Lilly Asia Ventures ends fifth healthcare fundraise on $750m

Lilly Asia Ventures has reportedly closed its latest healthcare fund on a $750m hard cap.

The firm was initially targeting $650m for LAV Biosciences Fund V, but the vehicle was substantially oversuscribed, sources familiar with the situation told AVCJ.

Last week the San Francisco City & County Employees’ Retirement System committed $40m to the vehicle.

Fund V also secured a commitment of up to $100m from the Los Angeles County Employees’ Retirement Association.

Lilly pulled in $450m for Fund IV in August 2017, more than triple Fund III’s target.

The firm was established in 2008 as a corporate venture subsidiary of Eli Lilly, before being spun off as an independent manager.

The VC house primarily invests in the biopharmaceuticals, human therapeutics, medical devices, and diagnostics sectors in China.

The firm, which has offices in Shanghai, Hong Kong, and Palo Alto, has said it is increasingly investing in the US, especially in companies that are operating in China.

Lilly used its third fund to invest in bio-medicine development company Just Therapeutics, targeted therapies business InventisBio and biotech manufacturer CanSino Biologics.

The firm recently joined investors in a $115.5m Series A investment round for gene therapy company, Passage Bio.

Lilly has over $1.2bn of committed capital under management.