12% of
all pharma dosage-forms sold in India. Akums is engaged in developing, manufacturing and
marketing generic pharmaceutical formulations in markets spanning across India and other
emerging markets.

Akums has an established clientele base of more than 350 pharmaceuticals CDMO space, the potential to grow and emerge
marquee companies including 27 out of the top 30 companies in as an integrated pharma company in India and our ability to
the Indian branded formulations market with the likes of multi- unlock transformational value creation.
national companies (MNCs) & ‘Big Pharma’ companies of the
country. The company manufactures over 4,000 products annually, Through the partnership, Quadria seeks to support Akums
including the top 70 (seventy) out of 100 (hundred) brands for all growth in domestic and international markets, and to achieve the
the leading Indian pharma names as well as MNCs. following goals:

The company’s R&D prowess is proven by the fact that it has • Gain share in Indian CDMO market by adding attractive,
launched over 200 new drugs, by far one of the most by any Indian complex and niche products to its portfolio and integrate
pharmaceutical company and has filed for over 70 patents. In vertically
addition to the CDMO business, the company has presence across • Strengthen share in branded formulation market by deepening
the entire spectrum of the pharma value chain, including APIs, product portfolio in existing therapy areas and expanding to
domestic branded formulation, retail pharma as well as export adjacent therapies
business. In the export business, the company supplies affordable • Expand the scale of international business division by
drugs to over 40 countries. penetrating deeper in current ROW markets and building
capabilities to enter into fast growing semi-regulated markets
Quadria’s investment in Akums was driven by the attractive • Bolster its position in institutional drugs supplies business
market opportunity, its leadership position in Indian in India by expanding its reach to additional procurement
channels including hospitals, pharmacies, e-pharmacies and
mega-distributors

KEY INITIATIVES AND PROGRESS

Since the investment, Quadria has worked closely with
management on the various key growth initiatives identified in the
business plan, co-developed by Quadria and Akums management:

Gaining Share of Indian CDMO Market

The company has 13 state-of-the art manufacturing facilities with
WHO GMP accreditations and capabilities to manufacture such
as tablets, capsules, soft gelatin, hard gelatin, dry syrup, liquid
orals and jellies, injections (dry and liquid), pre-filled syringes,
eye and ear drops, hormones, cosmetics, ointments, ayurvedic,
Investment Date: Country: herbal, nutraceuticals, veterinary formulation as well as feed
November 2019 India preparations. It has a combined manufacturing capacity of over 60
billion tablets, 11 billion capsules and over 360 million ampoules.
76 QUADRIA CAPITAL
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12,185
can be utilised by Akums and backward integration would improve SUPPLIES FILED FOR OVER

10-12% 70
Akums’ margins, thereby making it more competitive in the
market.

Quadria is also working with the Company on optimizing the SKUs

procurement function as well as the manpower staffing, in order
OF DRUGS MANUFACTURED PATENTS
to improve the profitability as well as make it more sustainable.
MANUFACTURED AND SOLD IN INDIA

