Lilly Asia Ventures
Venture capitalHong Kong · Pre-Seed–Late Stage · 1 people tracked
Investment thesis
LAV positions itself as a long-term, biomedical-focused investor that partners with exceptional entrepreneurs seeking 'smart capital.' The firm emphasizes domain expertise, global resources, and long-term capital, betting on strong people, products, and quality science. Its investment scope covers biopharmaceuticals, human therapeutics, medical devices, and diagnostics, aiming to be a trusted partner in building great healthcare companies that develop products to treat diseases and improve human health.
Source: firm website, verified Aug 3, 2026.
Team · 1 people
from public directories
What they invest in
from 22 of 83 portfolio companiesBiotech ×21Medical Devices ×7Healthtech ×6AI & Machine Learning ×2Deep Tech ×2Hardware ×2Digital Health ×1
HQs:United States×18China×4Germany×1
Investments · 83 tracked
founders shown can be your intro pathBy year:2023 · 12022 · 12021 · 12020 · 42018 · 22017 · 110 dated
Clinical-stage biopharmaceutical company focused on identifying, developing and commercializing differentiated medicines for cancer patients.
BiotechMedical DevicesNewtown Square, US
Brent Rice(Chief Commercial Officer)Jason Zhang(Director)Cong Xu(Director)Zhengbin (Bing) Yao(Executive Officer, Director)Stuart Lutzker(Director)
PartnerHongbo Lu· solo GP
PartnerHongbo Lu· solo GP
BiotechSomerset, US
Fangliang Zhang, Ph.D.(Director)Yuan Xu, Ph.D.(Executive Officer, Director)Ying Huang, Ph.D.(Executive Officer)Ye Wang, M.S.(Director)
PartnerHongbo Lu· solo GP
Nextcure is a clinical-stage biopharmaceutical company developing immunotherapies targeting IO pathways, with a focus on oncology applications.
BiotechBeltsville, US
Timothy Mayer(Executive Officer)Michael Richman(Executive Officer, Director)Elaine V. Jones(Director)Udayan Guha(Executive Officer)Anne Borgman(Director)Steven P. Cobourn(Executive Officer)
PartnerHongbo Lu· solo GP
San Diego, US
Board seatHongbo Lu· per SEC Form D · $5M raise · filed Aug 2020
Glaukos develops surgical and pharmaceutical therapies for ophthalmic diseases including glaucoma, corneal health, and retinal disease.
BiotechHealthtechMedical DevicesWaltham, US
Jason Hong(Director)David F. Muller(Executive Officer, Director)Robert Palmisano(Director)Philip J. Ferneau(Director)M. Carl Johnson, III(Director)David Berry(Director)
Board seatHongbo Lu· per SEC Form D
BiotechSan Diego, US
JINGRONG JEAN CUI(Executive Officer, Director)YISHAN LI(Executive Officer, Director)Jingrong Jean Cui(Executive Officer, Director)Li Peter Yishan(Executive Officer, Director)
BoardGEORGE LEE(Director)CARL GORDON(Director)
Board seatHongbo Lu· per SEC Form D · $100M raise · filed Jan 2024
San Francisco, US
BoardChristy Shaffer(Director)Chau Khuong(Director)Sevgi Gurkan(Executive Officer, Director, Promoter)
Board seatHongbo Lu· per SEC Form D
Rgenta Therapeutics develops small molecule RNA modulation therapies through a discovery platform, aiming to create treatment options for patients with unmet medical needs across multiple therapeutic areas.
AI & Machine LearningBiotechDeep TechCambridge, US
Judith Li(Director)Debasish Roychowdhury(Director)Travis Wager(Co-founder, President and CSO)Sun Linghao(Director)Hualin Simon Xi(Executive Officer, Director)Zhiping Weng(Co-founder)
Board seatHongbo Lu· per SEC Form D · $38M raise · filed Mar 2021
Allist (艾力斯医药) is a biopharmaceutical company that develops innovative drugs, with a product pipeline focused on treatments for non-small cell lung cancer (NSCLC) such as its EGFR-targeted therapy marketed as Furmonertinib (艾弗沙®).
