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Malaysian Life Sciences Capital Fund II starts investing

The fund held a first close on $150m in January, and is still fundraising.

Malaysian Life Sciences Capital Fund II (MLSCF II), the Malaysia-based biogreentech focused fund, has made its first investment by funding two biotechnology companies.

The fund is co-managed by Spruce Capital Partners, a biotech, agri and agtech venture firm, and Xeraya Capital, a life sciences venture capital and private equity firm.

MLSCF II led the Series A round into Provivi, a developer of bio-based pest control. The fund was also the lead investor in GreenLight Biosciences’ Series C round. The US agtech company developed a cell-free approach to microbial chemical production.

The size of the investments were not disclosed.

Fund II held its first close in January on $150 million, and is still fundraising, according to Daniel Levine, a spokesperson for the fund. The final target could not be confirmed.

The fund will invest in bio-greentech companies at all stages of development. LPs include  institutional and global corporate investors.

“With these initial investments in the fund, we are setting the tone for the types of breakthrough technologies we are targeting within the bio-economy,” Ganesh Kishore, managing partner of Spruce Capital Partners, said in a statement.

Spruce Capital Partners was founded by biotechnologists Kishore, Roger Wyse and Greg Young to manage venture funds and to develop new talent in biogreentech.

MLS Capital in 2006 launched MLS Capital Fund I, a $162 million fund co-managed by the same partners. Fund I is fully invested in in early stage companies in agriculture, industrial and healthcare biotechnology industries.

“MLS Capital Fund II builds upon the accomplishments of Malaysian Life Sciences Capital Fund, and enables us to continue propagating global innovation and participate in a unique way within the Biogreentech sector,” Fares Zahir, co-managing partner of Fund II and chief executive of the Malaysia-based Xeraya, said in a statement.