The firm says that it is the largest dedicated impact investment fund in biotech history.
UBS Global Wealth Management clients have invested $650 million in MPM Capital’s Oncology Impact Fund 2, an impact investing initiative that invests in private and public companies developing innovative treatments for cancer.
The investment equates to more than 75 per cent of the $850 million raised in total for the fund, UBS said in a statement yesterday.
It said that the total sum raised makes OIF 2 the largest dedicated impact investment fund in biotech history.
OIF 2 will create and invest in private and public companies that develop innovative treatments for cancer and other serious illnesses. The fund, which will target companies developing breakthroughs, innovative treatments, and therapeutics, will be overseen by MPM Capital’s BioImpact Capital team. It will invest 80 per cent of its capital into private companies, with the remaining 20 per cent going towards public companies.
“The OIF 2 is a great example of how UBS is making further progress on this objective, working with an expert partner to connect our clients with investible solutions that have the potential to improve the health and lives of many,” Ralph Hamers, UBS Group chief executive, said.
The bank said that recent successes of portfolio companies include ElevateBio, which earlier this year raised a $525 million Series C round of financing, and Orna, which has raised more than $100 million from MPM and outside investors.
UBS Global Wealth Management's chief investment office said that it has identified themes which are attractive from an impact investing perspective, including within climate change and food resilience, green technologies, healthcare, education, diversity and inclusion.