BiotechHealthtech
PartnerHongbo Lu· solo GP
BiotechSan Diego, US
RONALD MOSS(Executive Officer)ALLEN CHAO(Director)MICHAEL CHANG(Director)MARK ATTEBURY(Executive Officer)MIKAEL HAVLUCIYAN(Executive Officer)NANCY CHANG(Director)
PartnerHongbo Lu· solo GP
PartnerHongbo Lu· solo GP
PartnerHongbo Lu· solo GP
PartnerHongbo Lu· solo GP
PartnerHongbo Lu· solo GP
PartnerHongbo Lu· solo GP
PartnerHongbo Lu· solo GP
PartnerHongbo Lu· solo GP
Cullinan Therapeutics develops clinical-stage T cell engager therapies targeting autoimmune diseases and cancer, leveraging immune modulation expertise to advance high-impact therapeutic candidates.
BiotechDigital Health
PartnerHongbo Lu· solo GP
PartnerHongbo Lu· solo GP
PartnerHongbo Lu· solo GP
PartnerHongbo Lu· solo GP
PartnerHongbo Lu· solo GP
PartnerHongbo Lu· solo GP
PartnerHongbo Lu· solo GP
PartnerHongbo Lu· solo GP
PartnerHongbo Lu· solo GP
PartnerHongbo Lu· solo GP
Inhibrx Biosciences, Inc. is a biotechnology company that was spun off as a subsidiary of Inhibrx, Inc. through a pro rata distribution of shares to shareholders.
BiotechLa Jolla, US
Mark Lappe(Executive Officer, Director)Doug Forsyth(Director)Brendan Eckelman(Director)Jon Faiz Kayyem(Director)Margery Fischbein(Director)
BoardJudith Li(Director)
PartnerHongbo Lu· solo GP
PartnerHongbo Lu· solo GP
PartnerHongbo Lu· solo GP
PartnerHongbo Lu· solo GP
PartnerHongbo Lu· solo GP
KSQ Therapeutics develops eTIL therapies—engineered tumor-infiltrating lymphocyte treatments for solid tumors—using its proprietary CRISPRomics platform to identify and target novel therapeutic candidates through genome-wide CRISPR/Cas9 functional genomic screens.
AI & Machine LearningBiotechMedical DevicesCambridge, US
GEORGE GOLUMBESKI(Director)RICHARD A. MOSCICKI, PH.D.(Director)ALAN L. CRANE(Director)JAMES GILBERT(Director)JOHN TRZUPEK, PH.D.(TREASURER, SECRETARY & CHIEF FINANCIAL OFFICER)DAVID P. MEEKER, M.D.(PRESIDENT AND CHIEF EXECUTIVE OFFICER)
PartnerHongbo Lu· solo GP
PartnerHongbo Lu· solo GP
PartnerHongbo Lu· solo GP
BiotechSan Diego, US
Trisha Millican(Executive Officer)Ken Song(Executive Officer, Director)Ronald Evans(Director)
BoardKristina Burow(Director)Richard Heyman(Director)Amir Nashat(Director)
PartnerHongbo Lu· solo GP
PartnerHongbo Lu· solo GP
PartnerHongbo Lu· solo GP
NiKang Therapeutics is a clinical-stage biotech company developing small molecule drugs for cancer treatment, focusing on HIF2α, CDK2, and KRAS targets using structure-based drug design.
Biotech
PartnerHongbo Lu· solo GP
BiotechCampbell, US
Amr Salahieh(Executive Officer, Director)Casey Gordon(Director)Mariam Maghribi(Executive Officer)
PartnerHongbo Lu· solo GP
BiotechBrisbane, US
Stephen Brady(Director)Matthew Angel(Executive Officer, Director)Nicholas Maestas(Executive Officer)Thomas Woiwode(Director)Geoffrey Nichol(Director)Thomas W. Dubensky(Executive Officer, Director)
PartnerHongbo Lu· solo GP
PartnerHongbo Lu· solo GP
PartnerHongbo Lu· solo GP
Rows marked “SEC filing” are inferred from directors named on the company's SEC Form D — public regulatory data, not a portfolio list published by the firm.
