UBS Global Wealth Management clients have invested USD 650 million in a bioimpact fund.

The MPM Capital’s Oncology Impact Fund 2 invests in private and public companies developing innovative treatments for cancer. UBS says the sum raised makes the fund the largest dedicated impact investment fund in biotech history.

The fund will target companies developing breakthroughs, innovative treatments, and therapeutics and will be overseen by MPM Capital’s BioImpact Capital team. It will invest 80% of its capital into private companies with the remaining 20% going towards public companies. The fund comes after the UBS Oncology Impact Fund (OIF 1) which closed in 2016.

Mark Haefele, Chief Investment Officer at UBS Global Wealth Management, says: “We are proud to connect our clients with brilliant scientists around the world who are working hard to alleviate the pain and suffering caused by cancer. With more than USD 1 billion raised so far, this is what reimagining the power of investing and connecting people for a better world can look like.”

“OIF 2 will focus on oncology as well as cell, gene, and RNA therapies, building off the strong performance of OIF 1,” said Managing Partner of BioImpact Capital and MPM Managing Director Ansbert Gadicke, M.D. “As always, we are driven to ensure that the companies we invest in are at the vanguard of innovation, developing breakthroughs and innovative therapeutics.”