During the COVID lockdown, the facility had to operate at below

the optimal capacity because of shortage of manpower and
supply chain disruption. However, the company has now been
able to streamline the supply chain and is now operating at The sales of branded formulation products was negatively The company has also implemented procedures for reducing
pre-COVID levels. impacted during the first few months, post advent of COVID in waste through periodic preventive maintenance of boilers &
India as the Company was unable to reach the key stakeholders. generators and internal & external inspections ensure the
Quadria is also working closely with the Promoters and functional Now the Company is inching back towards pre-COVID level, as it is machines & equipment do not emit pollution. The fuels and
leadership to strengthen the systems and processes of the engaging with the stakeholders through newer mediums, such as lubricants used in the machines and equipment (especially
support departments including IT, finance and reporting in order to webinars and digital engagement. generator sets) are of highest quality that confirms minimum
make it future-ready discharge of pollutants.
Expand scale of international business division
Strengthen Akums share in Branded-Formulation market Akums markets its products in 40+ low-regulated markets across Akums’ healthcare solutions are focused on increasing access
Akums markets the products in India through a network of Market the globe. The international marketing division has 700+ product and affordability of drugs in India and other emerging markets.
Representatives and Distributors. Currently, the Company has a registrations globally across Anti-Diarrheal, Anti –infective, The company offers medicines across chronic therapeutic areas
Since Quadria’s investment, our team has been closely working network of 1,400 MRs and 167 distributors, spread across the Cardiology, Neurology, Gastrointestinal, Gynecology therapeutic through its wide product portfolio and is contributing towards
with the management to identify new focus product and customer Country. segments improving affordability of drugs, as 100% of its products are sold
segments, which would form the basis of future business growth to global generics companies, who sell their products at a fraction
while improving the quality and sustainability of business. Quadria Quadria team has been working with the Akums management The company is working on identification of focus emerging of the sale price of global innovator/ MNC drugs.
is also working with the company on building partnerships to for preparing medium term growth strategy for the business, and semi-regulated markets which can drive the growth of
accelerate the implementation of growth opportunities identified identifying the focus therapies and key products. It is also working international business over the medium term. Akums is also Akums directly employs 11,000 employees in its 13 facilities
in business plan. on levers to improve the sales force productivity and other working on new product introduction in existing markets for with 2,700 female employees, 75% of the employees are from
parameters for increasing the business profitability. increasing its market share in those markets. Since Quadria’s economically backward areas of Uttarakhand, India. The company
In the last nine months, since Quadria’s investment, the Company investment, Akums has received ~30 new product registrations conducts workshops for empowering female staff members with
filed ~50 new product registration applications with Indian Since Quadria’s investment, Akums has acquired a domestic in international markets. self-defence techniques and also provides safety kits to them.
regulatory authorities including DGCI and FSSAI and launched branded formulation firm, which has presence in multiple
~1,000 new brands. The company also added ~60 new customers. overlapping therapies, that will help strengthen the branded Strengthening the Organization Structure In addition, Akums is supplying free medicines and sanitizers
formulation business. Quadria is working along with Akums on Historically, the company has been promoter-led and managed. to support the Government in managing the COVID related
In early stages of our investment, Quadria assisted in the the post-acquisition integration as well as on restructuring the Quadria worked with the promoter group to align on the right requirement. The company is focusing on ensuring the safety of its
identification and acquisition of an API asset to facilitate backward branded formulation business of the group, including streamlining organization structure required for the growth initiatives identified employees by distributing adequate protective gears and immunity
integration for the company. This API asset will provide strong the product portfolio and sales force. as part of the plan. Furthermore, Quadria has worked on the boosting drugs to all the employees at regular intervals.
synergies with the CDMO business of Akums as 20% of its output search initiative for some of the CXO positions and has already
on-boarded some of them. Akums lays great emphasis on maintaining highest standards
of corporate governance and had created a well-balanced
ESG UPDATE board structure constituting of two independent directors and
Akum has firm belief in responsible business practices and takes one woman director. Akums also institutionalised an Audit
holistic approach in understanding and managing various verticals committee, Nomination & Remuneration committee to improve
across product life cycles to direct its operations in a sustainable the effectiveness of the Company’s internal control.
manner.
As part of Quadria’s due diligence, a comprehensive ESG audit was
Marquee clients includes 27 out of the top 30 companies Akums adheres to the highest standards of Environment, conducted to evaluate Akums’ compliance with ESG standards and
in the Indian branded formulations market Health and Safety (EHS) performance by ensuring complete best practices. One of the key outcomes of the ESG audit was the
implementation of environmental efficiency initiatives at offices ESAP which provides a roadmap for bridging any identified gaps in
and plant facilities including energy saving strategies, systems for ESG compliance. The Quadria team is working closely with Akums
increasing water efficiency, and systems to monitor and improve to ensure the on-track implementation of the ESAP, including
air quality. the engagement of an external consultant to support and guide
implementation efforts.
 QUADRIA CAPITAL
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REINVENTING
TOMORROW’S CULTIVATING
F
HEALTHCARE BUSINESS undamental to Quadria Capital’s investment philosophy is our value
creation strategy. Rooted in deep domain knowledge built over years of
on-the-ground experience in the healthcare sector in Asia, our value

TO MAKE creation approach is formulated using four key principles – Resilience,

Consistency, Transformation, and Impact. These principles are embedded

CHAMPION, A DIFFERENCE
throughout our investment cycle, thus enable our portfolio companies to focus
on long term value realisation and facilitate portfolio synergies across our
healthcare ecosystem.

TODAY. BUILD RESILIENCE

We hand-pick and nurture

best-in-class business with
proven business model that
CONSISTENT STRATEGY

We apply a disciplined
and systematic approach
throughout the entire
DRIVE TRANSFORMATION

We harness our proprietary

expertise, strategic network,
and operational insights to
POSITIVE IMPACT

We believe that responsible

and impact-oriented
investment is critical to long

A
can endure adverse investment cycle to ensure drive break-through in our term, sustainable value
s the leading specialist healthcare changes sustainable returns for portfolio companies creation. We are committed
private equity firm in Asia, Quadria our investors to generating value while
delivering meaningful social
Capital selectively invests in impact across the region
leading healthcare companies across
some of the world’s fastest-growing
economies. We empower businesses with
aligned, long-term value-added capital

A PROVEN
to accelerate growth and build regional
leaders. Quadria aims to revolutionize

INVESTMENT
Asia’s healthcare sector beyond achieving

A
superior financial returns, by raising t Quadria, we take a systematic approach towards value creation, focusing

PROCESS
awareness and improving accessibility on Value Identification, Value Creation and ultimately, Value Realization.
This strategy differentiates Quadria Capital from other investors across
and affordability of high-quality healthcare the entire investment process:
products and services for those who need
them most.

