Merck & Co and Ackermans & van Haaren are among the limited partners for the $68m first close of Quadria Capital's healthcare technology fund.

India-based venture capital firm Quadria Capital has raised $68m for the first close of its second HealthQuad fund, including commitments from pharmaceutical company Merck & Co and conglomerate Ackermans & van Haaren (AvH).

Other commitments came from Teachers Insurance and Annuity Association of America (TIAA) and state-owned investment agencies Sidbi and Swedfund. Quadria made its initial close of its first fund at just under $10m in June 2016.

The firm’s portfolio includes Medikabazaar, Technology Healthcare Big Data Analytics, Strand Asian Institute of Nephrology and Urology, Neurosynaptic Communications, Regency Healthcare and Hi Impact.

James Mawson

James Mawson is founder and chief executive of Global Venturing.