Exits · 4
IPOs and acquisitions across the tracked portfolioArriVent BioPharmaNASDAQ: AVBPBlack Diamond Therapeutics, IncNASDAQ: BDTXLegend BiotechNASDAQ: LEGNvisit ww.nextcure.comNASDAQ: NXTC
Portfolio news
latest coverage across their companiesPhoto of Tempest Therapeutics · tipranks.com · Jul 22, 2026
visit ww.nextcure.com · investing.com · Jul 15, 2026
ArriVent BioPharma · geekwire.com · Jul 13, 2026
Cullinan Oncology · investing.com · Jun 23, 2026
Fund performance · per public LP disclosures · 4
as of Sep 2025| Fund | Vintage | Committed | Net IRR | TVPI | DPI |
|---|---|---|---|---|---|
| LAV Fund VI Opportunities, L.P.LPs: Los Angeles County Employees Retirement Association, California State Teachers' Retirement System, Robert Wood Johnson Foundation | 2021 | — | 3.2% | 1.10x | 0.14x |
| LAV Fund VI, L.P.LPs: Los Angeles County Employees Retirement Association, California State Teachers' Retirement System, Robert Wood Johnson Foundation | 2021 | — | 9.1% | 1.27x | 0.29x |
| LAV Biosciences Fund V, L.P.LPs: Los Angeles County Employees Retirement Association, California State Teachers' Retirement System | 2019 | — | 6.3% | 1.29x | 0.37x |
| LAV Biosciences Fund IV, L.P.LPs: Los Angeles County Employees Retirement Association, California State Teachers' Retirement System | 2017 | — | 14.5% | 1.85x | 1.11x |
Source: public limited-partner disclosures (CalPERS, CalSTRS). Net IRR / TVPI / DPI as reported by the limited partner; a fund's early-year IRR is an interim estimate (J-curve).
Frequently asked questions
- What stage does Lilly Asia Ventures invest at?
- Lilly Asia Ventures invests at the Pre-Seed, Seed, Series A, Series B, Series C, Growth, Late Stage stages.
- What sectors does Lilly Asia Ventures focus on?
- Lilly Asia Ventures focuses on Biotech, Digital Health, EdTech, Healthtech, Medical Devices.
- Where is Lilly Asia Ventures located?
- Lilly Asia Ventures is headquartered in Hong Kong, HK.
- Does Lilly Asia Ventures lead rounds?
- Lilly Asia Ventures typically participates in rounds rather than leading them.
Images
Co-investors · 7
OrbiMed is a global healthcare-focused investment firm providing financing and operational support to companies across biopharmaceuticals, medical devices, digital health, diagnostics, and healthcare services.
Vivo Capital is a global healthcare-focused investment firm operating a multi-strategy platform spanning venture capital, private equity, and public equity. It aims to expand healthcare access and drive innovation through its 'Ecosystem Strategy.'
venBio is a life sciences venture capital firm that partners with industry leaders to develop novel therapeutics and technologies addressing unmet medical needs.
Wildcat Venture Partners is a venture capital firm that backs technology entrepreneurs aiming to create new market categories.
SR One is a biotechnology-focused venture capital firm that partners with founders to develop innovative science into new medicines.
HBM Partners is a Swiss healthcare-focused investment firm managing USD 2.1 billion, investing in private and public companies across biopharma, medtech, diagnostics and healthcare. It advises HBM Healthcare Investments Ltd and other specialised funds.
Boehringer Ingelheim Venture Fund, established in 2010, invests in biotechnology companies developing therapeutics in immuno-oncology, regenerative medicine, and gene therapy, including platform technologies and novel vaccines. The fund targets early-stage companies addressing unmet medical needs through translational research and scientific innovation.
Firms observed investing alongside Lilly Asia Ventures, from public investor directories. Shared companies are the overlap with Lilly Asia Ventures's recorded portfolio.
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