CBC hits second close on China life science real assets fund
Specialist healthcare investor CBC Group has reached a second close on its China-focused life science real assets fund with USD 875m in commitments.
Mubadala Investment has joined APG Asset Management and CBC Group as a backer of CBC China Life Science Real Assets Venture I, according to a statement. CBC Group and APG launched the vehicle – with an overall target of USD 1.5bn – in November 2021, announcing a first close of USD 500m.
Four projects have closed since the first close, consuming 90% of the capital raised, and Mubadala’s involvement allows the fund to pursue further opportunities. The portfolio comprises approximately 520,000 square metres of life science real assets in Shanghai, Beijing, and Suzhou. The most recent addition is a greenfield site close to Suzhou’s BioBay life science cluster.
The fund provides best-in-class life science research, manufacturing, and support services for biotechnology incubators through to large multinational pharmaceutical companies. It is part of a broader effort, under CBC Healthcare Infrastructure Platform, to develop life science assets across the region, from manufacturing facilities to medical offices.
“We have great confidence in the growth potential of China’s life science real assets sector, which benefits from strong market fundamentals, demographic trends, and government support,” said Matthias Neuling, Mubadala’s head of real estate for Asia and Germany, Australia, and Switzerland.
Established in 2014, CBC is headquartered in Singapore and operates through a network of offices spanning Shanghai, Beijing, Hong Kong, Seoul, and New York. It runs private equity, venture capital, and private credit strategies, in addition to real assets. The latest flagship private equity fund closed on USD 1.67bn in early 2022.
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