ORIGINATION EXECUTION VALUE EXIT

CREATION
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TRANSFORMING 4 Principles of Quadria Value Creation Roadmap DRIVE TRANSFORMATION

GOOD TO GREAT We seeks to bring tangible value to the post-investment portfolio management
process by leveraging our domain expertise, operational experience and industry
network through a hands-on partnership approach.

100-day and 3-year plans are developed and agreed with the target shareholders
and management. These are detailed plans setting out necessary steps to achieve
strategic and operational goals.

To assist and support implementation of the agreed growth plan, we augmented

the team with dedicated operating partners. The operating partners have collective
expertise in specific healthcare subsectors, across various functional areas,
and play an important role in helping to drive portfolio value creation by offering
on-the-ground expertise.
BUILD RESILIENCE
Our track record of partnering and supporting
business creates a distinct competitive
advantage in sourcing investments and
creating proprietary deal flow.

We target growth stage companies with the

following characteristics:

• Market leaders with established brand(s),

services & products
• Differentiated and defensive services or
products – by way of super specialisation,
niche and scalable expertise, scale of
footprint, unique products or technology
• Professional management teams with
track record of execution

We then support them to solidify their market

position by rigorously reviewing areas for
improvement to optimise productivity, human
resources, and capital structure.

POSITIVE IMPACT
Responsible and impact-oriented
investment is critical to our
sustainable value creation strategy.
An environmental and social action
CONSISTENT STRATEGY plan (ESAP) is developed to ensure
Upon investment, we work continuously with our that any gaps in adhering to ESG
portfolio companies throughout the investment period, practices are addressed by the
lending their management teams support in evaluating, portfolio company. The inclusion of
analysing and executing each phase of the value- the ESAP as an ongoing obligation
creation plan. We empower these companies with long- of the portfolio company ensures
term insight into key decisions such as strengthening the portfolio companies continue to
their presence in new markets and expanding their monitor ESG compliance and elevate
product and service offerings. ESG standards post-investment.
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TRANSFORMING Quadria Value Creation Formula at Work

GOOD TO GREAT

STEP 1 Origination STEP 2 Execution STEP 3 Value Creation STEP 4 Exit

Leveraging on our proprietary deal flow, we In addition to the standard due diligence Quadria’s strategy is to leverage its industry Effective exit planning is an important element
apply an active, fundamentals driven approach process, at Quadria Capital, we create a knowledge, operational experience, and of every investment and we believe that exiting
to identify and engage companies in our comprehensive due diligence procedure that is extensive network to unlock and create at the right time is critical to realize optimal
focused strike zone that are best positioned to unique to healthcare businesses including: value throughout the investment lifecycle. value. To do this, even during pre-investment,
emerge as market leaders: With a “hands-on approach”, the team drives exit timing & options are already considered
• Assessing management; initiatives from strategy setting to frontline and planned.
• Established brand(s), services & products • Evaluating underlying clinical standards; implementation. In every investment, we work
with proven business models • Identifying value drivers; side-by-side with portfolio companies to help We proactively manage, position, and develop
• Solid financial and operational • Creating a fully articulated them become more productive, efficient, portfolio companies with a well-examined
performance that generate strong, regular bottom-up model; and and valuable. strategy to groom them into attractive
and sustainable cash flows • Building a value creation plan acquisition targets, ensuring on-track exit.
• Potential for margin improvement through Specific areas where Quadria has successfully
operational enhancement helped create value include: Exit opportunities include strategic sales and
• Strong management team with successful IPO, often at premium valuation, reflecting
track record Defined Value Creation Methodology the underlying growth and expansion of the
• Mission of providing affordable healthcare Quadria’s comprehensive due diligence on all portfolio company.
at top quality for all its portfolio companies forms the basis of a
detailed value creation plan which maps out
the roles, responsibilities and targets for each
and every individual in the organisation.

Dedicated Operating Partners Group

Quadria’s Operating Partners are actively
involved in advising and monitoring all
portfolio companies. They also participate on
the Executive Committees to drive the overall
execution of the business plans.

Proprietary, Global Relationships Across

Healthcare Ecosystem
Quadria’s network of healthcare companies,
investors, government agencies and the
academia provides portfolio companies
proprietary access to commercial
opportunities as well as clinical development
through training and education.

