Novo Holdings, a leading global life science investor, and KKR, a leading global investment firm, today announced the signing of definitive agreements under which Novo Holdings will make a direct investment in Sylvan, a world-leading manufacturer of fungal biotechnology solutions (or the “Company”). KKR will remain the Company’s majority shareholder.
According to Novo Holdings’ its investment in Sylvan marks its largest planetary health investment in Asia and its first in the fungal biotechnology sector, both of which are strategic priorities due to their growth prospects and potential for impact on planetary health.
The new capital will support Sylvan’s expansion by enabling increased production capacity, upgraded R&D infrastructure, and deeper penetration into high-growth markets, particularly in Asia. Sylvan will also benefit from Novo Holdings’ extensive network and sector expertise to further strengthen its position in the global mushroom spawn market and develop new high-impact bio-products, such as fungi-based materials, biopesticides, and nutritional supplements.
Founded in 1932, Sylvan is the world’s largest mushroom spawn and fungal biotechnology company and is headquartered in China. The company seeks to harness the potential of fungal systems to create sustainable solutions to address global challenges in food, health, agriculture, and materials. Today, the Company operates multiple production facilities around the world and serves customers across 65 countries.
From spawning to cultivation, the modern mushroom sector offers significant sustainability benefits and circular economy value to planetary health. It requires minimal land and water compared to traditional agriculture and utilizes agricultural waste as raw materials to produce high-quality proteins. Sylvan views China as an important growth market, where the downstream mushroom cultivation sector has experienced strong industrialization transition tailwinds, driving greater demand for spawn and supporting the acceleration of agricultural modernization and rural economic growth across the country.
Jackie Qi, CEO of Sylvan, said,
“Sylvan is delighted to welcome Novo Holdings as our latest investor and to have the continued support of KKR, who have been a terrific strategic partner in our value creation journey. With this latest milestone, we are in an excellent position to pursue our ambition to become a global leader in fungal biotechnology solutions across four unique markets: Food, Health, Agriculture, and Materials, and will look to leverage their global networks and expertise to take Sylvan to the next level of transformation.”
Amit Kakar, Managing Partner and Head of Asia, and Deepa Hingorani, Partner, Head of Planetary Health Asia, Novo Holdings, jointly added,
“Sylvan represents a significant milestone for our global Planetary Health strategy and underscores our growing presence in Asia. As a leader in fungal biotechnology, Sylvan is well-positioned to deliver sustainable innovations that support food security, reduce chemical use, and build a circular bioeconomy. We look forward to collaborating with KKR to help Sylvan scale its impact, particularly across dynamic markets in Asia, and advance our shared vision for a healthier and more sustainable planet.”
Chris Sun, Partner and Head of China Private Equity, KKR, said,
“We are pleased to welcome Novo Holdings given their significant expertise in life sciences and planetary health. KKR is aligned with Novo Holdings in our commitment to drive the creation of sustainable global solutions. We are proud of the tremendous progress Sylvan has achieved and believe this new strategic partnership will enable it to unlock even greater growth.”
Novo Holdings’ Planetary Health Investments team spans three continents (Europe, North America, and Asia) and invests in areas where science and technology can deliver returns while tackling global challenges, including feeding a growing world population, fighting climate change and drought, and creating sustainable cities.
About Sylvan
Sylvan is a fungal biotechnology company, unlocking the incredible potential of the Earth’s ancient fungi. We believe these resilient fungi, having evolved over millions of years, hold the key to overcoming many of the problems our planet faces today and into the future. Our goal is simple: harness the power of fungi and create sustainable solutions to address global challenges in food, health, agriculture, and materials.
www.sylvan.bio
About Novo holdings
Novo Holdings is a holding and investment company responsible for managing the assets and wealth of the Novo Nordisk Foundation. Its purpose is to improve people’s health and the sustainability of society and the planet by generating attractive long-term returns on the foundation’s assets. Wholly owned by the Novo Nordisk Foundation, Novo Holdings is the controlling shareholder of Novo Nordisk A/S and Novonesis A/S and manages an investment portfolio with a long-term return perspective.
As of year-end 2024, Novo Holdings had total assets of €142 billion.
www.novoholdings.dk
About KKR
KKR is a leading global investment firm offering alternative asset management, capital markets, and insurance solutions. KKR sponsors investment funds that invest in private equity, credit, and real assets and has strategic partners managing hedge funds. Its insurance subsidiaries offer retirement, life, and reinsurance products under Global Atlantic Financial Group.
For additional information about KKR & Co. Inc. (NYSE: KKR), please visit
www.kkr.com
For more details about Global Atlantic Financial Group, visit
www.globalatlantic.com
Further information
Paul Ewing-Chow, Head of Corporate Affairs – Novo Holdings Asia
pec@novo.dk
Novo Holdings
