A $4B life sciences-focused fund launched by a large UK life insurance firm and an American developer announced its inaugural projects, an investment in Atlanta and development deal in Rhode Island, demonstrating a focus on tertiary biotech markets.

Legal & General Capital, via its Ancora L&G partnership with U.S.-based developer Ancora, will develop in Rhode Island and acquired a property in Atlanta.

The partnership paid $85M for a 128K SF Class-A life sciences and lab property at 387 Technology Circle NW in Atlanta, next to the forthcoming Science Square district near Georgia Tech.

The property counts some high-profile life sciences organizations as its tenants. Georgia Tech, CardioMEMS, Kemira Chemicals and VERO Biotech all have space in the building.

Ancora L&G was also selected as the preferred developer of the Rhode Island Department of Health's State Health Laboratories in Providence, an 80K SF lab that already has a letter of intent from Brown University.

Science Square, a joint development by Trammell Crow and Georgia Advanced Technology Ventures, the development arm of Georgia Tech, is set to open in 2024. The project will include a 365K SF speculative lab and office tower called Science Square Labs, as well as a 280-unit residential building. It is expected to help jump-start the development of the nascent Atlanta biotech sector.

LGC announced plans to invest $500M of seed capital into the joint venture, with an aim of investing $4B in U.S. biotech real estate over the next five years.

It is the flip side of a recent trend of U.S.-based firms and funds, including Breakthrough Properties, investing significant amounts in life sciences developments in the UK’s Golden Triangle and elsewhere in Europe.

CORRECTION, OCT. 26, 1 P.M. ET: A previous version of this story was based on a press release that was inaccurate. Details of the Rhode Island deal and the price of the Atlanta building have been updated.