Synergies Across Portfolio

This includes cross-portfolio partnerships,
knowledge sharing as well as procurement
synergies that helps strengthen cash flows
across the group and is a precursor to
improved operating income and higher exit
multiples.
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HEALTHCARE OUTLOOK
COVID-19 HAS CRITICALLY DISRUPTED
THE REGIONAL HEALTHCARE
ECOSYSTEM, BUT PRESENTS A POTENT
CATALYST FOR LONG-OVERDUE
STRUCTURAL CHANGE
THE COVID-19 SITUATION: HERE AND NOW NEAR-TERM CHALLENGE: STRETCHING AN ALREADY STRAINED
COVID-19 is first, and foremost, a humanitarian challenge. It SYSTEM
has caused a massive disruption in all walks of life, infected As the “Black Swan” event reached unprecedented proportions,
tens of millions, and completely upended the way societies, and countries across the world was put “on the clock” to adapt.
the businesses and individuals within them, operate. Despite For countries in Asia, this meant an urgent mobilisation of
the implementation of strict lockdown measures across South resources towards dealing with an unpredictable, swift-evolving,
and Southeast Asia, COVID-19 has crossed the 4 million mark, and debilitating health challenge. The pandemic, by stretching
claiming over 75,000 lives in the region. While the waning infection healthcare systems ill-equipped to deal with a crisis of this
rates are encouraging for the regional economies, concerns magnitude, has exposed gaps in the infrastructure and reliability
surrounding a next wave persist, with an alarming uptick in of the Asian Healthcare system.
infection counts recorded recently in several countries. It appears
that the battle against the novel coronavirus is far from over. In coping with the crisis, key stakeholders in the industry
principally face three major “collateral” issues—inadequate
infrastructure, strained workforce, and supply chain disruption.

In coping with the crisis, key stakeholders in the industry

principally face three major “collateral” issues—
inadequate infrastructure, strained workforce,
and supply chain disruption
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COVID-19 IS FIRST, AND FOREMOST, LONG-TERM VIEW: ADDRESSING A NEW REALITY WHILE
REMAINING SUSTAINABLE
As economies struggle to limp back to recovery, developments
virtual mode of provision. In Asia, where mobile adaptation is
ahead of the curve, this presents exceptional promise in extending
healthcare to population segments who would otherwise have
A HUMANITARIAN CHALLENGE over the past months has highlighted the need to address
structural underinvestment and undersupply in the regional
been out of reach.

healthcare ecosystem. Regional healthcare industry players In the field of Life Sciences, the abrupt supply chain disruption
can emerge stronger from this crisis, should they adapt swiftly observed during the onset of COVID-19 exposed unseen
to industry trends accelerated by COVID-19 while allowing the deficiencies in widely accepted operating models. With global
present turmoil to catalyse long-overdue structural improvements. supply chains facing a potentially uneven recovery, many
governments have pushed to increase domestic manufacturing
It is important to note that the pre-COVID structural drivers of capabilities. Furthermore, demand for preventive healthcare is
healthcare ecosystem expansion in the region remain robust. expected to further scale post-COVID, presenting a compelling
By 2030, Asia will be home to 60% of the global middle class case for many companies to shift their focus towards the provision
and four of the top five global economies. This accompanies of wellness products, nutraceuticals, and health supplements.
a corresponding ascent in population scale. With 65 million
newborns each year, Asia’s share of global population is expected CONCLUSION
to soon exceed the 50% mark. These demographic megatrends are With Asia poised to be the global growth engine in the post-COVID
further supported by a favourable backdrop for sustained growth world, healthcare in Asia stands at a unique inflection point. With
in private healthcare spending - 7 out of every 10 new hospital burgeoning healthcare demand coupled with significant healthcare
beds is built by the private sector. under penetration, there is need for a ground-up transformation
to adapt to the “new normal”. This underlines the compelling case
In healthcare delivery, this crisis has sharply accelerated the for private equity investment in this segment. As Asia’s largest
adoption of online medical platforms and telemedicine. The healthcare-focused team made up of members who are pioneers
integration between online and offline modes of healthcare in the regional healthcare investment space, Quadria is well-
provision and the acceptance of virtual, home-based healthcare positioned to continue blazing the trail in reshaping the Asian
models as a credible alternative source of healthcare delivery healthcare landscape of tomorrow.
have seen a strong boost. With telehealth, a single, digital-first
Crisis control and response efforts in the early onset of COVID-19 “front door” for health services is being established, effectively
were hindered by sharp deficiencies in the existing healthcare bridging patients with optimal care regardless of physical or
infrastructure. With infrastructure in many parts of the region
already undersupplied in a pre-COVID environment, hospital
systems in several countries were paralysed in the face of a
Regional healthcare industry players sudden surge in healthcare demand. Vital hospital supplies and
can emerge stronger from this crisis, equipment such as ICU beds, PPE, ventilators, and testing kits all
faced critical shortages as hospitals scrambled to keep the crisis
should they adapt swiftly to industry under containment. Equally strained was the workforce – battling
trends accelerated by COVID-19 an unseen and deadly threat has placed frontline healthcare
workers under unprecedented pressure and extreme working
while allowing the present turmoil conditions, putting their physical and mental wellbeing at risk.
to catalyse long-overdue structural
improvements. The crisis was also notable for its crippling effect on long-
established global supply chains. For over a decade, healthcare
businesses have relied on globally-integrated, product-
specific, just-in-time supply chains. The border and trade
activity shutdowns coupled with across-the-board workforce
immobilisation have sparked a sudden disconnect between
manufacturer, supplier, and distributor groups. In the field of Life
Sciences, supply for active pharmaceutical ingredients (API) was
dramatically cut due to the COVID-led lockdowns in key source
markets China and India. With these markets contributing APIs
for c.20% of global generic drugs supply, this has resulted in a
sudden shortage for many of the world’s essential drugs such
as paracetamol, as well as antibiotic products such as tinidazole
and erythromycin.
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IMPACT CIRCLE
TRANSFORMING HEALTHCARE, TOUCHING LIVES

