CBC Healthcare Infrastructure Platform announced the second close of its life sciences real assets venture fund, CLSRA Venture I, with commitments from Abu Dhabi-based sovereign investor Mubadala Investment Company, Dutch pension investor APG Asset Management and Singapore-headquartered asset management firm CBC Group.
The size of Mubadala's commitment was not revealed, but it marks the firm's first to the fund. Mubadala manages $276 billion in assets.
The second close brings total commitments to CLSRA Venture I to $875 million, including the $500 million raised in 2021 from APG Asset Management and CBC Group. APG manages €541 billion ($573.1 billion) in assets, and CBC Group has $7 billion in assets under management.
"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. We are excited to be joining CBC HIP and APG and look forward to help building China's foremost portfolio of best-in-class life science real assets," Matthias Neuling, Mubadala's head of real estate for Asia & DACH (Germany, Austria and Switzerland), said in the announcement.
Since the initial close, the fund has committed and deployed 90% of the capital secured across four real estate projects in Shanghai, Beijing and Suzhou, the top life science cities in China.