Lilly Asia Ventures, a corporate venturing subsidiary of US-headquartered pharmaceutical firm Eli Lilly, has received $100m for its latest fund from pension fund Los Angeles County Employees’ Retirement Association (Lacera), DealStreetAsia reported today.
Lacera is a limited partner in LAV’s latest fund, LAV Biosciences Fund V, which has a targeted close of $750m according to a securities filing earlier this month. It follows the LAV Biosciences Fund IV fund that closed on its $450m hard cap in August 2017.
Founded in 2008, Lilly Asia Ventures invests in life sciences and healthcare technology developers with a focus on biopharmaceuticals, human therapeutics, medical devices and diagnostics.
The unit is stage-agnostic and invests in Asia, with a particular focus on China, but is increasing its exposure to US-based portfolio companies that have a ‘China angle’, according to its website.
Lilly Asia Ventures’ recent investments include cancer immunotherapy developer Harpoon Therapeutics, which filed for an $86.3m initial public offering last month, and immuno-oncology startup NextCure, which received $93m in series B funding in November 2018.
LAV Biosciences Fund IV’s predecessor, LAV Biosciences Fund III, launched in 2015 with a $150m target.