A
t Quadria, we believe that positive investment returns and constructive social impact can be
mutually inclusive. Our investment approach, therefore, hinges on the symbiosis of our two
primary objectives, social benefits and financial returns.

We have developed a clear and tangible approach to assess investment opportunities for their
potential to generate impact. Intrinsic to this approach is the idea of value creation: developing
and implementing solutions that create value for the target communities. Fundamental to Quadria
Capital’s idea of impactful healthcare are the four dimensions of access, affordability, quality and
awareness.

HEALTH IMPACT CIRCLE

01 02 03 04

Accessibility Affordability Awareness Quality

90% 70% 65%

TARGET MARKETS HAVE

< 1 hospital bed

& doctor per OF HEALTHCARE PAID OF ASIA’S POPULATION OF HEALTHCARE
1,000 people OUT-OF-POCKET LIVE IN RURAL AREAS COVERED BY INFORMAL
PROVIDERS IN INDIA
OVER

Accessibility Affordability Quality Awareness

(COMPARED TO GLOBAL
AVERAGE OF 5 BEDS AND
3 DOCTORS)
2.6 billion 60% DIVERSE, FRAGMENTED
OF DIABETICS UNDIAGNOSED PRIVATE SECTOR RESULTS
PEOPLE LIVE WITH LESS
IN INDONESIA IN LOW QUALITY
THAN US$2 PER DAY
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Each of Quadria’s four impact-making dimensions is matched with a list of clearly-

defined outputs, which in turn targets specific Sustainable Development Goals (SDG). This
mapping helps to tackle the issues in the most resource-optimum manner. The SDG are
a collection of 17 global goals set by the United Nations General Assembly in 2015 for
the year 2030. They are a universal call to action to end poverty, protect the planet and
ensure peace and prosperity for all. The SDG are a blueprint to achieve a better and more
sustainable future for all, aptly selected by Quadria to align its strategic change drivers.

QUADRIA FOCUSES ON PROFIT WITH PURPOSE BY ADDRESSING KEY

SUSTAINABLE DEVELOPMENT GOALS

Accessibility • Number of patients treated

• Number of new drugs introduced
• Extent of addressing unmet medical needs
• Impact on local communities

Affordability • Hospital beds reserved for low-income patients

• Total discounts offered to needs-based patients
• Participation in schemes for the poor
• Percentage of profits invested in social
healthcare initiatives

Awareness • Resources spent on preventive health

• Increase access to diagnosis services
• Number of doctors / clinical staff trained
• Number of health screening camps

Quality • Local and international accreditation

• Regular clinical audits and reviews
• Patient feedback / grievance mechanisms
• Compliance with international ESG standards

We believe that access to healthcare is an

important human right which should not be
based on where you are born.
 QUADRIA CAPITAL
ANNUAL REVIEW 2019 / 2020 93

IMPACT INVESTING PROCESS AND CONSIDERATIONS:

Quadria Capital has established a clearly defined approach in integrating ESG impact throughout
the investment process, in order to ensure consistency in assessing and addressing ESG issues
of investment targets and portfolio companies. The Firm’s ten-step ESG driven, impact oriented
approach, keeps it focused and disciplined from the investment phase all the way to the exit.

