UBS Wealth Management has raised a record $471 million for the final close of UBS Oncology Impact Fund, the impact investing initiative aimed at developing cancer treatments, Private Healthcare Investor reports.
It plans to make 10 to 20 investments over a five-year period, with initial investments around $10 million.
The fund is targeting 15 percent annual return on average.
The investments will be made in early stage oncology to accelerate the development of new cures. The market for cancer drugs is expected to grow faster than for other diseases, due to ageing populations in developed countries and an expanding middle class in emerging markets with better access to care.
Oncology is the largest and fastest growing therapeutic areas in terms of drug development activity, representing approximately a quarter of total research spend, according to the firm.
“The record sum raised for the UBS Oncology Impact Fund is a milestone for our work in sustainable investing and for the impact investing industry as a whole,” said Jurg Zeltner, president of UBS Wealth Management. “We believe initiatives like this can give hope to cancer sufferers and their families and divert more capital towards finding treatments and cures.”
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