Malaysian Life Sciences Capital Fund II eyes $250m final close – exclusive

MLSCF II is aiming at November this year for final close, with its target set at $200m to $250m.

Malaysian Life Sciences Capital Fund is aiming to close its second fund in November at upwards of $200m, having been on the road since early 2014, its chief executive has confirmed.

Ganesh Kishore, chief executive and co-managing partner of Malaysian Life Sciences Capital Fund, told Agri Investor that Malaysian Life Sciences Capital Fund II, which held a first close on $150m in January this year, is targeting a final close of between $200 and $250 million in November.

Unlike the firm’s first fund, which closed in 2006 and invested in life sciences broadly, fund two will be very much focused on bio-greentech companies, according to Kishore. “We will not be investing in pharmaceutical or medical device companies from our second fund unless the pharma company has a platform technology with applications in the bio-greentech space,” he said.

The new fund will seek to access technologies globally, targeting investment in “entrepreneurs who have a track record of proven performance and entities that address major unmet, under-served or nascent needs in the bio-greentech sector,” Kishore told Agri Investor.

MLSCF II made its first investments in July, leading a Series A round into Provivi, a developer of bio-based pest control, and leading a Series C round in GreenLight Biosciences, a US agtech company.

Malaysian Life Sciences Capital Fund is co-managed by Spruce Capital Partners, a San Francisco-based biotech, agri and agtech venture firm, and Xeraya Capital, a Malaysian life sciences venture capital and private equity firm.

The fund is interested in attracting new investors which will boost its geographical diversity, and new investors from various segments of agri such as industrial, analytical and information technology and the consumer products value chain.

Ganesh Kishore spoke in more detail about Fund II in an interview last week.