Pre-Investment
Health Impact Circle

Exit IMPACT Investment

Ensure Impact Intent
MEASURE Project KPIs

Monitoring &
Evaluation
GIRS, KPIs and
Outcomes

Pre-Investment Investment Monitoring Exit

1 Identify relevant ESG areas 4 Create an ESG Action Plan 6 Perform detailed ESG 9 Final status review of
involved 5 Ensure effective ESG reviews on the ESAP progress on ESG
2 Assess ESG risks and value management systems are 7 Undergo GIRS certification 10 Document ESG

creation opportunities in place annually improvements and lessons

3 Carry out due diligence 8 Measure against project learnt for case studies
specific KPIs
94 QUADRIA CAPITAL
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IMPACT CIRCLE IN ACTION – CASE STUDY OF AIG

According to WHO, more than 470 million or 39% of Indians suffer from gastrointestinal problems leading to a strong latent demand
for Gastroenterology in India. AIG is one of the leading referral centers for gastric sciences and a Centre of Excellence that is constantly
striving to make significant impact on the communities it serves by increasing the affordability of healthcare services, furthering the
cause of education and training and ensuring environmental sustainability. Quadria invested in AIG to enable the Company to increase
the accessibility for affordable and high-quality gastric treatment to the masses and to achieve this objective, Quadria supported AIG
in operationalizing a 780 bedded hospital, world’s largest single-location gastric sciences facility in Hyderabad, India. This facility
hospital offers the most advanced, cutting-edge medical equipment for gastroenterology, radiation oncology, and also includes a
robotic occupational therapy facility.

The way by which AIG employs the four key dimensions in Quadria’s Health Impact Circle is illustrated below:

01 02 03 04
ACCESS AFFORDABILITY QUALITY AWARENESS
• Each day, AIG treats • Boosting affordable and • AIG is amongst the 20 • AIG operates a well-
over 800 outpatients accessible healthcare centers globally to be equipped ambulance, fitted
and performs over 300 is at the heart of AIG’s conferred OMED (World with ultrasound and basic
endoscopic procedures operations, therefore, it Organization of Digestive endoscopy system which
offering discounts to ~10% Endoscopy) recognition as has travelled to rural areas
• It operates an inclusive of underprivileged patients Center of Excellence and provided free of cost
and efficient business services to people living in
model that reaches • Pricing services at • AIG has received National underserved areas
low-income patients 20%-30% cheaper than Accreditation Board for
through cross- its competition to help Hospitals & Healthcare • Developed a state-of-the-
subsidization and low-to middle-class Providers (NABH) art research centre which
reserving ~15% bed segment accreditation, which is a focuses on research in
capacity for underserved public recognition of the frontier areas of gastric-
patients hospital’s standards sciences to translate
research findings for
• Since Quadria’s investment • In 2019, AIG forged a patient benefits
in 2015, over 780 beds partnership with Mayo
have been added Clinic, US and has become
the first Indian hospital as
well as the only single-
specialty hospital globally
to have partnered with
Mayo Clinic

Doing well by doing good

AIG’s case study demonstrates how Quadria’s strategic deployment of capital guided by Impact Circle has created enormous
positive social impact in the local communities and stimulated broader regional development. This bears testament to Quadria’s
proprietary strength and affirms the philosophy that profit with purpose triumphs in business.
GROWING IN
KNOWLEDGE
KNOWLEDGE,
STRENGTHENING
OUR CORE
98 QUADRIA CAPITAL
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QUADRIA CAPITAL
ANNUAL REVIEW 2019 / 2020 99

A CULTURE OF OUR
TRUST
We act with integrity and

EXCELLENCE
openness in our dealings
with others

VALUES
Q uadria’s culture shapes our
firm and how we collaborate
with our partners, and is integral
to the way we do business and
achieve our mission and objectives.

In every aspect of our organization

EXCELLENCE
We work hard to get it right the first
and behavior, our shared values are time and keep our promises and
commitments to others
fundamental in cultivating a culture
of excellence amongst ourselves
and our partners.

