Healthcare-focused private equity firm Quadria Capital is said to be considering setting up a special purpose acquisition company (SPAC) to list on the Singapore Exchange (SGX), The Business Times reported on Monday.

The Singapore-based PE firm, which focuses on investments around South and Southeast Asia, is working with advisors on the potential SPAC listing, the news portal reported, quoting people familiar with the matter.

Deliberations are at an early stage and the firm may decide not to proceed with the SPAC listing. Details including size and timeline, also have not been finalized, according to the report. The PE firm declined to comment on the matter.

Quadria Capital would be among several aspirants after Singapore opened its doors for SPAC listings last month and became the first Asian financial hub to host the structures.

Earlier reports showed Internet entrepreneur Patrick Grove, Singapore-based PE firm Novo Tellus Capital Partners, French alternative investment manager Tikehau Capital SCA are also targeting SPAC-listing on the Singapore exchange. Other interested parties include Turmeric Capital and Temasek’s Vertex Holdings Ltd.

Quadria Capital is an independent healthcare-focused PE firm with assets under management exceeding $2.2 billion and investments in 21 companies across seven countries in the Asia-Pacific region, information from its website showed.

The PE firm said it manages capital for several state-backed funds, global pension funds, multinational corporations, and family offices. Its investor base is diverse globally and spread across the US, Europe, and Asia.

Quadria Capital’s portfolio includes India’s largest manufacturer of disposable hygiene products Nobel Hygiene, Malaysia-based hospital laboratories Labslink, Singapore-based multi-specialty medical group MWH holdings, India-based specialized diagnostic company Strand Life Sciences, among others.

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