IMPACT
We aim to make a
positive, transformative
impact in the lives of
people in our target
region PEOPLE
We are positive, enthusiastic and
supportive of one another

BELIEVE
We have passion and believe in
who we are and what we do
100 QUADRIA CAPITAL
ANNUAL REVIEW 2019 / 2020
QUADRIA CAPITAL
ANNUAL REVIEW 2019 / 2020 101

QUADRIA TEAM
CREDIBLE • COHESIVE • COMMITTED

HANK KLAKURKA WILDER FULFORD BHASKAR IYER

Operating Partner Operating Partner Operating Partner
Quadria Capital is led by a stable
team of seasoned investment
professionals with deep experience
in clinical services, healthcare
management and investments.
With hub offices in Singapore and
New Delhi, Quadria Capital, with
its team of 21 professionals, is one
of the largest healthcare-focused
investment teams in Asia. The
firm’s differentiated skills underlie
Quadria Capital’s ability to originate
ABRAR MIR
proprietary deal flow, conduct
Managing Partner
rigorous due diligence and drive
PETER D. GOODSON CLAUDIA ZEISBERGER THOMAS C. FRANCO
portfolio company growth. Quadria Strategic Quadria Strategic Quadria Strategic
Advisor Advisor Advisor

DR. AMIT VARMA

Managing Partner SUNIL THAKUR EWAN DAVIS
Managing Director Director
102 QUADRIA CAPITAL
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QUADRIA CAPITAL
ANNUAL REVIEW 2019 / 2020 103

RAHUL AGARWAL MERVIN TEO ANJLI KAUSHAL MELVIN LIM

Director Vice President Clinical Manager Associate

ABHISHEK YADAV NICHOLAS LOW JANICE TRINH CHRISTY OI DEVENDRA SHARMA JANICE YIP
Vice President Vice President Senior Associate Chief Operating Officer Financial Controller Financial Controller

ARSHITA KAPOOR ALVIN ONG RAMANJOT KOHLI CLARENCE GOH SAMANTHA THAM NIVEDITA PANT
Associate Associate Associate Fund Accountant Office Manager Office Manager
104 QUADRIA CAPITAL
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ANNUAL REVIEW 2019 / 2020 105

QUADRIA 50%
WITH OVER

22,000
EXECUTIVE PARTNERS EMPLOYEES ACROSS

5 OF EMPLOYEES
ARE FEMALE
OUR PORTFOLIO COMPANIES ARE LED BY A COUNTRIES
TALENTED GROUP OF EXECUTIVES

SANJEEV JAIN ANKUR VAID DR G V RAO DR JEAN-MARCEL GUILLON VIVEK SRIVASTAVA

Managing Director, AKUMS CEO, Concord Chief of Surgical Gastro & Founder & Chairman, FV Hospital Co-founder & CEO,
Minimally Invasive Surgery, AIG HealthCare atHOME

K SRIVASTAN DR ALOK ROY DR MICHAEL LIM ROGELIO C LA O JR DR VIJAY CHANDRU

CEO, LabLink Chairman, Medica Co-founder & Medical Director, MSA CEO, SOHO Chairman, Strand
106 QUADRIA CAPITAL
ANNUAL REVIEW 2019 / 2020
QUADRIA CAPITAL
ANNUAL REVIEW 2019 / 2020 107

QUADRIA OUR
GOVERNANCE STAKEHOLDERS

LIMITED PARTNER ADVISORY COMMITTEE BUSINESS PRINCIPLES Regulatory Authority

The Limited Partner Advisory Committee comprises Quadria Capital is committed to maintaining the highest standards Monetary Authority of Singapore
representatives of certain Limited Partners and is responsible for across all our activities. Quadria Capital has global policies to help
providing overall guidance to the General Partner and approving ensure prudent management and operation of the business, with Fund Administrator
decisions relating to key operational matters of the Fund. a positive impact on society, while complying with applicable laws IQ-EQ Fund Services (Singapore) Pte. Ltd.
and regulations. Alter Domus Singapore Pte. Ltd.
THE BOARD
The Board of Quadria Capital Investment Manager is responsible These policies cover aspects such as risk management, Legal Counsel
for the management and operation of the Fund. It consists of two confidentiality and security, environmental social governance Herbert Smith Freehills LLP
Managing Partners, Abrar Mir and Dr. Amit Varma. (ESG), conflicts of interest, anti-corruption and anti-money Maples & Calder
laundering. In addition, Quadria Capital has a robust set of Clifford Chance Pte Ltd
GENERAL PARTNER business principles to guide the behavior of all our professionals
The General Partner is responsible for decisions related to and underpin the way we operate. Our portfolio companies are Statutory Auditors
investments, divestment and also made aware of these principles. Ernst & Young LLP
portfolio management. The General Partner is advised by an
appointed Investment Committee. Internal Auditors
COMPLIANCE BDO LLP
INVESTMENT COMMITTEE Quadria Capital is regulated by the Monetary Authority of
The Investment Committee, appointed by the General Partner, is Singapore. Therefore, compliance with applicable legislation Compliance Advisor
responsible for advising on investments, divestment and overall is mandatory and of prime importance. The intent and spirit of SolidTrack Compliance Pte. Ltd.
monitoring of the Funds’ investments. compliance is practiced across all areas of business at Quadria
Capital. As a responsible entity, Quadria Capital has instituted Depository Agent
CONFLICTS OF INTEREST compliance and reporting policies that cover investments, IQ EQ Depositary Company (UK) Limited
Quadria Capital has instituted internal policies and guidelines that client dealings, audit, record keeping, insider trading, personal
seek to reduce and address in a fair manner, instances of conflicts dealing, outsourcing, AML, CFT and independence declarations, Corporate Secretary
of interest including personal account dealings. Every employee is amongst other related investment and management activities. Tricor Evatthouse Corporate Services
made aware of the potential for conflicts of interest to arise and is Further, there is an established protocol for review, escalations
responsible for identifying and managing such conflicts. and reporting internally and externally with clear roles and Portfolio Valuer
responsibilities for each team member. BDO LLP

Tax Agent
Ernst & Young LLP

GST Advisor
RSM Chio Lim LLP

Bankers
Standard Chartered Plc
108 QUADRIA CAPITAL
ANNUAL REVIEW 2019 / 2020

DISCLAIMER
The information contained in this Quadria Capital’s Annual Review Quadria expressly disclaims any obligation or undertaking
2019/20 (“Annual Review”) is given, to the fullest extent allowed to update or revise any such forward-looking statements.
by law, without any liability whatsoever to Quadria Capital, any References to portfolio companies are intended to illustrate the
of its affiliates or related entities or any of their respective application of Quadria’s investment process only and should not
members, directors, officers or employees (collectively “Quadria”) be viewed as a recommendation of any particular security or
for any direct or indirect losses, damages (including special or portfolio company. The information provided about these portfolio
consequential damages), or other costs or expenses whatsoever companies is intended to be illustrative, and is not intended to
arising from any use of, or reliance placed upon, this presentation be used as an indication of the current or future performance
or its contents or otherwise. of Quadria’s portfolio companies. The information provided
herein is for informational purposes only and is not and may
All content included in this Annual Review, such as graphics, not be relied on in any manner as advice or as an offer to sell
articles and other materials, is the property of Quadria Capital or or a solicitation of an offer to buy interests in any fund or other
others noted herein and may be protected by copyright and their product sponsored or managed by Quadria or any of its affiliates.
laws. All trademarks and logos displayed in this Annual Review Any such offer or solicitation shall only be made pursuant to a
are the property of their respective owners, who may or may not final confidential private placement memorandum (as amended
be affiliated with our organisation. There can be no assurances and/or restated from time to time) and the applicable fund’s
that Quadria’s investment objectives will be achieved or that our subscription documents, which will be furnished to qualified
investment programs will be successful. investors on a confidential basis at their request for their
consideration in connection with such offering. The information
Investors should read this Annual Review in conjunction with and opinions contained in this Annual Review are provided by
investment fund quarterly reports, financial statements and other Quadria for personal use and for information purposes only. Each
disclosures regarding the valuations and performance of the recipient of this presentation is solely liable for any use it makes
specific investments listed herein. No representation or warranty, of this information and Quadria disclaims any responsibility
express or implied, is made or given by Quadria as to the accuracy, for any errors or omissions in such information, including any
completeness or fairness of the information or opinions contained financial calculations, projection, and forecasts contained in this
in this presentation. presentation. The information is inherently subject to change
without notice and may become outdated. Each recipient should
Further, certain of the information contained in this Annual R therefore verify any information obtained from this presentation
eview represents or is based upon forward-looking statements or before making use of it. By viewing this document each recipient
information. Forward-looking statements are inherently uncertain, agrees to be bound by the foregoing limitations and restrictions.
and changing factors, such as those affecting the markets
generally, or those affecting particular industries or issuers, may
cause events or results to differ from those discussed. Therefore,
undue reliance should not be placed on such statements or
the conclusions drawn therefrom, which in no event shall be
construed as a guarantee of future performance, results or
courses of action. The information contained in this Annual Review
does not constitute investment, legal, tax or accounting advice.
Recipients of this Annual Review should conduct their own due
diligence and other enquiries in relation to such information and
consult with their own professional advisors as to the accuracy
and application of the information contained in this Annual
Review and for advice relating to any legal, tax or accounting
issues relating to a potential investment in the regions or
sectors described.
Quadria Capital Investment Management Pte. Ltd.
LOCATION : Singapore
ADDRESS : 11-A, Stanley Street, Singapore 068730
PHONE NO. : +65 6805 9699
WEBSITE: [Link]

Quadria Capital Advisors Pvt. Ltd.

LOCATION : New Delhi
ADDRESS : Level 2, The Crescent, Lado Sarai, Mehrauli, New Delhi 110 030
PHONE NO. : +91 11 4953 9900
WEBSITE: [Link]